There are more than 500 cryptocurrencies in the world, but Bitcoin has dominant worth. In fact, some countries become the hub of this peer-to-peer digital currency. Here, this article is about the story of some countries, which country uses Bitcoin and who accept the Bitcoin and use it in payment transactions.
Countries that say yes to bitcoins
If a country going to introduce Bitcoin technology to its financial sector. Then, it clearly means that country is going toward the revolutionary situation. It would leave a strong impact on its all sectors and also on related countries.
Bitcoin accepted countries:
Canada becomes a bitcoin-friendly country, which ensures that Bitcoin cryptocurrency is not used for money laundering. Canadian authority makes it sure that transactions of Bitcoin are taken place under complete supervision. Canada revenue agency takes Bitcoin transactions as barter transaction. In addition, income generated from these transactions named business income.
Australia allows The Australian taxation office considers Bitcoin transaction as barter arrangement. Which means, Bitcoin transaction legally completes its process under specific rules and regulation.
A small nation, accept the Bitcoin digital currency. It has no history of jumping to new technology. whereas, its financial sector show interest to implement on Bitcoin technology. They are going to use blockchain technology for healthcare, banking services and much more.
Denmark is one of the developed countries in the world with living standard and with financial stand as well. Bitcoin will be used in all aspects. Whether in means of exchange or to the alternative to central banking monopoly. Danish bank declares that “Denmark is home to a number of Bitcoin startups and exchanges such as CCEDK, which has been a prolific innovator in the crypto-space with recent releases of Bitcoin “3.0” technology and decentralized exchange.”
Countries with strict rules
In the same way, countries which opposed Bitcoin first. Now, those countries have a dominant part in Bitcoin transactions. They utilize its advantages in their investment. The main reason behind the opposition was the anonymous conduction of transactions between two account holders. it may use in illegal dealings like buying drugs or weapons…
Whereas, in presence of all securities, countries accept the Bitcoin with strict rules. Here are some countries with strict rules.
As the USA is considered as Bitcoin friendly country. Whereas, the government is trying to control Bitcoin transaction process. Same as with its traditional money. Incidentally, Bitcoin is peer-to-peer digital currency and never controlled by anyone or any authority. In that case, USA government generate some rules regarding Bitcoin.
In the same way, Japanese Financial service agency place regulations to Bitcoin exchanges. According to Motokazu Endo, Attorney of FSA,
“Cryptocurrencies’ prices fluctuate sharply, and they’re highly speculative. Many exchanges have the weak financial basis, and should they go bankrupt, it would be tough to protect creditors’ assets.”
At this point, if Japanese people want to buy bitcoin. Then, they have to pay 8% consumption tax. And this all transaction will be through Yens. Because bitcoins considered as imported goods.
In July 2016, China introduces a law named “civil right object” to the public. Chinese can buy and sell goods through Bitcoin under this law.