Introduced in 2008, bitcoin was heralded for its potential to disrupt the traditional banking model for businesses and consumers alike. And A WORLD OF CRYPTOCURRENCIES have enjoyed some success; bitcoin is now the largest , with the total number of bitcoins currently valued at approximately $70 billion. Research produced by Cambridge University concluded this year that there are between 2.9 million and 5.8 million unique users actively using a . In this research, we’ve looked at govern- mental attitudes toward cryptocurrencies, not limited to bitcoin alone. The picture produced across the world is patchy. Some countries have become global advocates, while others have actively banned crypto- completely, with various shades in between. JAPAN13 Japan eliminated the The most notable disrupter is Japan, consumption tax on bitcoin trading on April 1, 2017, when which has passed a law accepting it officially declared bitcoin bitcoin as . At the other end as legal tender. Japan also of the spectrum, Bangladesh passed a eliminated the possibility of double taxation on trading law in 2014 stating that anybody caught RUSSIA9 of bitcoins. using the virtual could be ICELAND5 The Russian Deputy jailed under the country’s strict anti- The government, Finance Minister has -laundering laws. worried about stated that regulators capital flight, has will be looking to Whatever the individual case for a country, banned bitcoin. recognize bitcoin and other cryptocurrencies MALAYSIA12 the growth in cryptocurrencies in the last legally next year. Bitcoin is not decade has shown that there is strong BELGIUM6 recognized as legal momentum around this new technology. COLOMBIA3 It has refused to issue tender, and Bank It has decreed that any stance regarding Negara Malaysia cryptocurrency is bitcoin and along with does not regulate the GLOBAL ADVOCATES a whole host of other INDIA10 operations of bitcoin. 1 not illegal, but at Pioneer nations whose governments CANADA the same time it countries is waiting While bitcoin is already have taken steps to promote In November 2013 the Canada won’t be getting for European-wide being widely used, Revenue Agency declared that guidance. They have cryptocurrencies and drive parity for legal recognition there is still “no clear bitcoin payments should be anytime soon. issued a public warning law stating whether virtual currencies. treated as barter transactions. that there is no bitcoin and other The Canadian federal government oversight. cryptocurrencies are DEVELOPING government also announced its legal in India.” intention to regulate bitcoin CHINA11 Nations that are progressing toward NEW ZEALAND14 through its anti-money- POLAND7 Chinese authorities have equal status for , but UKRAINE8 The Reserve Bank regards laundering and counterterrorist The Polish government banned token sales and local Despite vague government cryptocurrencies as a there are still some barriers. financing legislation. has officially recognized exchanges are closing down. “vulnerability“ and considers BOLIVIA4 the trading and mining of regulations and political cryptocurrency as a payment FENCE-SITTERS The Bolivian government virtual currencies as an uncertainty in some areas, a major bank announced system rather than a currency. Governments that have not called MEXICO2 has banned the use of “official economic activity,” bitcoin in the belief that it but has said that regulation the ability to purchase individual trading into question or The Mexican government bitcoins in any of its has not banned the use of will allow tax evasion and should come from the EU. that have stopped of giving nationwide ATM terminals. 15 alternative digital currencies monetary instability. AUSTRALIA any legal or regulatory protection outright, but instead is in talks Removing bitcoins from double to users of cryptocurrencies. with government regulators taxation policies, the government to try and introduce their own also legalized bitcoin and said it HOSTILE form of bitcoin and their own can be used just like money. Governments that have taken specific to Mexico. steps to curtail virtual currencies, but stopped short of banning individuals from trading or exchanges operating with cryptocurrencies. 1 https://www.fxempire.com/education/article/what-does-the-future-of-bitcoin-look-like-404636 8 https://www.forbes.com/sites/realspin/2017/03/20/ukraine-is-silently-leading-a-digital-currency-revolution/#7e902d53465c BANNED 2 https://www.cryptocompare.com/coins/guides/how-legal-is-bitcoin-and-crypto-currencies 9 https://www.fxempire.com/education/article/what-does-the-future-of-bitcoin-look-like-404636 3 http://insidebitcoins.com/news/colombia-clarifies-stance-bitcoin-is-not-illegal/60667 10 https://news.bitcoin.com/india-supreme-court-bitcoin-legalization-taxation Nations that have outlawed crypto- 4 https://www.cryptocompare.com/coins/guides/how-legal-is-bitcoin-and-crypto-currencies 11 https://qz.com/1079908/huobi-and-okcoin-chinas-two-biggest-bitcoin-exchanges-will-halt-all-trading-services-for-local-customers/ Read about all of the countries at currencies within their borders, some 5 https://themerkle.com/bitcoins-legal-status-worldwide 12 https://www.nst.com.my/opinion/columnists/2017/06/249010/are-we-ready-bitcoin thomsonreuters.com/know360app of which threaten punitive sanctions 6 https://www.cryptocompare.com/coins/guides/how-legal-is-bitcoin-and-crypto-currencies 13 https://news.bitcoin.com/india-supreme-court-bitcoin-legalization-taxation 7 https://cointelegraph.com/news/poland-officially-recognizes-trading-in-bitcoin-and-other-cryptocurrencies 14 http://www.stuff.co.nz/business/93087302/cybercurrency-exchange-offers-more-than-bitcoin-for-new-zealand-dollars to individuals caught using them. 15 https://news.bitcoin.com/india-supreme-court-bitcoin-legalization-taxation