Despite Bitcoin’s massive adoption since its creation in 2009, it appears that not every country has warmed up to its use. However, 111 (one hundred and eleven) countries have no problem with the trade of this virtual currency. These nations have either legalized Bitcoin’s use or have just decided to turn a blind eye to it.
According to Coin Dance, some countries that have legalized Bitcoin are Australia, the Russian Federation, Germany, Ukraine, Finland, South Africa, and New Zealand. The platform also revealed that Chile, Brazil, Japan, Philippines, Poland, Norway, and Sweden had legalized its use.
Top 20 Countries With the Highest Bitcoin to Fiat Trading Volume
Based on Longhash’s report, the most popular cryptocurrency is legal in 111 countries out of a total of 256 that were reviewed by Coin Dance. Among these nations are those ranking in the top 20 countries whose Bitcoin to fiat trading volume is the highest. However, Bitcoin’s legal status has not been defined in three of such countries. These are Nigeria, Vietnam, and Indonesia.
On that note, Coinhills’ platform ranks the Nigerian Naira as the 14th with the highest BTC – Fiat trading volume. The African nation accounts for 0.05 percent of the traded BTC to fiat within the past 24 hours. However, Nigeria has neither legalized the use of Bitcoin nor has it outrightly stated that its use is illegal.
Nigeria’s Presidential Candidate to Regulate Cryptocurrencies’ Use
BTCNN on November 25 reported that Atiku Abubakar, a 2019 presidential candidate stated that he would regulate the use of cryptocurrencies if elected president. On the other hand, a report from December 1 noted that Union Bank, a popular commercial bank in the country had released a circular that it will be closing down accounts which are associated with virtual currencies.
On the other hand, Vietnam, as at press time is ranking 18th on Coinhills. The Bitcoin exchange for the Vietnamese dong accounts for a volume of 0.02%. When it comes to the legal status of Bitcoin in the country, it is legal to trade the asset. But then, it is illegal to use Bitcoin as a tool for payment.
Bitcoin Ban In Indonesia
In Indonesia, the use of Bitcoin is “restricted”. That may be contrary to the fact that the country accounts for 0.008 percent of Bitcoin to fiat trading volume for the past 24 hours. It also ranks 10th position on Conhill. The Southeast Asian nation in 2017 banned Bitcoin as a means of payment in the country. Although the virtual asset is illegal in the region, there are expectations that it will be regulated in the future.
Asides Indonesia, China, and India, seven other countries have also classified the use of Bitcoin as restricted. China, for instance, banned Initial Coin Offerings (ICOs) in 2017. The Reserve Bank of India has also banned banks from providing services to customers trading these assets. Alternatively, countries like the Republic of Macedonia, Pakistan, Algeria, Bolivia, Qatar, Afghanistan, Bangladesh have declared Bitcoin illegal.