A look at countries that are in race to accept Bitcoin as legal tender
India have not made any legal regulation for bitcoin yet. Bitcoin transactions in the country are made with minimal regulations.
New Delhi: The oldest digital currency in the crypto market by Market Cap – Bitcoin, is yet to become a legal tender in many countries. However, with the rising crypto market, smaller countries have begun to accept it as a legal tender.
Though majority of the countries are yet to adopt the currency, even those who accept the digital token in any form.
Here are some countries that have accepted Bitcoin in one or the other form:
El Salvador: The American country is the first in the world to adopt Bitcoin as legal tender along with the US Dollar. Majoity of the businesses in El Salvador now accept payments in Bitcoin.
Ukraine: In a recently passed bill the country have legalized Bitcoin. The bill has explicate the fortes as well as the course of action to protect its users from different frauds. Though, the bill is yet to be approved by President Volodymyr Zelensky. Post to the validation of the bill, people would be authorized to exchange and trade the Bitcoin that they own.
Cuba: In August, the government of Cuba announced regulation of cryptocurrencies on the island. Cuba central bank will soon set rules regarding the crypto payment in the country along with the guidelines to issuances of the license to the service providers.
United States: Several tech giants in United states like Microsoft and Dish Network are already accepting payments through Bitcoin, even when bitcoin is not yet considered as a currency in the country. Hence, the users adhere a certain abidance in the exchange and trading of the digital currency.
Germany: Few businesses in the country have been accepting payments in Bitcoin for years now. Earlier in July, Germany allowed special fund allocation, almost 20 percent of their capital in crypto assets.
Canada: Crypto currencies in this country are rather used as barter transactions. Some major banks in Canada have recently banned the use of their credit and debit cards for Bitcoin transactions.
United Kingdom: UK has a crypto-friendly stance and is even creating a pro-bitcoin environment.
India: India have not made any legal regulation for bitcoin yet. Bitcoin transactions in the country are made with minimal regulations. Though, the government is likely to produce a crypto bill in the coming months.