Whether it's legal to trade Bitcoin anywhere in the world is something that has multiple facets to it. It is not a simple thing to answer because one it varies for each geographic location. Second, it also varies for a set of two geographic locations trading among each other, even if one of them is the same in both the sets. Another aspect that has to be considered while deciding the legality regarding Bitcoin trades is that, it is one thing to hold Bitcoin, and another one to trade it. The law is variable for these two things sometimes. Next, there are some places that give Bitcoin a status equivalent to money, or traditional currency, both in terms of usage and for taxation etc., while some places do not believe in any such accreditation for Bitcoin. So, it is legal to trade Bitcoin Anywhere in the World—one word answer would be “NO” however, one must always give a generous eye to all the details and regulations that follow a place.
Is it Legal to Trade Bitcoin Anywhere in the World
Bitcoin can be mined and used anonymously since it is a digital form of currency that can be created over complex computer algorithms. This gives room for many criminal and anti-social groups to take advantage of this vulnerability in Bitcoin. As such, some countries have totally made Bitcoin illegal, some have made it legal, and some are following a wait-and-watch philosophy with flexible guidelines with respect to Bitcoin. Let us mention some prominent locations here to throw some further light on, is it legal to trade Bitcoin anywhere in the world?
1 USA: One of the superpowers, and the most influential economies of the world. The U.S. is very condoning towards Bitcoin. In fact, the state has some special agencies in place, like DISH and OSTK, to control the use of Bitcoin for illegal transactions.
2. Canada: Canada also maintains a positive bent towards Bitcoin; it is legal to trade Bitcoin here. At the same time, the government is making the best possible moves to keep the black market as a side effect of Bitcoin under check.
3. Australia: Australia has gone a step ahead in that it considers Bitcoin like traditional Australian Dollar (AUD), and allows for sale and purchase of stuff with this digital cash freely.
4. European Union: in general the EU has not passed any specific law with respect to Bitcoin, or cryptocurrencies in general, however, it is established that VAT/GST shall not be applicable to Bitcoin and Fiat conversions. Rules are different in different places in the EU.
5. China/Russia/India: These countries have banned Bitcoin, and there are serious punishments if a person is found indulging into such activities or money manipulations that relate to Bitcoin in some manner.
So overall, Bitcoin remains a legal form of cash in most of the world, however, some of the places do not yet allow it. Above are mentioned just a few territories with respect to this, however, consultants like executium.com always consider all these factors before placing your trades, when you hire them.