The Least Favourable Countries For Bitcoin In 2021
The way Bitcoins have started to create a storm in the crypto industry is quite spectacular. Many western countries have accepted Bitcoins as a legitimate form of payment. And it is quite justifiable given the potential that cryptocurrencies hold.
First of all, it enhances the digital payment experience as it is decentralized, which means it does not have intermediaries or any legal authority supporting it. Secondly, it is connected through peer-to-peer network, and most importantly, it uses Blockchain technology, which is based on the concept of the public ledger.
Even though all the benefits Bitcoins provide as a mode of digital payment, there are still a handful of countries that view Bitcoins in a bad light. But the way Bitcoins are performing as an investment asset and payment method, even those countries cannot ignore Bitcoins for too long.
Visit bitcoin era to start trading. These are mainly the third world nations, where payments in cash are preferred over digital payments. Let us first take a look at the countries where Bitcoins are passively promoted, where crypto ATMs and hotspots are being built.
Why Are Bitcoins Not the Most Favourable Mode Of Payment In Some Countries?
Supporters and investors of Bitcoins are trying to battle against all the odds in order to make Bitcoins a legitimate form of payment in their countries. What most people do not like about Bitcoins is the fact that it is not backed by any legal body.
They want the authorities to take action and regulate Bitcoins so that it becomes stable. As of now, Bitcoins and cryptocurrencies are very volatile in nature. The prices keep changing every minute, let alone hours, days, weeks, or months.
Top Three Most Favourable Countries for Using Bitcoins
These are some of the countries that have been quite accepting of Bitcoins. Even in these countries, Bitcoins were legalized after a lot of struggle.
1. United States of America
In the U.S., Bitcoins are viewed as property, and therefore, they are taxable. People holding Bitcoins pay property taxes for Bitcoins. Back in 2013, the then U.S. Government welcomed Bitcoin as a virtual currency that can be used in transactions. Again in 2015, it was termed as a commodity by CFTC.
Considered to be the center of attention for cryptocurrencies, Japan is one of the most developed countries and one of the fastest-growing economies in the world.
It did not come as a surprise when they legalized Bitcoins, given the potential it holds. Japan’s Government has been kind enough to set up a Payment Services Act which allows a certain number of Bitcoins and exchanges for payments.
Impak Coin was the first cryptocurrency that was legalized in Canada. The Canadian Government has been quite skeptical of Bitcoins, and its stance on Bitcoins keeps changing every now and then.
The regulation authority of Quebec legalized Bitcoins for a considerable amount of time. It also built crypto ATMs and crypto hotspots. However, it is worth noting that some banks do not let their customers use their debit or credit cards for transacting in cryptos.
Top 3 Least Favourable Countries for Bitcoins
Now let us look at the top 3 least favourable countries for Bitcoins. Bitcoins are either illegal or very restricted in these countries
1. People’s Republic of China
China had legalized Bitcoins for quite some time until 2017. But since 2017 Bitcoins are illegal and you can get in trouble for holding Bitcoins.
When it comes to the legalization of crypto-currencies, Russia is a double-edged sword. Many cryptocurrencies in Russia are legal, but Bitcoin is illegal.
Vietnam is among the handful of communist countries that have banned Bitcoins. Possessing Bitcoins in Vietnam can land you in trouble.
Above were the names of countries where Bitcoins are legal and illegal. Entrepreneurs who have a very strong vision speak in favor of Bitcoins.
Bitcoins provide a ton of advantages that no other digital mode of payment does. In my personal opinion, soon, the governments will come around and legalize Bitcoins.