The stance for cryptocurrency to be legal worldwide is still in discourse since its remarkable first appearance in 2009 with the well-known crypto coin, Bitcoin making investors rich when it was launched.
Not many countries allow crypto as a legal tender due to the absence of a regulatory system.
In reality, the virtual tokens are not made to regulate this is the main ground for the difficulty for governments to legalize these digital currencies.
According to the Library of Congress, 103 countries have planned to develop the objectives for organizations making transactions with cryptocurrencies.
At the same time, crypto brings more investments and innovation in the country and improves fast
transactions and results in decentralization and transparency.
Here are 10 countries that allow crypto as a legal tender.
- Central African Republic
In 2022, CAR became the second country to accept crypto as a legal tender. The African state believes bitcoin to be a genuine legal tender.
- El Salvador
The nation to be the first to make virtual tokens become a legal tender is El Salvador located in South America. In 2021, the bill to approve the currency was passed by President Bukele. It became a legal exchange to purchase, and sell any good and service.
- Germany
Germany’s recognition of Bitcoin largely improved the value of the virtual coin in the worldwide market. The Germans are actively involved in the advancement of blockchain solutions which has allowed the nation to completely legalize the transaction of virtual money.
- France
The legalization of the operation of digital tokens began on the 11th of July 2014 when a regulation note was issued. France allows trading and use of the currencies.
- Netherlands
Even though this country has not regulated or officially legalized the use of any cryptocurrency, it has however shown a positive attitude toward the innovation. The country even has a special region called Bitcoin City where transactions like purchasing, trading, and business are legal.
- Singapore
The Singapore government has allowed the use of cryptocurrencies for their citizen commercial uses but the government wants a hand in controlling the regulation. However, they warned their citizens about the risks of using the coins.
- Malta
Since joining the list of countries that allows the use of virtual currencies, Malta has attracted many crypto companies such as Binance. The country has come up with many legislations for making cryptocurrencies acceptable for business.
- USA
It is only natural for one of the biggest economies in the world to have a hand in crypto. The cabinet of the United States of America in 2013 accepted Bitcoin as a decentralized digital money that can be used for transactions.
- Canada
Canadian government legalized the use of Impak coin, becoming the country’s first-ever legal cryptocurrency in August 2017. The nation’s government has implemented strict laws in place to prevent money laundering through the use of crypto as the country considers crypto as a commodity for tax purposes.
- Japan
Japan had a strict rule for not allowing cryptocurrency on their land, but have become light with their laws since setting up a Payment Service Act which allows digital money and a number of exchanges to be used for payment and trading purposes.
