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Carlyn

Are cryptocurrencies legal?

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Hello,

Cryptocurrency is a popular term in the modern world. Cryptocurrencies has been advertised in almost every social media platform. It's very easy to lure people to investing in cryptocurrency. I am interested in investing in cryptocurrency but I have a second thought. Are cryptocurrencies legal? Advise me, please.

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Hi Jovan, 
Bitcoin is an excellent example of a cryptocurrency. The legality of any cryptocurrency usually differs from one state to another. Most countries are still changing the rules concerning these cryptocurrencies. It is important to note that most countries do not restrict the use of them, and they have directly allowed its citizens to use them.
On the other hand, some have entirely restricted its use.
Bitcoin, for example, has been made legal in most developed countries such as the U.S. Canada and Japan. In others such as china, it is restricted. India also has barred its banks from trading in them.
Also, the majority of the laws applicable to various assets are also applied to Bitcoin. Such laws are the tax laws, whereby Bitcoin is treated as an asset and not a currency; therefore, it is not taken as a legal tender. 
 

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