Bitcoin legal or illegal around the world?

BitLegal.net is where you can find out what is world's nations view towards the highly controversial crypto-currency - Bitcoins. Most countries still do not know what to do and how to act with this type of currency. The article will review the most influential countries and their plans on regulations. If you want to get the more detailed picture, you'll have to visit BitLegal for a large scale map of every country and it's point view. However, if you want to get the most important information, read on.

The main difference between Bitcoins and regular currency is that Bitcoins are, really a virtual and computerized money that are not really there, but be sure, the value is there. Goverments still do not know how to regulate this type of virtual money, it is completely anonymous and can't be traced back to it's previous owner. If Bitcoins become mainstream and is accepted by the goverment, it would be hard to control it because of no ties with the Central Bank. The inflation would run wild and the market, like now, would depend only on it's users. This, of course, is worrying news for lot's of nations, but, at the moment, only two chose to accept Bitcoins as illegal. Iceland banned Bitcoins in order to control how their citizens are sending money abroad and Vietnam had it's own reasons. Colombia is thought to be the next country which joins these two.

Russia still not sure what to do with Bitcoins

The biggest number of countries are those that are in so called grey area. Countries that are against Bitcoins, but have not made it illegal to trade them. One of the world's largest economies, China, banned from completing yuan-to-Bitcoins transactions. Other giant, Russia, has come out as still not sure how to act with it's top prosecutor saying it's illegal, but central bank later stating that the statement is not true and early to say. Other countries try and take a more negative approach towards Bitcoins saying that the currency can often be voilating, but are only in the process of preparing regulations. For example, Finland and Singapore has already taken actions and began taxing the crypto-currency in order to make it not so attractive to criminals.

United States Federal goverment has not taken any precautions or regulations, but the IRS has already released a series of tax implementations and rules. Tracking every nations regulations and news about the Bitcoin industry may be a challenge, but BitLegal has made quite a good job thus far. The owner and main developer of it's content is a Silicon Valley lawyer and a freelance journalist that has spent a tremendous amount of time studying news reports and web alerts as well as translating them.