Is Bitcoin Legal?

Bitcoin seems to be interesting to the law enforcement agencies, tax authorities, and legal regulators, all these are curious to know - how the cryptocurrency fits into existing frameworks. However, the legality of your bitcoin activities depends mainly on - who are you, where you live, and how you going to use it.

 

For regulators and law enforcers, Bitcoin has proven to be a contentious problem. Both these have targeted the digital currency in an effort to limit its use. Though, early on in the game, a lot of legal authorities are yet struggling to comprehend cryptocurrency in order to make laws around it. Among all this uncertainty, a single yet confusing question pop up.

 

Is Bitcoin legal?

 

Bang on! Yes, it is, depending on - How you’re going to use it.

 

Ever since the now-defunct Silk Road gained disrepute, regulators have been worried about Bitcoin's semi-anonymity and decentralized nature. A lot of countries especially U.S. authorities live in fear of money laundering and illicit goods purchase without being traced.