The legalization battle of cryptocurrencies is going on ever since the success stories of bitcoin started surfacing the internet. The term ‘cryptocurrency’ refers to a digital currency that is used for performing digital transactions and uses cryptography to ensure the security of such transactions.
Bitcoin (BTC) may have been the first widely successfully cryptocurrency, but it was soon followed by many others, including Ethereum (ETH), Litecoin (TCC), Dash, Ripple and more. Now, we have so many cryptocurrencies that we often wonder which ones are actually legal and which are not.
The problem with cryptocurrencies is that they do not have a regulation system. In fact, crypto tokens are not made to regulate. This is why it is usually difficult for the governments (or countries) to legalize these currencies.
While many countries have not shown a positive attitude towards cryptocurrencies, there are a number of countries where the use and trading of these currencies are illegal. Let’s find out which these countries are and which crypto-coins are legalized by which countries.
Cryptocurrency Is Legal In The Following Countries
Canada (banned by banks)
Trinidad and Tobago
India (banned by banks)
Thailand (banned by banks)
Vietnam (not allowed as a payment tool)
Bosnia and Herzegovina
The legalization of cryptocurrencies doesn’t necessarily mean that the government of the particular country supports or promotes virtual currencies in any way.