Texas may also soon adopt legal tender for Bitcoin. Huffine`s gubernatorial candidate said he would try to make bitcoin legal in his state if he won the election, various media outlets reported. The Norwegian government said in February 2017 that it would not charge VAT on the purchase or sale of Bitcoin. [180] As of 2013 [Update], “alternative virtual currencies” such as Bitcoin are not classified as currency and do not fall within the scope of the Dutch Financial Supervision Act. [3]: Netherlands Although government officials have advised against the use of Bitcoin, there is no legislation against it and it remains completely legal. [24] The Reserve Bank of New Zealand states: “Non-banks do not need our consent for systems that involve the storage and/or transfer of value (such as `Bitcoin`) – as long as they do not involve the issuance of physical circulating currency (notes and coins).” [3]: New Zealand Since April 2017, cryptocurrency exchange companies operating in Japan are regulated by the Payment Services Act. Cryptocurrency exchange companies must be registered, keep records, take security measures, and take steps to protect customers. The Cryptocurrency Transactions Act must comply with the Money Laundering Act. and measures to protect investors from users. The Payment Services Act defines “cryptocurrency” as real estate value. The law also states that cryptocurrency is limited to property values stored electronically on electronic devices, not legal tender.
[105] [106] The Central Bank of Russia and Rosfinmonitoring, in their information calls, have repeatedly warned Russian citizens that all cryptocurrency operations are speculative and carry a high risk of depreciation. The Central Bank of Russia explains: “Most transactions with cryptocurrencies are carried out outside the legal requirements of the Russian Federation and most other states. Cryptocurrencies are not guaranteed or provided by the Bank of Russia. [160] Countries that use currencies pegged to Western economies have little or no say in economic policy. This is one of the main reasons why El Salvadoran has taken a similar step. Policies adopted in the United States or France eventually infiltrate and have a negative impact on the economies of these countries. In January 2022, the Russian central bank proposed “to ban all issuance and operations of cryptocurrency, prevent banks from investing in cryptocurrencies, block the exchange of cryptocurrency for traditional currency, and introduce legal liability for the use of crypto in purchases,” citing systemic financial risks. [161] According to Bloomberg News and Meduza, the Federal Security Service has convinced the central bank to ban cryptocurrencies in Russia because they are used to fund the opposition and independent media.
[162] [163] Finally, in February 2022, the Russian government announced that it would support, legalize, regulate and ban cryptocurrencies. [164] Shortly after El Salvador announced its bill to make Bitcoin legal, a member of the Paraguayan Chamber of Deputies proposed a bill to legalize and regulate cryptocurrency in the South American nation. The same politician, Carlitos Rejala, plans to run for president in 2023, and part of his platform would be to make Bitcoin the official currency of the country. Any entity that manages or exchanges Bitcoin, such as cryptocurrency exchanges and payment processors, falls under the definition of a money services business (MSB). Therefore, an MSB is subject to the Bank Secrecy Act and is required to register with the U.S. Treasury Department and file reports on transactions over $10,000, purchases with cryptocurrency. Financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they were “not allowed to protect, invest, trade or manage virtual currency transactions.” [14] The Swedish jurisdiction is generally very favorable to Bitcoin companies and users compared to other countries in the EU and the rest of the world. The Regulatory and Supervisory Authority of the Swedish Financial Supervisory Authority (Finansinspektionen) has legitimized the growing industry by publicly proclaiming Bitcoin and other digital currencies as a means of payment. For some companies that interact with fiat (mainly exchanges), current regulations require that an application for approval/license be submitted and that all AML/CTF and KYC regulations that apply to more traditional financial service providers must be followed. Bitcoin became legal tender in the country by the Bitcoin law, which was introduced on June 8.
June 2021,[40][41] and entered into force on September 7, 2021. [42] [43] In 2016, Zug added Bitcoin as a way to pay city fees, in a test and attempt to advance Zug as a region advancing future technologies. [147] The Swiss Federal Railways, the Swiss state railway company, sells Bitcoins to their ATMs. [148] Absolute prohibition. [14] The use of any cryptocurrency is illegal in Nepal. [91] On the other hand, the majority of those who opposed the idea of making Bitcoin legal were over 35 years old. In addition, 43% of people over the age of 55 strongly rejected the idea. In addition to countries where BTC is banned, there are also countries where Bitcoin is somewhat restricted and cannot be exchanged or used for payment.
