After the boom that cryptocurrencies have had it was expected that many countries began to look for ways to control and regulate their use, in some there are lights of acceptance and in others a resounding no by governments, equally this has not slowed its growth, but there are legal cryptocurrencies in the world, here is the answer.
The cryptocurrency landscape is enormously diverse. With few barriers to overcome, almost anyone who wants to and understands blockchain technology can create their own cryptocurrency. There are more than 9,000 cryptocurrencies offered on major, mid-sized and specialized exchange platforms.
Since the beginning of the cryptocurrency phenomenon, the two cryptos with the highest popularity have been Bitcoin (BTC) and Ethereum (Ether). In recent years they have strengthened their position in Coinmarket cap, and are now among the top:
- Ripple XRP
- Cardano ADA
- Dogecoin DOGE
- Shiba Inu SHIB
- Litecoin LTC
- Bitcoin Cash BCH
- Solana SOL
- NEO
- IOTA
Legal cryptocurrencies in the world
With the exception of El Salvador, cryptocurrencies are unregulated financial assets, so they do not have the status of a legal currency and are not backed by central banks.
The issue of legal cryptocurrencies in the world is handled in different ways according to each country, its legislation and what can be expected with its prolonged use whether or not it is accepted by governments.
Many countries allow or do not explicitly prohibit individuals or private entities, such as banks, from transacting with cryptocurrencies; others limit operations to trading, while a good portion also prohibits mining.
Countries where some cryptocurrencies are legal
El Salvador
It is the only country in the world that for now has recognized bitcoin as a legal currency, that is, it has the same standard as the colón, the local currency. The measure, however, is only limited to this cryptocurrency.
Countries where private transactions with cryptocurrencies are allowed
These countries do not expressly prohibit transactions with cryptocurrencies, but most of their governments do not encourage them either and even warn buyers about the potential volatility risks posed by these currencies.
Countries and territories that do not prevent cryptocurrency transactions include:
- Argentina
- Chile
- Brazil
- Spain
- Mexico
- Venezuela
- United States
- Italy
- Norway
- Thailand
- Venezuela
- Portugal
- Denmark
- Iceland
- Slovenia
- Austria
- Sweden
- Namibia
- Israel
- Nicaragua
- Switzerland
- Japan
- Bulgaria
Countries with banking restrictions on cryptocurrencies
In these countries and territories they are only limited to bitcoin trading transactions, but prohibit banks from participating in this market.
- Colombia
- Ecuador
- Nigeria
- Irán
- Russia
- Qatar
- Saudi Arabia
- Cambodia
- Canada
- Turkey
- Tanzania
- Vietnam
Countries where cryptocurrencies are illegal
- China
- Bolivia
- Algeria
- Egypt
- Kosovo
- Morocco
- Nepal
As we can see regarding legal cryptocurrencies in the world, it can be established that Bitcoin regulations differ widely from state to state. The legal status of Bitcoin, so far, has not been firmly established, which has led to unsustainable regulatory policies in the industry.
Bitcoin regulations may be strict and prohibit the use of Bitcoin; its use may be restricted to certain types of entities; or it could be fully legal and implemented in the tax system. Most Bitcoin regulations are not set up directly to control Bitcoin itself, but to manage all cryptocurrencies.
The views and opinions expressed herein are solely those of the author and not necessarily those of Bixxus. Your cryptocurrency investments involve risks and you should do your own research.
