With the rising value and popularity of the bitcoin, everyone wants to try their luck in the bitcoin. Bitcoin mining is one of the cheapest ways to earn the bitcoin. So the question arises Is Bitcoin Mining Legal.
Well, the answer to the question is- in some part of the world it is legal and in some part, it is not. In this article, we are going to discuss the various parts of the world where bitcoin mining is legal as well as where it is not.
Bitcoin mining is the process which is very essential for the survival of the bitcoin. Without this bitcoin will not be able to last for one day. It is the process which helps in solving the block size and addressing to the proper authorities. For this, the miner gets the reward in the form of a bitcoin. At present, the reward is 12.5 bitcoin.
Is Bitcoin Mining Legal
There are various countries which have a positive opinion about the bitcoin but there are some of the countries which have the negative one also. This is the reason bitcoin mining is legal in some whereas illegal in some.
In some countries, bitcoin mining is legal and is promoted. There you can use the bitcoin for various purposes. If you are in these countries you can use the bitcoin for shopping, bookings, payment and so on. Here are some of the examples where the mining of bitcoin is legal:
- Most of the European counties and many more.
In these countries, you can enjoy all the benefits of bitcoin and bitcoin mining. If you are interested in taking the help from the banks for the set up then you also have that. This shows that these countries fully promote the use of bitcoin and bitcoin mining.
These are the countries where the bitcoin mining and other activities regarding it are legal. But here you cannot use them for purposes like shopping or payment. In these countries, you can do the activity related to bitcoin but they do not promote it. Here you cannot take help from the banks or other government financial institutions. Here are some of the example of countries where bitcoin mining is neutral:
- Most of the South American countries like Ecuador.
There are many countries which do not like the use of bitcoin which makes it even to mine the bitcoin. They tend to ban the mining of bitcoin for the various purposes for their own personal agendas.
Like in China banned the bitcoin thinking it will promote the USA currency which is not the case. Similarly, it is banned in Russia for a different reason. Different countries are also interested in banning the currencies because it can also be used for illicit activities like money laundering, payment for illicit activities.
So if you are looking for a bitcoin mining business then you should look for the rules regarding the mining in your country. You should look for the question – Is Bitcoin Mining Legal and you will be able to find the answer about the legality of bitcoin mining.