Currently, the crypto market is the most active concept in the entire digital financial market because it has gained the trust of millions of people around the world. They continuously use bitcoin and other investment currency for numerous different purposes according to their needs. To get more tips about trading in cryptocurrencies safely and precisely, you can visit BitIQ. It is a fact that the crypto market is enormous in size and market capitalization.

 You might know that the crypto market remains open 24*7 which means you can buy crypto tokens even at midnight. However, you might also be aware that the crypto market is not equally available in every country and is banned in some countries. Many factors play an essential role in this regard. The major factors include inflation rate, political instability, and many more. These almost rule the crypto market because they play an essential role in determining the price of crypto tokens. 

According to government regulations and laws, most countries have ruled that cryptocurrency is illegal. However, it varies from country to country, along with political instability. Therefore, it is advised for people to follow their local legal framework for investing and trading cryptocurrencies. 

Countries where Bitcoin is legal

United States of America (U.S.A.)

Many people feel the trust and want to invest in bitcoin and other cryptocurrencies. However, since this is a country that was quite friendly at first, some regulations from their government have blocked it entirely in some situations. 

As per U.S.A law, you cannot use bitcoin or any other cryptocurrency in exchange for the things you want to purchase from the open market. It is because it is not under the control of the U.S.A government, so it is not legal to use cryptocurrencies in the country. However, it does not mean you cannot deal with crypto assets in the country. 

The European Union:

The European Union has given a green signal to use bitcoin and other cryptocurrencies. In June 2018, the European Council allowed cryptocurrency trading across their member states. The main reason behind this decision was that they wanted to eliminate the traditional financial system, which had forced them to devalue their currencies. They also wanted to enter a new digital era where cryptocurrencies would play an important role.

Like in other countries, there are different bitcoin exchanges and trading platforms which you can use in the country depending on their crypto regulations. To purchase cryptocurrency using fiat currency, you must first open an account with a particular exchange and then send your money there. Once the fiat currency reaches the history of the business, you can easily buy bitcoin. However, you might be aware that many countries do not allow this process for legal uses, and you have to follow it even in the European Union.

Canada:

The Canadian government has decided to legalize cryptocurrency to eliminate the black market and create a transparent and healthy environment for them. Per their guidelines, people must use crypto assets for transferring funds across countries without additional charges, including taxes.  

Where bitcoin is banned:

China 

People from China are the best in engineering anything and everything. However, they are also notorious for banning everything they do not like. China is one of the most conservative countries that treat bitcoin as an illegal cryptocurrency; hence, it is prohibited in their country. The government has banned all kinds of cryptocurrencies and imposed an asset seizure in case any violations come their way. The primary reason for prohibiting these virtual currencies is the decentralized network developed by them. 

Bangladesh:

The government of Bangladesh has passed this law as they want to decrease the risk associated with money laundering activities and the trade of illegal goods. However, since cryptocurrency has anonymous features, and people cannot trace you, this led to the ban in the country.

Germany:

The government of Germany has passed a law prohibiting the use of bitcoin and cryptocurrencies. However, the Germans can still use their bitcoin because they do not have any laws stating a complete ban on cryptocurrencies. It is because they are similarly using cryptocurrency as they use traditional currency, which is not entirely illegal in the country.