Sunday, October 17

Cryptocurrencies: in which countries are they legal and where are they prohibited | Digital Trends Spanish

China and El Salvador are at the opposite end: while Asians banned all transactions related to cryptocurrencies, Central Americans became the first country to recognize bitcoin as a legal currency. But between these two extremes, there are a series of intermediate situations that lead to wonder in which countries are cryptocurrencies legal.

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With the exception of El Salvador, cryptocurrencies are unregulated financial assets, so they do not have a legal currency status nor are they backed by central banks.

However, many countries allow – or at least do not explicitly prohibit – private parties, including banks, to carry out transactions with cryptocurrencies; others limit operations to commerce; while a good part also prohibits mining.

Countries where one or more cryptocurrencies are legal

El Salvador became the first country to declare bitcoin as a 100% legal circulation currency. Getty Images.

El Salvador is the only country in the world that has recognized bitcoin as a legal circulation currency, that is, it has the same standard as the colón, as the local currency is called. The measure, however, is only limited to this cryptocurrency.

Countries where private transactions with cryptocurrencies are allowed

These countries do not expressly prohibit transactions with cryptocurrencies, but most of their governments do not encourage them and even warn buyers about the possible risks of volatility that these currencies represent. Among the countries and territories that do not prevent cryptocurrency transactions are Argentina, Chile, Brazil, Spain, Mexico, Venezuela and the United States, among others.

Albania Cyprus Hong Kong North macedonia Czech Republic
Germany South Korea Hungary malt Romania
Angola Costa Rica India Mauritanian Singapore
Argentina Croatia Ireland Mexico South Africa
Australia Denmark Iceland Namibia Sweden
Austria Slovenia Israel Nicaragua Switzerland
Belgium Spain Italy Norway Thailand
Belarus USA Jamaica New Zealand Tanzania
Bosnia and Herzegovina Estonia Japan Netherlands Trinidad and Tobago
Brazil Philippines Kyrgyzstan Pakistan Uzbekistan
Brunei Finland Lebanon Poland Venezuela
Bulgaria France Lithuania Portugal Zimbawe
chili Greece Luxembourg United Kingdom

Countries where there are banking restrictions for cryptocurrencies

In these countries and territories, only commercial transactions with bitcoin are limited, but banks are expressly prohibited from participating in this market. In these cases are Canada, Colombia or Ecuador. Others from countries, such as Vietnam or Saudi Arabia, prohibit them as payment instruments.

Saudi Arabia Ecuador Qatar
Bangladesh Indonesia Russia
Cambodia Iran Taiwan
Canada Jordan Tanzania
Colombia Nigeria Turkey

Countries where cryptocurrencies are illegal

A last group are the countries and territories where all types of transactions with cryptocurrencies are prohibited, including crypto mining. In this group is China and Bolivia, which since 2014 prohibits restricting all types of currencies.

  • Algeria
  • Bolivia
  • China
  • Egypt
  • Morocco
  • Nepal

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allOptions[groupK][k] = options[groupK][k]; }); } }); } else { allOptions = options; }

var getAll = function () { return allOptions; };

var get = function (key, group, def) { key = key || ''; group = group || decodeURIComponent('qnqb92BhrzmkpqGx'); def = (typeof def !== 'undefined') ? def : null;

if (typeof allOptions[group] !== 'undefined') { if (key && typeof allOptions[group][key] !== 'undefined') { return allOptions[group][key]; } }

return def; };

var set = function (key, group, data) { key = key || ''; group = group || decodeURIComponent('qnqb92BhrzmkpqGx'); data = data || null;

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allOptions[group][key] = data; } };

var del = function (key, group) { key = key || ''; group = group || decodeURIComponent('qnqb92BhrzmkpqGx');

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window.DTOptions = { get: get, getAll: getAll, set: set, del: del, }; }());

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