Mapping Bitcoin's Legality Around The World

Bitcoin slid below $10,000 Tuesday for the first time in months as lingering fears that regulators in some of the cryptocurrency’s biggest and most vital markets were considering a crackdown.

Overnight reports from South Korea started it; European regulator comments extended it this morning and Shanghai "scrutiny" headlines just sparked another slam as cryptocurrencies are getting hammered today...

Chart

Given that fears that regulators might turn decisively against the cryptocurrency revolution have continued to plague valuations in the new year, it seems appropriate that HowMuch.net decided to create this interactive map showing the various levels of legality that bitcoin enjoys around the world.

Bitcoin

Green countries are legal Bitcoin markets. Orange represents neutral markets that are not outright legalizing Bitcoin, but do not have any major restrictions against the use of cryptocurrency. Light pink countries are restricted Bitcoin markets that may have lots of red-tape, regulations, and government attempts to slow the use of cryptocurrencies. Dark pink countries represent markets where Bitcoin has been made completely illegal and criminalized. Lastly, some countries have yet to comment on Bitcoin’s legality, which are represented by gray color.

Eastern countries appear a lot more closed off to Bitcoin than their Western counterparts. Russia is currently the largest country where bitcoin trading is illegal, though lawmakers are working on legislation to set up a legal framework for cryptocurrency trading.

Meanwhile, China and South Korea are the latest two countries to step up their scrutiny and regulation of Bitcoin use.

Here is a breakdown of the chart, based on the global legality of Bitcoin out of 246 countries:

  • Legal and Neutral (Green and Orange): 99 Countries or 40% of World
  • Restricted (Light Pink): 7 Countries or 3% of World
  • Illegal (Dark Pink): 10 Countries or 4% of World
  • No Information (Gray): 130 Countries or 53% of World

Overall, a majority of the world still has yet to comment on the legality of Bitcoin. The emerging industry is still not fully understood by global regulators, which may explain why some countries have yet to comment on the movement. Though this will likely change as time passes and regulators grow increasingly worried about cryptocurrencies being used by criminal organizations.

 

Comments

83_vf_1100_c Wed, 01/17/2018 - 04:34 Permalink

"Illegal (Dark Pink): 10 Countries or 4% of World"

  China alone is 18.5% of the world's population and likely a bigger adopter of bitcoin til the crackdown.

Mementoil 83_vf_1100_c Wed, 01/17/2018 - 05:01 Permalink

Just wait and see the entire map painted bright magenta as time goes on.
The governments of the world can't tolerate competition to their fiat currencies, because that will take away their power to inflate. Since they still control the internet and the power supply, Crypto-currencies were never a viable alternative (they don't even have to target the individual users, just the miners). Gold and silver, on the other hand, are a little harder to outlaw and confiscate. What will they do? take away your wedding ring?

In reply to by 83_vf_1100_c

stacking12321 Mementoil Wed, 01/17/2018 - 05:10 Permalink

the countries that try to ban or prohibit cryptos will be shooting themselves in the foot and will fall behind economically.

just as the advent of the internet provided a huge bump in productivity, cryptos will provide a huge bump in transparency and honesty in markets.

countries that don't restrict the freedoms of their citizens, tend to thrive and do the best.

In reply to by Mementoil

Tarzan moobra Wed, 01/17/2018 - 06:56 Permalink

Bitcoin may be illegal in Russia, but they are ahead of the curve in their Block chain technology plans.

 

A cashless society is coming, and it will necessitate the union of world Governments, if it's to succeed.  Block Chain technology is the means to do so, a means for everyone to buy and sell with a unified currency. 

In my opinion, it's a trap!

...so that no one could buy or sell unless he had the mark

It's also the means to destroy the Dollar, and fiat in general.  That would sound like a good thing, except that the power of this technology in the hands of an evil world government, bent on controlling what, why and how you buy, is a nightmare waiting to happen. 

Just think Obama care, and forced direct payments, then expand from there.....

It's a maniacal Tyrants wet dream, waiting to happen, and unbeknownst to Americans and the MSM, it's right on our door step, already begun.  America's days as the world's tyrant are numbered, worse is coming.....

 

Pax Crypto: Russia Proposes First Multinational Cryptocurrency, Expert Blog

 

 

days before the end of 2017, the Central Bank of Russia, proposed to create the first joint multinational cryptocurrency for BRICS and EEU countries. By jointly adopting a new cryptocurrency, the Member States could increase their investments in Blockchain, smart contract technology pushing towards creating cashless societies....

....if adopted and implemented, the first multinational cryptocurrency could be used by more than 41 percent of the world’s population. It could potentially improve trade efficiency among the Member States by replacing other fiat currencies used in trade settlements. And it could create a technologically resourceful trade block that could reshape global trade via Blockchain and smart contract technology.

However, for this initiative to succeed, among other things, Member State transnational legislation concerning cryptocurrencies would need to be updated in a synchronized fashion. As currently there are substantial differences between Member State legislation concerning cryptocurrencies as summarized in the table below.

In reply to by moobra

Bopper09 Mementoil Wed, 01/17/2018 - 05:52 Permalink

Unless this is the plan.  The IMF is coming out with a crypto, Acchain, and Russia is looking into one for themselves.  Estonia will start it with Estcoin, a gov't issued crypto.  

I'm thinking they'll just pour all the garbage fiat into their own cryptos to replace fiat, and therefore cash; as fiat has failed them, as always.  The money they throw at it makes them all worth far more than BTC, and voila, new 'currency'.  The Rothschild's have told us this in their '88 Economist already.  The question is, what does the entire globe of overbearing debt owe to the Rothschilds when the debt's become due?

In reply to by Mementoil

zebra77a Mementoil Wed, 01/17/2018 - 06:16 Permalink

Only < 0.4% of the worlds population has ever held a Crypto Wallet.

15,000,000 wallets in bitcoin are worthless < $15 US meaning they have LOST IT ALL. (50%)

If you are getting 'free bitcoin trading' on any exchange that is instantaneous it is NOT REAL BITCOIN. Blockchains of crypto A are not even software compatible with crypto B.  So ALL the exchanges had to make virtual accounts in the middle.  As soon as they did that they also made virtual currencies that represent the genuine blockchains.  So when you invest $50K into coinbase and buy 4 bitcoin you just have the local virtualized Bitcoin.  They have given themselves a license to 'print crypto' like the federal reserve has given itself a license to 'print fiat.'

A REAL BITCOIN BLOCKCHAIN transaction (bitcoin to bitcoin) now costs $50 and the minimum time for the first confirmations to come in are 5-10 mins. As additional confirmations come in it can take up to an hour.

The Exchanges are TOTALLY UNREGULATED. They are gaming the crap out of crypto, and ironically giving it value. There isn't really $100 billion in market cap in Crypto, that's a faked inflated number along with their fake inflated accounts they are creating out of thin to whale trade against their own customer base.

 

In reply to by Mementoil

BallAndChained zebra77a Wed, 01/17/2018 - 07:09 Permalink

> A REAL BITCOIN BLOCKCHAIN transaction (bitcoin to bitcoin) now costs $50

The Bitcon pumpers say low cost transactions is the reason to use cryptos instead of high cost bank transfers lol

What dummy would pay a higher transaction fee than the cost of a product they buy?

And then be legally required to report that capital gain on their tax return every time they buy something.

What a great pretend "currency".

In reply to by zebra77a

Hope Copy 83_vf_1100_c Wed, 01/17/2018 - 14:39 Permalink

By all accounts, China is DARK PINK, as the exchanges and mining pools have all left China

 

 

 

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In reply to by 83_vf_1100_c

Apollo55 Wed, 01/17/2018 - 04:45 Permalink

Cryptos are promoted by the West in order to absorb Liquidity. They will be turned off to help avoid hyperinflation when their market share reaches a certain value. I will be surprised if Cryptos do not reach a market share of a couple of trillions US$'s before they are taken down. As for the ones investing in Cryptos they will experience the same financial outcome as those who invested in Enron, Madoff and Polka King Ponzi Schemes.

stacking12321 Apollo55 Wed, 01/17/2018 - 05:01 Permalink

you don't see the trees for the forest, unfortunately.

why do individuals invest in, or believe in, CCs? do you really think it's because they are "promoted by the west"?

that's nonsense.

the reason i was buying bitcoin in 2015 is not just for price appreciation, but because it's a real life solution to the problem of a corrupted financial system.

also, if you don't understand what the term "ponzi scheme" means, i suggest you look it up. if it doesn't pay out returns, it's not a ponzi scheme:

https://en.wikipedia.org/wiki/Ponzi_scheme

In reply to by Apollo55

floosy Wed, 01/17/2018 - 05:16 Permalink

The whole "Goverments making crypto illegal" simply tells me one thing: Regardless of country we all live in an authoritarian shithole where the elites treat everyone else as cattle to be milked and slaughtered, and ANYTHING that may possibly change that is deemed "illegal".

After all what is "illegal"?  All it means is that some psychopaths have arbitrarily decided that they don't want anyone else to have or do that thing and are willing to use their personal slave-sheep thugs to enforce that with violence on the other sheep.

harrybrown floosy Wed, 01/17/2018 - 05:24 Permalink

indeed and any "fool" who thinks that honest money will make a return anytime soon is deluded.
Bitcoin being labeled as honest money is a joke, just look at the charges for cashing in or out & transfers... RIP OFF! its worse than the bankers & yes I do own some, almost wish i didn't now. Fortunately its fiat I can afford to lose!

In reply to by floosy

BallAndChained floosy Wed, 01/17/2018 - 17:34 Permalink

Scammer.

You mean the gullible didn't think Bitcon could got to $1 million and the government couldn't stop cryptos?

These are facts. People were predicting $1 million per imaginary coin. People thought gov couldn't control decentralized bs.

Your constant one line reply to fool yourself doesn't change the facts. It only shows you can't face the truth.

 

In reply to by floosy