What countries use crypto as payment?
Today, the cryptocurrency industry is developing quite rapidly, digital coins are becoming more and more popular and legalized almost all over the world. There are countries where the use of cryptocurrencies is punishable by law and those where crypto coins are the official currency.
Recently, studies have been published on the Coin Dance portal stating that the BTC cryptocurrency is recognized as official in more than 100 countries. But it should be noted that for the most part, the use of digital coins is not supported by legislation.
Let’s look at where in the world cryptocurrency is legalized. Examples of countries where cryptocurrency is recognized as a currency:
- In the UK and Australia, cryptocurrency is considered property, but any payment transactions using it are prohibited.
- In Norway, the BTC digital coin is used as an exchange asset but is not a currency.
- In Belarus, it is possible to conduct various operations with cryptocurrency, both for individuals and for legal entities.
- On the territory of Luxembourg and Ukraine, electronic currency is recognized as an intangible asset.
- In Kazakhstan, as in Russia, cryptocurrency is equated to property, but its turnover is prohibited.
- In China, operations with BTC are legal for individuals.
- Vietnam allows trading of digital coins.
- In Egypt, cryptocurrency is not legalized, but various kinds of operations with crypto coins
- are not prohibited.
- In Venezuela, digital coins act as a financial asset.
- In Canada, BTC is defined as a “commodity”;
- Free circulation of cryptocurrencies is possible in France, Italy, India and Brazil.
From the foregoing, it follows that the use of cryptocurrency is legalized mainly in the developed countries of the world. It should be noted that many of them, although they do not prohibit the circulation of digital coins, are in no hurry to recognize the crypt as an official currency and legitimize its status. However, the rapid development of the cryptocurrency market gives all the prerequisites for the official recognition of digital coins as a currency.