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The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. [1] Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications.
In March 2022, Ukraine has passed a law that creates a legal framework for the cryptocurrency industry in the country, [40] including judicial protection of the right to own virtual assets. [41] In the same month, a cryptocurrency exchange was integrated into the Ukrainian e-governance service Diia. [42]
According to Chainalysis, Europe's growth was largely driven by so-called "whales [23]", large institutional investors shifting enormous sums of cryptocurrency. [24] [a] According to Chainalysis, Europe has the world's largest crypto economy, collecting $1 trillion in the previous year, or 25% of all crypto activity worldwide.
In 2021, El Salvador became the first country to make the cryptocurrency legal tender alongside the U.S. dollar, which it adopted two decades earlier. The move attracted global attention and ...
But it's also investing more in the cryptocurrency. Four years after becoming the first country to adopt bitcoin as legal tender, El Salvador is taking a step back.
In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the Russian ruble while nonresidents are allowed to use foreign currency. [179] Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems. [180]
According to Ernst & Young, the adoption of bitcoin as legal tender by El Salvador could have consequences for US taxpayers holding the cryptocurrency, because "If more countries adopt bitcoin as legal tender, the US federal income tax treatment of bitcoin could change. Instead of being treated as an investment that is a capital asset, bitcoin ...
On June 9, 2021, the Legislative Assembly of El Salvador voted to adopt the Bitcoin Law, that would make the cryptocurrency legal tender in the country, with a majority vote of 62 of the 84 deputies in favor. [20] The government announced that it had set aside $150 million in cash to back the country's bitcoin. [21]