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In the world of advancement, the use of cryptocurrencies is also getting to a next level. Now, you can use cryptocurrencies for many purposes and their use is not now limited to investing in them. You can make transactions with this digital money at various places. There are many restaurants, shopping sites and other online websites, which accepts the payment mode through cryptocurrencies.

There are now more than 500 cryptocurrencies available across the world. These currencies are not regulated by any bank and therefore, the use of them is quite questionable in some countries. These currencies offer an easy way to transact across borders due to no transactional fee upon them. One can also make payments all over the world anonymously through cryptocurrency.

So, it is important to know whether your country allows the use of cryptocurrencies or not. Is it legal in your country to hold onto cryptocurrencies? To know these important things, read the article furthermore. Here, you will get a list of countries where these countries have declared the consumption of cryptocurrencies as legal and illegal.

The major countries that have declared the use of cryptocurrencies as legal are as follows:

The United States of America

The U.S. legally accepts the use of cryptocurrencies. On the other hand, the country has many agencies that regulate the use of these digital currencies in order to protect it from any illegal transaction.

Canada

This country also accepts cryptocurrency and at the same time, ensures its use against any money laundering practices.

Australia

People in Australia can also trade through cryptocurrencies. The ATO (Australian Taxation Office) regulates the taxes on the use of cryptocurrencies such as Bitcoin.

The European Union

This union has not taken any legal decision as of now regarding the use of cryptocurrencies. The individual countries have developed their own regulations regarding cryptocurrencies. Some countries have allowed the use while the other has not reached a firm decision.

The major countries that have declared the use of cryptocurrencies as illegal are as follows:

Iceland

After the economic crisis faced in the year 2008, this nation has adopted major policies for controlling the capital. The policies ensure that the outflow of the currency remains protected. Under the Foreign Exchange Act, the country has banned the use of cryptocurrencies for foreign trading purposes.

On the other hand, the country has launched a cryptocurrency known as Auroracoin to create an alternative for banking services.

Vietnam

This country has made the use of cryptocurrencies totally illegal for trading as well as for other purposes. They have declared the use of cryptocurrencies as a criminal offense.

Russia

The question regarding the use of cryptocurrencies in Russia has not reached a conclusion. While the Ministry of Finance of Russia is all set to ban the use of cryptocurrencies in near future.

China

In China, the financial institutions such as bank are prohibited to make any transactions or dealing with any type of cryptocurrencies. On the other hand, people are quite free to transact using these cryptocurrencies between themselves. China enjoys the status of being one of the largest crypto-markets.

The on-going popularity is making it difficult for many countries to refrain from the crypto-world. The time is not very far when the use of cryptocurrencies would be in effect all around the globe. Many countries are revising the regulations regarding the cryptocurrencies.