Countries Where cryptocurrency Is Illegal
Countries Where cryptocurrency Is Illegal Cryptocurrency has become a broadly acceptable means of payment with greater volume and faster payment than other traditional financial structures.
It is a arithmetical currency that can be used to buy goods and services but uses an online journal with strong cryptography to secure online trades.
Cryptocurrency market was started by the group or individual recognized as Satoshi Nakamoto.
Bitcoin, which is the most common cryptocurrency, together with Ethereum (Ether) – is a digital currency that debuted in 2009.
In 2008, during the global monetary crisis a white paper called Bitcoin – A Peer-to-Peer Electronic Cash System was released. It was made for people to governor their money themselves.
Bitcoins are not issued, endorsed or controlled by any central bank but are rather generated through a computer-generated process known as mining.
Nevertheless, there are no uniform international laws that regulate its use.
The Central Bank of Nigeria, in a circular on Friday, February 5, directed banks to close accounts of persons or entities convoluted in cryptocurrency transactions within their systems.
Apart from being the largest crypto market on the African continent, in terms of trade volume, Nigeria is the second largest bitcoin market in the world after the United States.
Here are countries where Cryptocurrency trading is legal and illegal
Though the United States of America, Australia, Canada, and the European Union (27 countries) have accepted its procedure by working to prevent or reduce the use of digital currencies for unlawful trades, cryptocurrencies remain forbidden in some countries
The United States – The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions.
Canada – Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income.
Australia – Similar to Canada, Australia considers Bitcoin neither money nor a foreign currency
The United Kingdom