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The legality of Bitcoin

The particular qualities of the digital monetary system have made it somewhat difficult to its legal regulationwith the intention of turning it into a reliable and secure transaction system. The elimination of material references for monetary transactions has been a characteristic of this digital proposal that is generating economic transformations around the world.

After its first appearance in 1998 by the Japanese engineer Wei Dai, it was not until 10 years later that a group of people under the pseudonym "Satoshi Nakamoto" took up the proposal and perfected it to design the first open source Bitcoin protocol, which also gives its name to the first known cryptocurrency.

The purpose of Bitcoin is to employ a value exchange system based on an electronic currency.It is basically a currency that is not perceptible to the human senses and is used to exchange goods and services exclusively through electronic channels. Basically, it is a currency that is not perceptible by human senses and is used to exchange goods and services exclusively through electronic channels. It also proposes an efficient, reliable and easy to exchange monetary system that does not generate inflation, since the network itself is responsible for issuing Bitcoins in a decentralized manner, according to the real demand.

What is the legality of Bitcoin in the world?

Bitcoin's legal status changes substantially from one country to another. Some countries have explicitly allowed their use or trade, as is the case of the United States, Japan and Luxembourg, pioneers in this art. However, even for these three countries the regulatory frameworks have had clear differences, since for example in Japan greater controls and requirements have been imposed when allowing its use, while in the United States the experience has been more flexible. In general, in the advent of digital currency, there is concern about the possible impact of its system on national currencies, its misuse and illicit use, and the implications of its use for taxation.

Other jurisdictions flow with the advent of cryptocurrency. and hope that the experience in other territories and in the local market will show them the steps to follow to regulate their use. Such is the case of the European Union, where the use of cryptocurrencies is legal and they are working on the definition of their regulations. These countries have decided to learn about this new system through experience before formulating laws and controls. Similarly, in Russia they are working for a regulatory framework based on the protection of citizens and the installation of a system that allows people and companies to work legally with cryptocurrencies.

Few countries have gone to the extreme of declaring bitcoin illegal.The currency is not received as legal tender in most countries, although it is not. Only Japan dared to grant it that status. Among the countries that declared the digital currency outlawed are: North Africa, including Egypt, Bolivia, Brazil, Ecuador, Saudi Arabia, Iran, Nepal, Pakistan, China, Taiwan, Indonesia, among others.

In Latin America, Venezuela is one of the countries with the highest number of has started to include the cryptocurrency as part of its financial system. In its approach, the Petro, the Venezuelan cryptocurrency, aspires to coexist with the Bolivar, with the intention of optimizing national finances. Brazil, Bolivia and Ecuador are the only countries in the region with a ban on the use of cryptocurrencies.

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