Countries where bitcoin is banned
at the end of June 2013, after the German parliament decided that bitcoin would be tax-free if it was held for more than one year, bitcoin was recognized as a "unit of account" by the German Ministry of finance, which means that bitcoin has been regarded as a legal currency in Germany and can be used to pay taxes and engage in trade activities< In August 2013, judge Amos mazant of Texas District Court ruled in a case of bitcoin virtual hedge fund that bitcoin is a kind of currency and should be included in the scope of financial regulation
legal status
bitcoin can still be considered as legal at present. In the world, bitcoin can be regarded as a virtual commodity and protected by law; If bitcoin cannot be officially recognized as a kind of currency by law, it may bring inconvenience to the businesses and indivials who accept bitcoin in tax declaration, because the businesses who accept bitcoin will be regarded as barter transactions, and such transactions are more troublesome than ordinary transactions in tax declaration
at the same time, bitcoin, as a commodity highly similar to currency, needs to meet the demand of anti money laundering. Bitcoin needs to be included in the personal property declaration, banking anti money laundering system, anti insider trading, anti market manipulation and other systems in terms of transaction and possession. Bitcoin exchanges and storage institutions may also need government supervision and licensing. Some fast-growing bitcoin exchanges and payment service providers are actively exploring cooperation with regulatory agencies to bring bitcoin payment into the regulatory framework of anti money laundering and anti-terrorism financing by applying for licenses and actively communicating with regulatory authorities
in Europe, the European Central Bank published a report on "virtual currency architecture", and the French bitcoin trading platform obtained the PSP qualification. On December 6, 2012, the central bank wrote in the report: "this report is the first attempt to provide a basis for discussing the virtual currency system. While these systems may play an active role in financial innovation and in providing consumers with alternative means of payment, they also clearly create risks. " "Because of the small size of virtual currency systems, these risks do not affect anyone other than the users of these systems," the report added The report reviews the history of bitcoin and reviews its basic features, including currency and technical operation.
Bitcoin is a kind of P2P digital currency
reasons for blocking:
1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless
extended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner
This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 millionbitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees
bitcoin lacks stability, so it doesn't have "inherent value", it's just a virtual proct. If we recognize its legitimacy, it will have a significant adverse impact on the banks of all countries, and even can replace the currencies of all countries. Finally, a few people will manipulate the world's monetary system, which is a very dangerous existence. It's not money. Whether it's legal or not depends entirely on whether a country recognizes it as legal or not< At present, the United States, China and South Korea all think it is not a currency. Among the big countries, bitcoin is only recognized as the "unit of account" by the German Ministry of finance, but it is only a unit of account, which does not mean that it is mainly a currency.
There is no law in China to ban bitcoin, so it is not illegal to mine and earn bitcoin
it is not illegal to buy bitcoin in China. In 2013, five ministries and commissions jointly issued the bitcoin risk notice, which states that although bitcoin does not belong to legal tender and is not legally compulsory, people can freely participate in bitcoin trading activities when they voluntarily undertake risks
"notice" clearly defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and mandatory, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
however, as a kind of commodity trading on the Internet, ordinary people have the freedom to participate in bitcoin trading at their own risk
the notice requires that at this stage, financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin in the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc
in order to avoid over hype of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment
source of reference: People's website bitcoin network virtual currency
As long as the influence of bitcoin scam is not particularly bad, the government generally adopts the policy that the people do not sue, the officials do not blame, and turn a blind eye to it. Because even if the government enters, it is difficult to find the culprit. The information of some operation teams is not public, and it is difficult to find it on the Internet. Some of them are still abroad, so it is difficult to solve the case. Some of the culprits turn around and become victims. There are also those who participated in the bitcoin pyramid scheme. A large number of victims are also the biggest accomplices< br />
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
In August 2013, Germany announced the recognition of bitcoin's legal status. Then, in May 2016, Japan approved the digital currency regulation act for the first time, defining bitcoin as wealth. In addition, the United States and Canada recognized bitcoin separately
but we will find that bitcoin is still prohibited in our country. The main reasons are as follows
1, the particularity of bitcoin
therefore, for those countries with strong finance and easy to attract wealth, bitcoin is a sharp weapon, which is naturally included in the legal status
for us, bitcoin is an invisible damage to our country. It is not regulated, transfers assets and wealth, and hinders all kinds of criminal actions. And it also brings bad atmosphere, which makes people have speculative psychology
therefore, bitcoin in our country naturally needs to be banned< br />