Is Cryptocurrency Legal?
Is it Legal?
One of the main issues people have about cryptocurrency is the fear that they are doing something wrong or illegal. Cryptocurrency’s sudden rise to fame in 2017 was a time for awesome wins and loses.
But due to it also being a largely new and unregulated industry, there were several governments who put in their own rules about how cryptocurrencies should be held accountable and taxed.
Some countries closed their doors to cryptocurrency trading all together.
Does that mean cryptocurrency itself is illegal? Not exactly. It’s simply just a new concept. Because it’s so new, hurdles like how to tax cryptocurrency, how to prevent scams and several other things that concern some government institutions must be dealt with. In time, many investors believe that most fears of the cryptocurrency industry and the government will dissolve.
But in the meantime, look into your country’s rules. If there are certain regulations that your government requires for investing and tax purposes, it’s best to know and follow these. However, if cryptocurrency is banned in your area then hopefully that will change soon!