CRYPTOCURRENCY AND ITS VALIDITY AROUND THE GLOBE

INTRODUCTION

The legality of the world's most famous cryptocurrency Bitcoin greatly varies across the globe in several countries and they are yet to accept cryptocurrencies as a legal issue. Cryptocurrencies are decentralized and are generated through a procedure known as mining. It offers an appropriate way to manage international transactions with minimum fees. 

Investors can purchase and sell tokens when the price rises and it is suitable for purchasing. With these advantages, cryptocurrencies attract the attention of traders but it must be kept in mind that it is yet to be made legal in many countries.

• COUNTRIES THAT HAVE LEGALIZED BITCOIN: 

Cryptocurrency is frequently used among traders to conduct transactions between account holders across the globe. However, with every advantage, there come some disadvantages as well. Bitcoin is also used by ill-willed men to trade illegitimate goods including drugs. These problems have reduced drastically after Bitcoin took measures to increase internal security.

• The United States – The nation took a positive attitude regarding Bitcoin and other cryptocurrencies as well. Leading businesses like DISH or Dish Network, Subway, Microsoft have now started taking Bitcoin as a mode of payment. The cryptocurrencies have also made their way to the United States derivatives market further adding to its legitimacy. The Department of treasury in the US has even defined Bitcoin not just as a digital currency but also as a monetary service business.
• Canada – the nation usually maintains a crypto-friendly attitude while also ensuring that digital currencies are not used for money excising. This also implies that the transactions made with cryptocurrencies are seen as trade exchanges and the income produced is contemplated as business income. Taxation also depends on whether the person is actually trading cryptocurrencies or just investing in them. Canada considers Bitcoin interchange as a finance service business.
• Australia – just like Canada, Australia observes cryptocurrencies like Bitcoin neither money nor a currency for foreign exchanges with the ATO or Australian Taxation Office ruling it an asset for capital gains tax occasions. Trading cryptocurrencies can never be easy for beginners and they might require help from some websites that might help them to trade. Click Immediate Edge to know more.
• The European Union – in 2015, the European Court of Justice declared that purchasing and selling cryptocurrencies is regarded as a supply of services and that they are spared from VAT or value-added tax in all European Union states. 

In Finland, Bitcoin received a VAT exempt status from the Central Board of Taxes, it was put under as a financial service. The FPSF or Federal Public Service Finance in the nation of Belgium, has spared Bitcoin from VAT. In Cyprus, the government does not control or regulate cryptocurrency.

• COUNTRIES THAT HAVE NOT ACCEPTED CRYPTOCURRENCIES LIKE BITCOIN:

While several states have accepted cryptocurrencies, a few are left to accept their volatility, decentralization, and their threat to the persisting monetary system. 

1. China - all financial institutions in China have forbidden the transaction and deals that include Bitcoin. All kinds of crypto exchanges are banned.
2. Russia - the use of Bitcoin in Russia as payments or transactions is considered illegal. 
3. India - cryptocurrencies although not considered illegal, they are not managed properly in India. This implies that one can sell Bitcoin and invest in it but there is no presence of any governing body to look after it.

CONCLUSION

Although several cryptocurrencies among Bitcoin have been there for more than a decade now, several countries do not have any governing body to manage them. The decentralized nature of these cryptocurrencies has brought challenges to the government to legalize them while keeping criminal activities at bay. Altogether, cryptocurrencies are found to be legal in almost major parts of the globe.