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Presently, Over A Hundred Countries Have Legalized the Use of Bitcoin.

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Despite Bitcoin’s massive adoption since its creation in 2009, it appears that not every country has warmed up to its use. However, 111 (one hundred and eleven) countries have no problem with the trade of this virtual currency. These nations have either legalized Bitcoin’s use or have just decided to turn a blind eye to it.

According to Coin Dance, some countries that have legalized Bitcoin are Australia, the Russian Federation, Germany, Ukraine, Finland, South Africa, and New Zealand. The platform also revealed that Chile, Brazil, Japan, Philippines, Poland, Norway, and Sweden had legalized its use.

Top 20 Countries With the Highest Bitcoin to Fiat Trading Volume

Based on Longhash’s report, the most popular cryptocurrency is legal in 111 countries out of a total of 256 that were reviewed by Coin Dance. Among these nations are those ranking in the top 20 countries whose Bitcoin to fiat trading volume is the highest. However, Bitcoin’s legal status has not been defined in three of such countries. These are Nigeria, Vietnam, and Indonesia.

On that note, Coinhills’ platform ranks the Nigerian Naira as the 14th with the highest BTC – Fiat trading volume. The African nation accounts for 0.05 percent of the traded BTC to fiat within the past 24 hours. However, Nigeria has neither legalized the use of Bitcoin nor has it outrightly stated that its use is illegal.

Nigeria’s Presidential Candidate to Regulate Cryptocurrencies’ Use

BTCNN on November 25 reported that Atiku Abubakar, a 2019 presidential candidate stated that he would regulate the use of cryptocurrencies if elected president. On the other hand, a report from December 1 noted that Union Bank, a popular commercial bank in the country had released a circular that it will be closing down accounts which are associated with virtual currencies.

On the other hand, Vietnam, as at press time is ranking 18th on Coinhills. The Bitcoin exchange for the Vietn...

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