1 / 10El Salvador: This Central American country became the first in the world to make Bitcoin a legal tender alongside the US Dollar. All technologically-developed businesses in the country now accept payments in Bitcoin.
2 / 10Cuba: Cuba's government, in August, announced recognising and regulating cryptocurrencies for payments on the island. The country's central bank will set rules for cryptos and determine how to license providers of related services within the country.
3 / 10Ukraine: The east European country has recently passed a bill legalising Bitcoin in an almost unanimous decision. The bill clarifies the asset and measures to protect users from various frauds. However, it is yet to be approved by President Volodymyr Zelensky. While the people of the country won't be able to use Bitcoin as a currency, they can own, exchange, and trade the tokens.
4 / 10Germany: Berlin, Germany's capital is also identified as the crypto capital of Europe. A handful of stores in the country have been accepting payments in Bitcoin for much of this decade. And earlier in July, the country passed a law that allowed special funds to allocate 20 percent of their capital in crypto assets. The coin is taxed depending on whether it is an exchange, miners, users, or enterprise.
5 / 10United States: The US has a mixed stance on these digital coins. Businesses like Microsoft, Subway, and Dish Network already accept payments in Bitcoin. It is also traded in the US derivates markets. However, Bitcoin is defined as a money services business and not as a currency in the US. This means exchanges and payment processors have to adhere to certain compliances to keep using it. Plus, Bitcoin is categorised as property for taxation purposes by the Internal Revenue Service (IRS) -- agency responsible for the collection of taxes.
6 / 10Canada: Canada has a bitcoin-friendly stance but it is viewed as a commodity in the country rather than as a currency. Meaning, crypto transactions are viewed as barter transactions and any income generated is treated as business income. However, some major banks in the country have banned the use of their credit and debit cards for Bitcoin transactions.
7 / 10Australia: The country considers Bitcoin an asset for capital gains tax purposes, instead of a currency.
8 / 10Finland: This European country has declared Bitcoin a financial service and exempted it from value added tax. Finland treats crypto as a commodity and not currency.
9 / 10United Kingdom: The UK has a pro-crypto stance and is creating an environment supportive of Bitcoin.
10 / 10India: Bitcoin in India is neither legal nor illegal. It is propped up by market forces with minimal regulations. However, the government is likely to release a crypto bill next year to designate a way forward.
