What is Bitcoin? and where to earn them
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Bitcoin is comparatively new currency, however, its growing popularity demands some reaction from countries’ governments and regulatory agencies. There is no single decision on how to interpret Bitcoin, therefore, different countries have different legal status for this crypto-currency, from tax-free usage to a total ban.
The decentralized and anonymous nature of Bitcoin provokes the high attention to it from regulatory agencies. For example, as early as 2012, the FBI voiced its suspicions about using crypto-currency in money laundering and illegal goods purchase. This made the US senators debate about the legal status of Bitcoin. For now, only New York has a clear legislation for crypto-currency usage, known as BitLicense (it regulates only New York-located businesses).
As for the European Union, crypto-currency is free from value added tax and is treated as traditional means of payment (according to the European Court of Justice). The latest news show that the EU seeks the ways to control anonymous crypto-currency payments. In other words, they are looking for methods to identify crypto-currency users. Moreover, the EU is going to come up with the list of counrties which will be forbidden to conduct transactions with.
Many countries still haven’t come up with the clear decision on crypto-currency. However, there are some countries that have already banned the usage of digital currencies for one reason or another. China, for example, prohibited the usage of crypto-currency by banks, however, the citizens are not forbidden to use or mine Bitcoins. Another example is Equador, where crypto-currency is totally forbidden, because the country is creating its own digital cash system, and there is no need in competitor with sufficient benefits. The use of Bitcoin is also banned (to a bigger or smaller extent) in Iceland, India, Russia, Sweden, Thailand, Bangladesh, Vietnam, and Bolivia. However, the situation with the growing popularity of Bitcoin may change the legislation any time.
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