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Bitcoin Legality

Is Bitcoin legal?

In most modern countries, it is officially allowed to conduct monetary transactions using bitcoins. In a number of countries, cryptocurrency is recognized as a unit of account along with fiat money.

Other countries, such as Japan, have recognized bitcoins as legal tender. The government of the People’s Republic of China made the same decision, but crypto money is allowed there only for settlements between individuals.

Switzerland has introduced rules for cryptocurrencies similar to foreign currencies. The European Union has joined developing countries and legalized bitcoins, but here they are not considered assets that are taxable.

In Ukraine, military-technical cooperation is not officially prohibited. However, given the logic of current national legislation, cryptocurrency is not money.

Back in 2014, the National Bank of Ukraine declared the impossibility of conducting operations with bitcoins as a means of payment for individuals and legal entities. In practice, this means that payments in digital money are not taxed and are not subject to reporting.

Is Bitcoin used for illegal purposes?

Is it possible to regulate bitcoin?