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Is Bitcoin illegal? Will I get in trouble for buying and trading Bitcoin?

Bitcoin is legal in most countries but you should check with your accountant or with an attorney if you believe you may get in trouble for using cryptocurrencies in your region.

As far as most countries care, Bitcoin is a digital good that is traded via a P2P network. Just like apps and movies can be purchased online, so can Bitcoin. But some countries are taking a step further and outright banned the cryptocurrency on fears that it may be used to subvert the existing banking system.

Algeria, Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal and Cambodia have banned Bitcoin. Vietnam allows trading of Bitcoins but forbids it as a payment instrument.

Cryptocurrencies are perfectly legal everywhere else. Make sure to discuss taxation and proper accounting procedures with your attorney or accountant.


Is Bitcoin Legal?

CoinTelegraph: Is Bitcoin Legal?

Wikipedia: Legality of bitcoin by country or territory

Bitcoin Magazine: Is Bitcoin Legal?

CNN : Where is Bitcoin Legal?

LOC: Regulation of Cryptocurrency Around the World

About the Author
Published by Crypto Bill - Bill is a writer, geek, crypto-curious polyheurist, a dog's best friend and coffee addict. Information security expert, encryption software with interests in P2P networking, decentralized applications (dApps), smart contracts and crypto based payment solutions. Learn More About Us