Legality of bitcoin around the world.docx - Noura Menesy...

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Noura Menesy Legality of bitcoin around the world Bitcoin is a cryptocurrency that first made its debut in 2009 after the 2008 financial crisis. Since then more than 500 other types of cryptocurrencies have been released. Although there are many currencies to trade in bitcoin has a significant advantage over the rest, it is legal (in some countries, to some extent). However it is never legally acceptable as a substitute for a country’s legal tender. United States of America – The US has taken a generally positive approach towards bitcoin. At the same time, it has several government agencies working on preventing or reducing the use of bitcoin for illegal transactions. Netherlands – In 2013 the Dutch Finance Minister released a report that gave Bitcoin the status of an item of barter meaning it needed no specific licensing or compliance requirements. He described Bitcoin as “Bitcoin is not a financial product as defined by law,
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