Can Bitcoins Be Called a Legal Currency?

Bitcoins are called the first decentralized digital currency. Bitcoins are attracting attention all across the globe. If you look at these digital currencies, you will also find that it is also borderless and no extra conversion charge or fees are needed when you transact across borders when using bitcoins.

No matter how good bitcoins are, people are still confused if bitcoins are legal or not. Thus, this article will help you to know if bitcoins are legal or not.

No matter how many rumors you have heard about bitcoins, the decentralized nature of bitcoin makes it easily usable for anyone across the world. Thus, no one can stop you from using bitcoins. Thus, bitcoins can be used by anyone, anywhere, and anytime they want. As long as you have access to a good quality internet network and electricity, you can easily use bitcoins. You can visit Bitcoin-Era to get more information on bitcoin.

Although many countries have not accepted the use of bitcoins and some of them have made it entirely illegal, it can’t be said that Bitcoin is illegal.

Many countries have started their own digital currencies, and thus, they don’t permit the use of bitcoins in their country. Overall, bitcoin is a legal currency as it has all features that a legal currency should have.

Countries like China have shifted their view on bitcoins again and again. Sometimes they call bitcoins legal, while other times they restrict the use of bitcoins. Banning and unbanning of bitcoins in china over the past few years show that even a country with regressive policy hasn’t given illegal status to bitcoins.

The best part about the technology and nature of bitcoins is that it can’t be entirely banned. Trying to enforce a complete ban on bitcoins is entirely impossible. The maximum restriction that a country can enforce is that they can persuade the citizens from using bitcoins.

In addition to this, some countries can also threaten with certain consequences when it comes to using bitcoins. But, overall, no country can prevent people from using bitcoin completely.

Overall, sending, receiving, and transecting in bitcoins is not illegal in most parts of the world at present.

Can bitcoins be called a legal tender?

By definition, legal tender means a currency that can be accepted as a payment for a debt in a jurisdiction where payment is made. Since bitcoin is not accepted as a payment mode in different parts of the world, it can’t be called as a legal tender for that country.

Thus, to be a legal tender the country that is sending bitcoin and the country that is receiving bitcoin must accept the payment. Thus, both countries involved in the transaction have to agree to make use of bitcoin to make it a legal tender.

New technology, discovery, and innovations are often misunderstood, and the same is the cause of bitcoin. First world countries like the US, UK, Canada, and Europe have taken a “wait and see” approach when it comes to taking a stand for bitcoins.

While some countries have outrightly rejected bitcoin as they found that bitcoins are pretty difficult to regulate.

Any currency that is used in a country needs to be regulated by a regulatory body. Thus, if the regulatory body of a country accepts bitcoins as legal, they are legal tender in a particular country. The issue arises when the regulatory body has a separate viewpoint about bitcoin, and they don’t understand the viewpoints provided by digital currencies.

In the United States, bitcoin is defined as a treasury classified bitcoin, and it is called a virtual currency. The commodity futures Trading Commission classifies bitcoin as a commodity in the US.

Thus, the legality provided to bitcoins can differ from place to place and from one organization to another.

Different nations’ organizations have different viewpoints when it comes to the legality of bitcoins.

But, the fact that people are discussing the legal and illegal aspects of bitcoins show that people are ready to accept bitcoin as a currency.

No matter where you are located or what you do, you can easily invest in bitcoin. If you are living in a regressive country, you should check the legality aspect. In Fact you can visit different bitcoin exchanges to pay close attention if your country permits transactions in bitcoins or not.