Is Bitcoin Legal

As the market capitalization of the cryptocurrency market increases, regulators around the world are intensifying discussions on the use of digital assets and monitoring of transactions through price fluctuations and an increase in new tokens.
Few countries have declared Bitcoin illegal. However, this does not mean that Bitcoin is a “fiat currency”. So far, only Japan has given Bitcoin a designation. However, being illegal does not mean that it cannot be used for payment, but that the consumer or seller is not protected and its use as payment is completely discretionary. Other jurisdictions are still considering what steps to take. There are different approaches. Some small countries, such as Zimbabwe, have little doubt of making rude statements that question the legality of Bitcoin. Large institutions such as the European Commission recognize the need for dialogue and deliberations, but the European Central Bank (ECB) believes that cryptocurrencies are not yet mature enough to regulate. In the United States, the problem is further complicated by broken regulatory cards. Who will legislate the federal government or individual states? For relevant questions in other countries for which there is no clear answer yet, should central banks pay attention to cryptocurrencies or financial regulators? In some countries it is the same, but in most developed countries it is a separate institution with different powers.
Another divisive question is whether Bitcoin needs to be regulated domestically or internationally. There is a bigger distinction between the regulation of cryptocurrencies themselves (goods or currencies, fiat currencies?) And the cryptocurrency business (senders or licenses required?). In some countries, considerations are relevant. In most others, it was treated separately.
The following is a brief summary of the statements by the selected countries. This list was last updated in July 2020.