Recently updated on October 25th, 2022 at 11:02 am
Bitcoin the digital currency asset that has been taking the world by storm is not accepted widely in all countries. It might be pretty shocking for you to know that most third-world countries refuse to accept Bitcoins as their digital currency as they do not have any idea or knowledge regarding the true potential of Bitcoins yet.
Most countries fear the hassle and fuss that would arise among the masses due to the complicated process of introducing a new digital currency in the country, replacing the old fiat ones. Though it would never be possible to entirely replace the fiat currencies, people would be able to use XEM coins fate as well as the digital currencies side by side. However, if you do not have much idea of which countries have accepted Bitcoin use-cases and which are yet to confirm, then go through the following article to find out all!
1. The United States of America
America is often dubbed to be the state of adopters. Thus, it would not be much surp[rising to know that it is one of the major countries to accept the Rise of Bitcoin payments. . When people all around the world were still apprehensive of the digital currency, American investors were actively investing in bitcoins. The investments were high in the initial stages much so that now about 22% of the adult American Population has possessions of Bitcoins.
American investors and traders do not only use Bitcoins for trading purposes in the cryptocurrency trade market but they have introduced various use-cases of Bitcoins recently. Thus, it would not be a major problem to purchase a grand thing like Tesla in America with Bitcoins but also small things like Pizzas!
2. El Salvador
It is one of the most prominent countries which have successfully recognized Bitcoins as legal tender. In June 2021, after passing the bill in their congress session, the country of El Salvador declared that they shall be accepting bitcoins as a legal tender digital currency. It is all but giving validation to the other investors and bitcoin owners around the world that their countries might also soon start accepting payments in bitcoins and make it a legal tender currency.
3. European Union
The European Union recognizes the different cryptocurrencies as part of an asset class however they still have not given recognition to bitcoin as legal tender. Even after having such firm beliefs for the values of Bitcoins, European Union legal bodies still keep on spreading awareness among the public regarding the negative sides of Bitcoin acceptance.
They knock the masses every now and then that if they face any issue with their transactions or fall under any fraudulent traps under any circumstances related to Bitcoin investments, the government would not be able to help as it is a decentralized platform. Now people are looking forward to passing the bills which would legalize the use of digital currencies like Bitcoin Mining in the country!
Another North American country that views bitcoin in a positive light in Canada. It views all incomes from Bitcoins to be considered as business income or capital gains for tax purposes. Hence, there is recognition of bitcoin. However, it still does not recognize it as legal tender for all transactions explicitly. In addition to this, to combat the problem of money laundering and such illegal activities they have also made it mandatory for the cryptocurrency exchange platforms to comply with all legalities of the government. This is the right step in recognizing the exchange platforms and makes it perfect for other countries to take note of.
Hence, as you can observe from the above points that not many countries have legalized the acceptance of Bitcoins yet. . There are many other countries such as Australia, Japan, Mexico, the United Kingdom, and Iceland besides the above ones which have been taking various measures to legalize the use of Bitcoins in the countries. Therefore, if you are looking at exchange platforms to use one such great platform is Bitcoin-Prime. app – The Official site. For any crypto investor, the right advice and assistance are significant. Bitcoin Prime provides you all the assistance and support, thus letting you invest safely.
However, despite so many countries adopting bitcoins we also find many countries that have an implicit ban on using bitcoins. Countries such as Maldives, Bahrain, the Central African Republic, Kuwait, Libya, Georgia, and Vietnam all have implicit bans on using bitcoins. In addition to this, we also have many countries that have absolute bans on using bitcoins. Countries such as Bangladesh, China, Egypt, Iraq, Qatar, Nepal, Tunisia, and Algeria fall under the later part.
Hence, as you can see bitcoins despite being very popular amongst the younger generation, still face backlash and have an adoption problem. Therefore, you should comply with your country’s guidelines, and invest or trade accordingly.