Bitcoin is the trending topic nowadays. It is the first digital currency that was invented in the year 2008 by Satoshi Nakamoto. It makes transactions quick, easy, and secure by using the blockchain network.
It eliminates the need for any third parties such as banks, governments, or any physical authorities. The problem arises with cryptocurrencies is that it does not have any regulation system. This is the reason why it is difficult for governments to legalize these currencies. It is the only you who have complete control over your cryptocurrency.
Some Facts About Bitcoins
Bitcoin is widely the most successful cryptocurrency until now. Bitcoin uses blockchain technology to complete the transactions safely. During the transaction, only a sender and a receiver are involved.
It gives you an opportunity to invest and grow your new career in this field. But keep in mind that bitcoins are highly volatile. Risks only that you can afford to lose.
Bitcoin gives you a chance to earn a high Return On Investment (ROI). You can use bitcoins to buy online goods and services. Several companies, such as Wikipedia, KYC, Microsoft, Overstock, etc., started accepting bitcoin payments because they realized its major benefits.
According to the peercoin, people are willing to invest in cryptocurrencies such as bitcoins, but they are stepping back due to its volatile nature.
Countries that Promote Bitcoin Trading
Bitcoin can be used to conduct transactions anonymously between any account holders and anywhere across the world. Moreover, the transaction charges are also very low, and this attracts new customers globally.
There are several countries where bitcoins are legal, and some countries have still not realized the important benefits of it because of its volatile nature, and they still consider bitcoin as young technology. Therefore, here are the countries that prompt bitcoin trading,
1. The United States
In the year 2013, the United States government accepted bitcoin as a decentralized digital currency. Bitcoin is widely used for trading purposes in the US, thus, promoting bitcoins.
On the other hand, this cryptocurrency is categorized as property for taxation purposes by the IRS. According to the United States Department of Treasury, Bitcoin is a currency; actually, they define bitcoin as a money services business.
Singapore is another country that promotes bitcoin trading widely. But keep in mind that the government has no authority to control this currency. In this country, bitcoins are considered as goods instead of currency.
Any company dealing with bitcoins is liable to pay GST (Goods and Services Tax) when trading bitcoin. However, the tax is set to 7% at present.
Cryptocurrencies such as bitcoins are legal in Vietnam, but the government doesn’t allow its citizens to use this currency as a payment tool.
Despite the government’s announcement that bitcoins are not the legal means of payment in Vietnam, various restaurants and cafes are using bitcoins.
As per the government’s order, Bitcoin is legalized in Belarus too. Moreover, smart contracts ICOs, several exchanges are also legal in this country.
Belarus has waived all taxes on cryptocurrency transactions and income for five years. To enforce the development of the digital economy, these steps were taken by the government. They are also taking some advanced steps to develop the country in the cryptocurrency world.
Now, Canada is another country that is promoting bitcoins for trading. Canada is home to several ATMs and bitcoin startups.
In the year 2017, the government accepted Impak Coin as its first legalized virtual currency. On the other hand, still, some Canadian states do not give permission to their customers to perform bitcoin transactions by using their bank cards. But other states of Canada widely use bitcoins to buy online goods and services.
The Final Thoughts
Therefore, these are the top countries that are promoting bitcoins for trading purposes. There are some other countries also where cryptocurrencies are legal, and they are Mexico, Brazil, Colombia, Chile, Argentina, Brazil, Costa Rica, Nigeria, Morocco, etc.
Some countries use bitcoins, and it is completely legalized, but the government has no power to control your cryptocurrencies or transactions. Moreover, countries like Macedonia, Nepal, Bangladesh, Ecuador, Bolivia, and Algeria declared cryptocurrencies as illegal.