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Legal to use/Undefined

Official legal tender (Bitcoin)

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Countries That Use Cryptocurrency 2023

Cryptocurrencies are currencies, but which are very different from dollars, euros, pounds, or rupees. Cryptocurrencies are usually not issued by any particular country or authority. Instead, cryptocurrencies are decentralized and global. Cryptocurrency is also digital, with no physical coinage or bills, and new units (generally referred to as coins) are generated—in a process known as mining—through the performance of complex computer calculations. In the early days of crypto, this open system meant that anyone with a home computer could mine cryptocurrencies such as Bitcoin (the first and most widely accepted major cryptocurrency), Etherium, or Dogecoin. However, both competition and complexity increased as the industry matured, and by late 2022, few cryptocurrencies were worth the equipment and energy costs for most miners to pursue.

Which countries use cryptocurrency?

The vast majority of the world's countries use cryptocurrency. Although proof would be difficult to obtain, the possibility exists that cryptocurrency is used in every country in the world. However, the fact that cryptocurrency is in use in a given country does not necessarily indicate that cryptocurrency is legal for use in that country. Due to its inherently private and anonymous nature, crypto is quite easy to obtain, possess, and use discreetly. As long as an individual has internet access, they can buy and sell different types of cryptocurrency, including Bitcoin, typically without detection.

Are there any international laws regarding Bitcoin and cryptocurrency?

Although many international laws exist to regulate different types of fiat currency, including the dollar, there are (thus far) few laws related to Bitcoin and other cryptocurrencies. Crypto is a fairly new and evolving technology, and many countries are still in the process of determining their legal approach to Bitcoin and other cryptocurrencies.

Thus far, a few countries have explicitly declared Bitcoin and other cryptocurrencies to be legal, a few have declared them illegal, and several more have declared them legal to own but forbidden banks (and sometimes businesses) from processing crypto-related transactions. The largest group, however, is countries that have yet to incorporate crypto into their financial systems or laws. Instead, these countries often simply issue a statement that reminds consumers that crypto is a risky, volatile, and unprotected investment and mentions any existing laws (such as tax codes or anti-money laundering regulations) that apply to crypto transactions. As countries settle upon their official stances on crypto, the laws regulating it are expected to become more detailed and refined.

Countries Where Bitcoin and Crypto are Legal (or at Least Not Illegal):

AlbaniaCosta RicaIsraelPortugal
AngolaCroatiaItalyRomania
AnguillaCubaJamaicaSaint Kitts and Nevis
Antigua and BarbudaCyprusJapanSaint Lucia
AustraliaCzech RepublicJerseySamoa
AustriaDenmarkKenyaSerbia
AzerbaijanDominicaKyrgyzstanSingapore
BahamasEl SalvadorLatviaSlovakia
BarbadosEstoniaLiechtensteinSlovenia
BelarusFinlandLithuaniaSouth Africa
BelgiumFranceLuxembourgSouth Korea
BelizeGeorgiaMacauSpain
BermudaGermanyMalaysiaSri Lanka
BhutanGibraltarMaltaSweden
Bosnia and HerzegovinaGreeceMarshall IslandsSwitzerland
BrazilGuatemalaMauritiusTajikistan
British Virgin IslandsGuernseyMexicoTanzania
BruneiHaitiMoldovaTrinidad and Tobago
BulgariaHondurasMontenegroUkraine
CambodiaHong KongNetherlandsUnited Arab Emirates
CanadaHungaryNew ZealandUnited Kingdom
Cape VerdeIcelandNicaraguaUnited States
Cayman IslandsIndiaNorwayUzbekistan
Central African RepublicIrelandPhilippinesVenezuela
ChileIsle of ManPoland

Concerns about cryptocurrency's role in crime, terrorism, and money laundering

While most countries are eager to incorporate the extra revenue that taxes on cryptocurrency-related transactions would introduce, many also have significant concerns about both the security of cryptocurrency and its potential for enabling unlawful activities.

Because cryptocurrency is secure, decentralized, and quite private, governments often have concerns about crypto's ability to enable illegal transactions. These can range from the purchase of illegal goods or services by individuals to larger-scale offenses such as money laundering or the funding of terrorist groups. As such, one of the most commonly seen regulations on Bitcoin and other cryptocurrency is the incorporation of anti-money-laundering and counter-financing of terrorism (AML/CFT) laws, which almost invariably applied even in countries that have otherwise not regulated crypto in any other meaningful way.

Where is it legal to trade cryptocurrency?

There are several major countries where people are allowed to trade cryptocurrency. For example, the financial crimes enforcement network, which is based in the United States, has been issuing guidance related to Bitcoin since 2013. Now that regulations exist in the United States regarding cryptocurrency, it is possible for US residents to legally trade in it.

The European Union has also recognized Bitcoin, as well as other forms of cryptocurrency, as crypto assets. It is legal to use Bitcoin throughout the European Union, but the European Banking Authority has stated that the cryptocurrency regulatory network is outside of its own control. Therefore, it continues to issue stern warnings to people who use cryptocurrency regularly.

Where is cryptocurrency considered legal tender?

Answering the question of which countries consider cryptocurrency to be legal tender requires a clear definition of the term legal tender, which does not simply mean a currency is legal to use. When a government declares a currency to be legal tender, that currency is designated as official, which means the government accepts it and also requires all creditors to accept it as payment for debt. For example, in the United States, the only legal tender is Federal Reserve notes (i.e.: paper money) and coins—which is to say, cash. Even checks and credit cards, while widely accepted, are not considered legal tender. Rather, they are substitutes that can stand in for legal tender in many circumstances.

On 9 June 2021, El Salvador became the first country in the world to declare a cryptocurrency—Bitcoin, to be specific—to be legal tender. Since that time, El Salvador has had two forms of official legal tender: Bitcoin and United States dollars. Less than a year later, on 22 April 2022, the Central African Republic followed suit, establishing Bitcoin as a government-sanctioned legal tender alongside the Central African CFA franc.

Countries Where Bitcoin is Legal Tender:

CountryYear made legal tender
El Salvador9 June 2022
Central African Republic22 April 2022

Where have Bitcoin and cryptocurrency been banned?

National bans on crypto fall into two categories. The most straightforward type is an absolute ban, which prohibits all crypto transactions of any kind. Most absolute bans stem from either a strict interpretation of Muslim scripture or a concern about crypto's usefulness in money laundering or the funding of terrorists. The second type of ban is an implicit ban, which does not explicitly ban crypto, but restricts it in ways that render it difficult to actually use. For example, implicit bans often prohibit banks from processing crypto transactions and forbid businesses from accepting crypto as payment.

Countries Where Bitcoin is Banned Either Partially or Completely:

CountryBan typeCountryBan typeCountryBan type
AfghanistanAbsoluteGhanaAbsoluteNigerImplicit
AlgeriaAbsoluteGuyanaImplicitNigeriaImplicit
ArgentinaImplicitIndonesiaImplicitNorth MacedoniaAbsolute
BahrainImplicitIranImplicitOmanImplicit
BangladeshAbsoluteIraqAbsolutePakistanImplicit
BeninImplicitIvory CoastImplicitPalauImplicit
BoliviaAbsoluteJordanImplicitQatarAbsolute
Burkina FasoImplicitKazakhstanImplicitRepublic of the CongoImplicit
BurundiImplicitKosovoImplicitRussiaImplicit
CameroonImplicitKuwaitImplicitSaudi ArabiaImplicit
ChadImplicitLebanonImplicitSenegalImplicit
ChinaAbsoluteLesothoImplicitTaiwanImplicit
ColombiaImplicitLibyaImplicitThailandImplicit
Dominican RepublicAbsoluteMaldivesImplicitTogoImplicit
DR CongoImplicitMaliImplicitTunisiaAbsolute
EcuadorImplicitMoroccoAbsoluteTurkeyImplicit
EgyptAbsoluteNamibiaImplicitTurkmenistanImplicit
GabonImplicitNepalAbsoluteVietnamImplicit
Note: Most countries allow the use of crypto, but local tax laws (sometimes excluding value-added taxes) and/or anti-money-laundering and counter-financing of terrorism (AML/CFT) laws often still apply.

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Country
Status
Notes
AfghanistanAbsolute banBanned by the Taliban in August 2022
AlbaniaLegal to use/UndefinedGovernment has warned citizens of the risks of crypto
AlgeriaAbsolute banThe purchase, sale, use, and holding of so-called virtual currency are all prohibited
AngolaLegal to use/UndefinedAML/CFT laws apply. No other legislation exists yet.
AnguillaLegal to use/UndefinedAML/CFT laws apply. Initial coin offerings (ICOs) are regulated
Antigua and BarbudaLegal to use/UndefinedAccepted as payment for citizenship. AML/CFT laws apply
ArgentinaImplicit banLegal, but banks are forbidden to process crypto transactions. Tax laws and AML/CFT laws apply
AustraliaLegal to use/UndefinedTax laws and AML/CFT laws apply
AustriaLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
AzerbaijanLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
BahamasLegal to use/UndefinedAML/CFT laws apply
BahrainImplicit banBanks and other financial institutions are prohibited from dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies. AML/CFT laws apply
BangladeshAbsolute banAll crypto transactions are prohibited
BarbadosLegal to use/UndefinedBarbados launched its own cryptocurrency, DCash, in 2022
BelarusLegal to use/UndefinedTax laws and AML/CFT laws apply
BelgiumLegal to use/UndefinedTax laws and AML/CFT laws apply
BelizeLegal to use/UndefinedNo regulations yet as of 2022-11
BeninImplicit banCryptocurrencies are “not admitted” to bank
BermudaLegal to use/UndefinedAML/CFT laws apply
BhutanLegal to use/UndefinedAML/CFT laws apply
BoliviaAbsolute banBanned in 2014.
Bosnia and HerzegovinaLegal to use/UndefinedNo regulations yet as of 2022-11
BrazilLegal to use/UndefinedCrypto is taxed (Tax laws apply)
BulgariaLegal to use/UndefinedAML/CFT laws apply
Burkina FasoImplicit banCryptocurrencies are “not admitted” to bank
CambodiaLegal to use/UndefinedGovernment is reportedly developing its own cryptocurrency
CameroonImplicit banBecause crypto is unregulated by the regional economic authority (CEMAC), services involving crypto are illegal. Planned regulations may legalize crypto soon.
CanadaLegal to use/UndefinedRegulated, crypto cannot be purchased on some credit cards, banks' involvement is limited, tax laws apply. However, many crypto-friendly breaks exist. AML/CFT laws apply,
Cayman IslandsLegal to use/UndefinedCrypto-friendly laws exist. AML/CFT laws apply
Central African RepublicOfficial legal tender (Bitcoin)On 2022-04-22, Central African Republic became the second country in the world to make Bitcoin a government-sanctioned legal tender (alongside CFA franc). Tax laws & AML/CFT laws apply
ChadImplicit banBecause crypto is unregulated by the regional economic authority (CEMAC), services involving crypto are illegal. Planned regulations may legalize crypto soon.
ChileLegal to use/UndefinedTax laws apply
ChinaAbsolute banFinancial institutions may not process crypto-related transactions. Crypto trading and mining were banned 24 Sept. 2021
ColombiaImplicit banAlthough crypto itself is legal, banks are prohibited from processing crypto-related transactions
Costa RicaLegal to use/UndefinedOfficially declared a non-currency in Oct 2017 and therefore not accepted in the national payment system. Tax laws apply
CroatiaLegal to use/UndefinedTax laws and AML/CFT laws apply
CubaLegal to use/UndefinedAML/CFT laws apply
CyprusLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
Czech RepublicLegal to use/UndefinedTax laws and AML/CFT laws apply
DenmarkLegal to use/UndefinedTax laws and AML/CFT laws apply
Dominican RepublicAbsolute banAll money debts must be paid in "the agreed, legal, currency", a criterion that crypto does not meet
EcuadorImplicit banNeither the sale nor purchase of crypto is illegal, but crypto is not an authorized form of payment.
EgyptAbsolute banCrypto has been declared haram (prohibited) under Islamic law. All individuals, banks, and other financial institutions are forbidden to deal in crypto. AML/CFT laws apply
El SalvadorOfficial legal tender (Bitcoin)On 9 June 2021, El Salvador became the first country in the world to make Bitcoin a government-sanctioned legal tender (alongside the US dollar). Tax laws and AML/CFT laws apply
EstoniaLegal to use/UndefinedTax laws are relaxed. Estonia may soon introduce Estcoin, a national cryptocurrency. AML/CFT laws apply
FinlandLegal to use/UndefinedTax laws and AML/CFT laws apply
FranceLegal to use/UndefinedTax laws and AML/CFT laws apply
GabonImplicit banBecause crypto is unregulated by the regional economic authority (CEMAC), services involving crypto are illegal. Planned regulations may legalize crypto soon.
GeorgiaLegal to use/UndefinedLargely unregulated. Companies that sell crypto must pay 15% income tax on the profits.
GermanyLegal to use/UndefinedCrypto is defined as private money, enabling significant tax breaks. Banks are allowed to buy and sell crypto. AML/CFT laws apply,
GhanaAbsolute banIllegal, but this may change as the country determines where crypto fits in its financial system
GibraltarLegal to use/UndefinedTax laws and AML/CFT laws apply
GreeceLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
GuernseyLegal to use/UndefinedTax laws apply
Hong KongLegal to use/UndefinedTax laws and AML/CFT laws apply
HungaryLegal to use/UndefinedTax laws and AML/CFT laws apply
IcelandLegal to use/UndefinedTax laws and AML/CFT laws apply
IndiaLegal to use/UndefinedTax laws and AML/CFT laws apply
IndonesiaImplicit banWhile technically not outlawed, a Nov 2021 ruling determined that Muslim law forbids the possession or trading of any cryptocurrency that lacks a physical form (among other requirements)
IranImplicit banFinancial entities may not use or handle crypto
IraqAbsolute banBanned due to possibilities of money laundering. AML/CFT laws apply
IrelandLegal to use/UndefinedTax laws and AML/CFT laws apply
Isle of ManLegal to use/UndefinedAML/CFT laws apply
IsraelLegal to use/UndefinedTax laws and AML/CFT laws apply
ItalyLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
Ivory CoastImplicit banCryptocurrencies are “not admitted” to bank
JamaicaLegal to use/UndefinedBank of Jamaica has a generally favorable view of cryptocurrency
JapanLegal to use/UndefinedLegal but regulated. Tax laws and AML/CFT laws apply
JerseyLegal to use/UndefinedTax laws and AML/CFT laws apply
JordanImplicit banFinancial entities may not use or handle crypto, though individual businesses may.
KazakhstanImplicit banHeavy restrictions exist; may become an absolute ban in the near future
KenyaLegal to use/UndefinedTax laws apply
KuwaitImplicit banFinancial entities may not use or handle crypto
KyrgyzstanLegal to use/UndefinedTax laws apply
LatviaLegal to use/UndefinedTax laws and AML/CFT laws apply
LebanonImplicit banFinancial entities may not use or handle crypto. AML/CFT laws apply
LesothoImplicit banUnlicensed transactions are disallowed. AML/CFT laws apply
LibyaImplicit banFinancial entities may not use or handle crypto. AML/CFT laws apply
LiechtensteinLegal to use/UndefinedTax laws and AML/CFT laws apply
LithuaniaLegal to use/UndefinedTax laws and AML/CFT laws apply
LuxembourgLegal to use/UndefinedTax laws and AML/CFT laws apply
MacauLegal to use/UndefinedFinancial institutions are not allowed to process crypto transactions.
MalaysiaLegal to use/UndefinedTax laws and AML/CFT laws apply
MaltaLegal to use/UndefinedTax laws apply but many crypto-friendly breaks exist. AML/CFT laws apply,
Marshall IslandsLegal to use/UndefinedLegal currency is the sovereign (SOV), which is powered by blockchain
MauritiusLegal to use/UndefinedAML/CFT laws apply
MexicoLegal to use/UndefinedAML/CFT laws apply
MontenegroLegal to use/UndefinedAML/CFT laws apply
MoroccoAbsolute banAML/CFT laws apply
NamibiaImplicit banCrypto exchanges are banned and cryptocurrency cannot be accepted as payment for goods and services. AML/CFT laws apply
NepalAbsolute banCrypto transactions of any kind are illegal
NetherlandsLegal to use/UndefinedNo VAT. Tax laws apply but many crypto-friendly breaks exist. AML/CFT laws apply,
New ZealandLegal to use/UndefinedTax laws and AML/CFT laws apply
NigerImplicit banCryptocurrencies are “not admitted” to bank
NigeriaImplicit banBanks and other financial institutions may not use, hold, trade, or transact in virtual currencies.
North MacedoniaAbsolute banWhile some sources cite a lack of official laws regarding crypto use in North Macedonia as proof that crypto is legal, the Governor of the National Bank of Macedonia in 2014 declared that trading and use of Bitcoin was illegal.
NorwayLegal to use/UndefinedTax laws and AML/CFT laws apply
OmanImplicit banFinancial entities may not use or handle crypto. AML/CFT laws apply
PakistanImplicit banBanks and other financial institutions may not process, use, trade, hold, or invest in virtual currencies. However, the Khyber Pakhtunkhwa province moved to legalize crypto in Dec. 2020
PalauImplicit banCrypto is legal to possess, but crypto transactions are prohibited until regulations are in place
PhilippinesLegal to use/UndefinedAML/CFT laws apply
PolandLegal to use/UndefinedTax laws and AML/CFT laws apply
PortugalLegal to use/UndefinedConsidered a tax haven for cryptocurrencies. AML/CFT laws apply
QatarAbsolute banAML/CFT laws apply
Republic of the CongoImplicit banBecause crypto is unregulated by the regional economic authority (CEMAC), services involving crypto are illegal. Planned regulations may legalize crypto soon.
RomaniaLegal to use/UndefinedTax laws and AML/CFT laws apply
RussiaImplicit banCrypto disallowed as a payment method, but Russia announced in 2022 that it would begin to support crypto rather than prohibit it. Tax laws and AML/CFT laws apply
Saint Kitts and NevisLegal to use/UndefinedTax laws and AML/CFT laws apply
Saint LuciaLegal to use/UndefinedAML/CFT laws apply
SamoaLegal to use/UndefinedAML/CFT laws apply
Saudi ArabiaImplicit banLegalized for individuals, but financial entities may not use or handle crypto. AML/CFT laws apply
SenegalImplicit banCryptocurrencies are “not admitted” to bank
SerbiaLegal to use/UndefinedTax laws and AML/CFT laws apply
SingaporeLegal to use/UndefinedTax laws apply but many crypto-friendly breaks exist. AML/CFT laws apply,
SlovakiaLegal to use/UndefinedTax laws and AML/CFT laws apply
SloveniaLegal to use/UndefinedNo VAT, and Slovenia offers many tax breaks for crypto users. AML/CFT laws apply
South AfricaLegal to use/UndefinedTax laws apply
South KoreaLegal to use/UndefinedTax laws and AML/CFT laws apply
SpainLegal to use/UndefinedNo VAT, but other tax laws and AML/CFT laws apply
Sri LankaLegal to use/UndefinedAML/CFT laws apply
SwedenLegal to use/UndefinedTax laws and AML/CFT laws apply
SwitzerlandLegal to use/UndefinedMany crypto-friendly tax breaks exist. Switzerland welcomes crypto startups. AML/CFT laws apply
TaiwanImplicit banLegal for individuals, but financial entities may not use or handle crypto. AML/CFT laws apply
TanzaniaLegal to use/UndefinedCrypto is legal, but not encouraged
ThailandImplicit banA ruling on 1 April 2022 declared crypto legal to possess and trade, but forbade its use as payment for goods or services.
TogoImplicit banCryptocurrencies are “not admitted” to bank
TurkeyImplicit banPurchasing crypto is legal, but using it to pay for goods or services is not.
UkraineLegal to use/UndefinedLegal, though the amount of crypto one may purchase with local currency is limited. Tax laws and AML/CFT laws apply
United Arab EmiratesLegal to use/UndefinedEmbraced blockchain in 2022, though banking regulations are still catching up. Tax laws and AML/CFT laws apply
United KingdomLegal to use/UndefinedTax laws and AML/CFT laws apply. Crypto ATMs were declared illegal in March 2022 for failing to register properly
United StatesLegal to use/UndefinedTax laws and AML/CFT laws apply
UzbekistanLegal to use/UndefinedOfficially legalized 2 September 2018. Tax laws and AML/CFT laws apply
VanuatuUnclearNews outlets reported that the government accepted Bitcoin as payment for citizenship, the country's citizenship office claims to accept only USD
VenezuelaLegal to use/UndefinedState has its own cryptocurrency in 2017, crypto became illegal in 2018, then declared legal again in 2020. AML/CFT laws apply
VietnamImplicit banLegal for individuals to possess and trade, but cannot be used as payment and prohibited for financial institutions. AML/CFT laws apply
ZimbabweUnclearCrypto was banned, the ban was lifted in court, then the lifting of the ban was legally challenged. Resolution is not yet known as of 2022-11
showing: 136 rows

Which countries use cryptocurrency the most?

There are currently only two countries where cryptocurrency has officially been declared legal; El Salvador and the Central African Republic.

Frequently Asked Questions

Sources