Cryptocurrencies have always been surrounded by controversies, right from the beginning. The main buzz around it, is, whether it is legal or not. However, unfortunately, there is not enough substantial evidence to prove either for or against the controversy.
Cryptocurrency or specifically bitcoin was launched with a motto of “make your money work hard for you.” But the reception it received is mixed. A lot of financial companies and governments accepted cryptocurrencies as a new era of financial industry, a few governments had a hard time accepting them. A few of them remained neutral.
As the legality of cryptocurrency is varied, depending on the perspective of the government of various countries, there is no one particular answer for this question. But it is a must to consider all the perspectives of governments across the globe.
The reception of cryptocurrency in Africa was good. In almost all the parts of western and southern Africa, cryptocurrencies were made legal. Every court issued orders that bitcoins can be used for transactions in these countries. But in Northern Africa, they are considered to be illegal and offensive.
Almost every American country is in favor of cryptocurrency. Countries like Canada are having a mixed opinion as banks in Canada are having strict policies against regulating digital currencies. But coming to South American countries, a majority of them banned cryptocurrencies stating them as illegal.
Asian countries too, just like America, are in favor of cryptocurrency. Almost every country in Central Asia, Eurasia, and East Asia made cryptocurrency legal. But in countries like China, India and Vietnam banking using cryptocurrency is considered to be illegal. Pakistan banned cryptocurrency completely and made its usage a severe offense.
European countries are all in favor of cryptocurrency. A lot of countries made cryptocurrency legal because they didn’t actually consider it as a form of money and their laws prevent them from taking any action on Bitcoins or cryptocurrency. So bitcoins are completely legal throughout Europe.
Both Australia and New Zealand declared cryptocurrency to be legal. This is because of their law that the nonbanks do not need approval for schemes that include storage and transfer of bitcoin.