The legal position of bitcoin varies considerably from country to country and continues to be undefined or changing in most of them. Whilst nearly all countries do not make the consumption of bitcoin itself illegitimate (with the exclusions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its position as money (or a product) varies, with differing regulatory implications. Although some countries have explicitly allowed its use and trade, others have prohibited or limited it. Moreover, various government businesses, departments, and courts have grouped bitcoins in different ways. While this short article supplies the legal position of bitcoin, restrictions and bans that connect with this cryptocurrency likely extend to similar systems as well.
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