To understand the answer to this question,
we should think about what cryptocurrencies offer:
*Unlimited, instant access to the financial movement for anyone (emphasis on anyone).
*Doesn’t have to be part of any institution. Doesn’t have to have citizenship, official identity, government-issued
clearances or anything. You don’t even have to be a human to set up a Bitcoin wallet.
*Ability to transact any amount with anyone in the world.
*Freedom to use any currency and not a government sanctioned one. Especially important in economically and
politically unstable regions.
Governments aren’t going to make a currency like the above (which fits most cryptocurrency) an official ‘legal tender’ because they have a vested interest in maintaining their own currency reserves. Every country has reserves of their own currency, as well as gold and other commodities.
Bitcoin are usually peer to peer websites like localbitcoins – a sort of Craigslist for trading cryptocurrencies face to face. Although it isn’t the fastest (or safest) way to buy Bitcoin, it’s still the only option for people in countries where it’s explicitly banned, like Bangladesh.
Countries where it’s explicitly banned, like Bangladesh
The official leagilay of bitcoin in these countries
While Bitcoin is not in any country, and most likely never will be, it’s legal to own and use in the major economies of the world. is slow but gradually. The unregulated and manipulated cryptocurrency markets are increasingly entering the organized financial ecosystem.
Some countries where bitcion is officially lawless
Algeria
Bolivia
Ecuador
Kyrgystan
Bangladesh
Nepal
Cambodia
Indonesia (illegal for paments,not to hold/trade)
Vietnam (illegal for paments, not to hold/trade)
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Writer : Muhammad Ishfaq
10-22-2018
