Bitcoins by Country Around the World

Bitcoin adoption varies greatly around the world, with some countries embracing it more than others.

In Japan, for example, bitcoin is widely accepted and has been recognized as a legitimate form of payment since 2017.

The country's clear regulations have contributed to its popularity, making it a leader in bitcoin adoption.

In the United States, however, the regulatory environment is more complex, with different states having different laws regarding bitcoin.

Some states, like California, have been more welcoming to bitcoin, while others, like New York, have been more restrictive.

South Korea, on the other hand, has seen a significant increase in bitcoin adoption in recent years.

The country's young population and high internet penetration have made it an attractive market for bitcoin businesses.

Sweden has also seen a growing interest in bitcoin, with many Swedes using it to pay for everyday items.

The country's proximity to Norway and Denmark, both of which have a high level of bitcoin adoption, may have contributed to this trend.

In East Asia, countries like Japan and South Korea have seen significant growth in Bitcoin adoption, with Japan's BitFlyer exchange being one of the largest in the world.

The United States is also a major player in Bitcoin adoption, with a large number of exchanges and wallets available to users.

South America has seen a surge in Bitcoin adoption, particularly in countries like Brazil and Argentina, where it's being used as a hedge against inflation.

In Europe, countries like the UK and Germany have a strong presence of Bitcoin users and businesses, with many accepting Bitcoin as payment.

Western Africa has been a hub of activity when it comes to Bitcoin adoption, with Nigeria being a notable example.

Nigeria's Central Bank banned bank transactions in Bitcoin and other virtual currencies in 2017, but later set up a committee to explore the possibility of adopting blockchain technology.

The ban was reaffirmed in 2021, with financial institutions in Nigeria being informed that dealing in cryptocurrency or facilitating payment for it remains prohibited.

This highlights the complex and often contradictory approach to cryptocurrency regulation in Western Africa.

Nigeria's Central Bank has been actively exploring the potential of blockchain technology, with a committee working on the issue.

The Central Bank of Nigeria's Director, Banking & Payments System Department, Mr. 'Dipo Fatokun, reported that several sub-committees are still working on the issue in 2017.

Here is a summary of the current state of Bitcoin adoption in Nigeria:

East Africa has a unique relationship with Bitcoin. Tanzania has a somewhat ambiguous stance on cryptocurrency, with the Bank of Tanzania advising against its use while not officially banning it.

The Tanzanian shilling is the only acceptable legal tender in the country, according to the Bank of Tanzania. In contrast, the Central African Republic has made significant progress in embracing cryptocurrency.

On 22 April 2022, the Central African Republic's parliament voted to make Bitcoin a legal tender, with the law being promulgated on 27 April.

In North America, the adoption of Bitcoin varies between countries. Canada has a mixed approach, with virtual currencies being legal but banks banning their customers from using credit and debit cards for cryptocurrency purchases.

The Autorité des marchés financiers (AMF) in Quebec regulates Bitcoin-related business models, including exchanges and ATMs. This means that some businesses in Canada must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and implement compliance programs.

In the United States, Bitcoin is classified as a legal commodity by the Commodity Futures Trading Commission (CFTC). This classification allows for the use of Bitcoin as a medium of exchange and a means of payment.

The US Treasury classified Bitcoin as a convertible decentralized virtual currency in 2013. This classification has led to the implementation of anti-money laundering (AML) requirements for businesses dealing in cryptocurrencies.

The US has seen a significant increase in Suspicious Activity Reports (SARs) involving cryptocurrencies, with over 1,500 SARs per month received by the Financial Crimes Enforcement Network (FinCEN) as of August 2018.

Here's a summary of the regulatory environments in Canada and the US:

A country with clear laws and regulations concerning cryptocurrency is a crypto-friendly haven for investors and market participants.

Clear crypto regulations provide investors and market participants with guidance on offering innovative products and services to a growing marketplace.

In theory, it is possible for the US government to ban Bitcoin, but politicians and regulators are generally cryptocurrency-friendly as long as consumer and investor protection laws are followed.

Some countries have outright banned digital currency, citing concerns about its volatility, decentralized nature, and potential use in illicit activities. China is one such country, where Bitcoin is generally banned.

In addition to China, several other countries have taken a similar stance. These include Pakistan, Saudi Arabia, Tunisia, and Bolivia, all of which have restricted or prohibited the use of Bitcoin.

The reasons for these bans vary, but they often involve concerns about the potential impact on traditional monetary systems and the risk of Bitcoin being used for illicit activities.

In many countries, having clear laws and regulations concerning the use of crypto is a key trait of a crypto-friendly country. This provides investors and market participants with guidance on offering innovative products and services to a growing marketplace.

Countries like France, Denmark, Germany, Japan, Switzerland, Spain, Bahamas, and Austria have developed forms of regulation, allowing Bitcoin to be used in transactions.

Clear crypto regulations also define how cryptocurrencies are taxed, which is essential for investors and market participants to understand their obligations.

Some countries have introduced regulations under their country's anti-money laundering and counter-financing of terrorism laws (AML/CFT) to reduce the use of cryptocurrencies for illicit purposes.

In the US, the government regulates crypto assets through various agencies, including the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS).

Here are some key countries with clear crypto regulations:

These countries provide a clear and stable regulatory environment for the use of cryptocurrencies, which is essential for the growth and development of the crypto market.

Some countries have introduced regulations under their country's anti-money laundering and counter-financing of terrorism laws (AML/CFT) to reduce the use of Bitcoin for illicit purposes.

Several countries allow Bitcoin to be used in transactions and have developed forms of regulation, including France, Denmark, Germany, Japan, Switzerland, Spain, the Bahamas, and Austria.

A crypto-friendly country is one that either fully supports cryptocurrency transactions and blockchain technology or takes a neutral stance. This means they have support and adoption starting at the government level.

Singapore is considered one of the friendliest countries for crypto investors and market participants. It doesn't have a capital gains tax and recognizes crypto as a legitimate form of currency.

Here are some countries where Bitcoin is legal:

East Asia is home to some of the most crypto-friendly countries in the world.

Japan has been a pioneer in the adoption of cryptocurrencies, with the country's first cryptocurrency exchange, Quoine, launching in 2014.

In 2017, Japan passed a law that recognized cryptocurrency as a legal method of payment, making it one of the first countries to do so.

South Korea has also been a hub for cryptocurrency activity, with the country's financial regulator, the Financial Services Commission, issuing guidelines for cryptocurrency exchanges in 2017.

These guidelines aimed to regulate the industry and protect investors, but they also helped to legitimize cryptocurrency in the eyes of the Korean government.

Taiwan has also taken steps to promote the use of cryptocurrency, with the country's financial regulator, the Financial Supervisory Commission, issuing a report in 2018 that highlighted the potential benefits of cryptocurrency for the country's economy.

Southern Europe is a great region to explore for crypto enthusiasts.

In Bosnia and Herzegovina, bitcoin is completely unregulated, giving users a lot of freedom.

Bulgaria is another country where there's no specific legislation on bitcoin, but individuals who make a profit trading are required to pay a 10% tax.

Cyprus is a country where the use of bitcoin is not regulated, making it a popular destination for crypto users.

Greece is also a country with no specific legislation on bitcoins, giving users the freedom to use them as they see fit.

Italy doesn't regulate bitcoin use by private individuals, allowing users to use them without any restrictions.

Malta has a unique approach to bitcoin, with the country's prime minister announcing a national strategy to promote bitcoin and blockchain technology in 2017.

North Macedonia has no specific legislation on bitcoins or cryptocurrency, but it did publish a press release in 2016 warning citizens about the potential scam of ONECOIN.

Portugal had no specific legal framework for Bitcoin as of 2014, and the Bank of Portugal even stated that Bitcoin was not a safe currency due to the lack of oversight.

Spain treats transactions in bitcoins the same as barter transactions, meaning they're subject to the same laws.

Here's a summary of the countries in Southern Europe and their stance on bitcoin:

In many countries, cryptocurrency is not only allowed but also encouraged. For example, in France, Denmark, Germany, Japan, Switzerland, Spain, the Bahamas, and Austria, Bitcoin is legal and regulated under anti-money laundering and counter-financing of terrorism laws.

Some countries have taken a more neutral stance, with no specific legislation on Bitcoin. Bulgaria, for instance, has no laws about Bitcoin, but people who make a profit trading it must pay 10% tax. Similarly, in Cyprus, the use of Bitcoin is not regulated, and in Greece, there is no specific legislation on Bitcoins.

A few countries have even taken steps to promote Bitcoin and blockchain technology. Malta, for example, has a national strategy to promote Bitcoin and blockchain, and its prime minister has praised the technology's ability to handle sensitive data in an immutable and decentralized ecosystem.

Here are the top 14 crypto-friendly countries:

These countries have created a welcoming environment for cryptocurrency and blockchain technology, and are often at the forefront of innovation in this space.

Southern Europe is a region where Bitcoin's legality is mostly unregulated. In Bosnia and Herzegovina, there is no regulation on the use of bitcoins, making it a relatively free market for cryptocurrency enthusiasts.

Some countries in the region, like Malta, have taken a proactive approach to embracing Bitcoin and blockchain technology. In 2017, the country's prime minister announced a national strategy to promote Bitcoin and blockchain, recognizing their potential to handle sensitive data in a secure and decentralized way.

Here's a breakdown of the region's stance on Bitcoin legality:

El Salvador is a notable exception in the Americas, having recently become the first country to classify Bitcoin as legal tender. This move aims to reduce its dependence on the US dollar and provide accessible financial services to its citizens.

South America is a vast and diverse continent, and when it comes to cryptocurrency laws, each country has its own unique regulations. Argentina has a banking ban on cryptocurrency transactions, but bitcoins can still be considered a good or thing under the country's Civil Code.

In Bolivia, the Central Bank issued a resolution banning bitcoin and other unregulated currencies in 2014, but this ban was later repealed in 2020. Brazil, on the other hand, has a licensing regime for virtual asset service providers, aiming to legalize crypto as a payment method.

Chile has no regulation on the use of bitcoins, giving users a lot of freedom. Colombia, however, has a banking ban on bitcoin transactions, and the Superintendencia Financiera warned financial institutions not to protect or manage virtual money operations.

Ecuador has a unique setup, where usage of cryptocurrencies as a payment tool is banned, but trading and holding them is legal. The country's financial system strictly blocks any cryptocurrency-related transactions. Venezuela, meanwhile, allows users to hold cryptocurrencies, but mining them is illegal due to concerns over corruption and embezzlement.

Here's a brief summary of the current cryptocurrency laws in South America:

Southeast Asia is home to some of the world's most beautiful beaches, with Thailand's Phuket Island boasting over 30 km of coastline.

The region is also known for its vibrant cities, with Singapore's Gardens by the Bay attracting millions of visitors each year.

Thailand has a diverse culture, with over 300 ethnic groups represented, including the hill tribes of northern Thailand.

The cuisine in Southeast Asia is a fusion of flavors, with popular dishes like Thai green curry and Indonesian nasi goreng.

Singapore has a reputation for being a foodie's paradise, with over 100 hawker centers serving up delicious street food.

The region's rich history is evident in the ancient temples of Cambodia's Angkor Wat, a UNESCO World Heritage Site.

Southeast Asia is also a hub for eco-tourism, with many national parks and wildlife sanctuaries protecting endangered species like the Sumatran tiger.

Indonesia is the world's largest archipelago, comprising over 17,000 islands, including the popular tourist destination of Bali.

Thailand's bustling capital city, Bangkok, is home to over 8 million people and is known for its ornate temples and bustling markets.

South Asia is home to a diverse range of cultures and landscapes. The region includes countries such as India, Pakistan, and Bangladesh, each with its own unique history and customs.

India is the world's largest democracy, with over 900 million eligible voters. The country has a vibrant economy and a growing middle class.

Pakistan has a rich cultural heritage, with a blend of Islamic, Persian, and indigenous influences. The country is home to the ancient city of Mohenjo-Daro, a UNESCO World Heritage Site.

Bangladesh is one of the most densely populated countries in the world, with over 160 million people living in a space of just 147,570 square kilometers. The country is known for its beautiful beaches and mangrove forests.

The Himalayan mountain range runs through the northern part of South Asia, providing a dramatic backdrop to the region's diverse landscapes.

In Australasia, the legality of cryptocurrencies varies from country to country. Australia, for example, has a relatively relaxed stance on the matter.

In Australia, you're free to transact in other currencies if you want to, as there's no law against it. This was confirmed by the governor of the Reserve Bank of Australia in 2013.

Australian digital currency exchanges must register with the Australian Transaction Reports and Analysis Centre and implement "know your customer" policies to comply with anti-money laundering legislation, starting from April 2018.

New Zealand, on the other hand, has a similar approach to Australia. The Reserve Bank of New Zealand states that non-banks don't need approval for schemes involving the storage and/or transfer of value, as long as they don't involve physical circulating currency.

Here's a brief summary of the situation in Australia and New Zealand:

El Salvador is a crypto-friendly country that has made significant strides in embracing Bitcoin. It recently became the first country to classify Bitcoin as legal tender.

The El Salvadoran government has invested millions of dollars in implementing a nationwide Bitcoin wallet for its citizens. This wallet, called Chivo Wallet, was integrated with AlphaPoint's technology to provide a smooth user interface.

The goal of El Salvador's plan is to reduce its dependence on the U.S. dollar and stimulate its economy. By doing so, the government aims to provide accessible financial services to over 70% of Salvadorans without a bank account.

AlphaPoint's front- and back-end software was designed to offer a seamless user experience for the Chivo Wallet.

The United States has a complex regulatory environment for cryptocurrencies, but it's essential to understand the basics to navigate the system.

The U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has issued guidance on Bitcoin since 2013, defining it as a convertible currency with an equivalent value in real currency.

Any entity that administers or exchanges Bitcoin, such as cryptocurrency exchanges and payment processors, falls under the definition of a money services business (MSB) and must register with the U.S. Treasury and file reports on transactions over $10,000.

The Internal Revenue Service has categorized Bitcoin as property for taxation purposes, which means it's subject to capital gains tax.

As of 2018, the Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco stated that money services businesses, including cryptocurrency exchanges, money transmitters, and anonymizing services, must report suspicious or terrorist-related transactions.

In September 2016, a federal court case ruled that "Bitcoins are funds within the plain meaning of that term", solidifying their status as a medium of exchange and a means of payment.

The U.S. Treasury and FinCEN have created strategies to develop regulations and establish national priorities for cryptocurrency tracking and reporting.

In March 2022, the White House issued an executive order mandating research into the feasibility of a central bank digital currency and coordinating interagency definitions of crypto and digital assets.

In June 2024, the U.S. Treasury and the Internal Revenue Service finalized a regulation that standardized how digital asset transactions are reported from custodial platforms such as brokers and exchanges to address digital asset tax reporting issues.

Here's a summary of the key regulations in the United States:

Australia has a relatively relaxed approach to cryptocurrencies, with the Reserve Bank of Australia stating that there's no law against using competing currencies. You can use Bitcoin in Australia without any issues.

In Australia, digital currency exchanges must register with the Australian Transaction Reports and Analysis Centre and implement "know your customer" policies to comply with anti-money laundering legislation.

The Australian Taxation Office considers Bitcoin a financial asset with value that can be taxed when specific events occur, such as trading, exchanging, selling, gifting, or converting it to fiat currency.

Bitcoin mining is permitted in the US, making it one of the world's most active mining hubs.

Here's a list of countries where cryptocurrencies are considered legal:

In El Salvador, Bitcoin is considered legal tender, and the government has invested millions in implementing a nationwide Bitcoin wallet for its citizens.

In the United States, the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has issued guidance on Bitcoin since 2013, defining it as a convertible currency.

The U.S. Treasury and FinCEN have created strategies to develop regulations, including establishing national priorities for cryptocurrency tracking and reporting. The White House issued an executive order in March 2022, mandating research into the feasibility of a central bank digital currency.

In the UK, cryptocurrency ownership among women in 2020 was significantly higher than among men, with 14% of women owning cryptocurrency compared to 6% of men. The ranking of cryptocurrency wallet apps in the UK in 2021 was led by Coinbase.

In Australia, cryptocurrency ownership among men in 2019-2020 was significantly higher than among women, with 12% of men owning cryptocurrency compared to 5% of women. The ranking of cryptocurrency wallet apps in Australia in 2021 was led by Coinbase.

The likelihood to buy cryptocurrency in Colombia among Millennials in 2019 was surprisingly high, with 21% of respondents indicating they would buy cryptocurrency in the future. The ranking of cryptocurrency wallet apps in Colombia in 2021 was led by Coinbase.

Here is a breakdown of the countries mentioned in the article with their corresponding cryptocurrency adoption statistics:

In Canada, the use of cryptocurrency wallets in 2019 was relatively low, with only 2% of respondents indicating they used a cryptocurrency wallet. The ranking of cryptocurrency wallet apps in Canada in 2021 was led by Coinbase.

In Germany, cryptocurrency ownership among men in 2020-2023 was significantly higher than among women, with 10% of men owning cryptocurrency compared to 4% of women. The ranking of cryptocurrency wallet apps in Germany in 2021 was led by Coinbase.

In India, the intention of bitcoin use as a means of payment in the future in 2020 was surprisingly high, with 14% of respondents indicating they would use bitcoin for payments. The ranking of cryptocurrency wallet apps in India in 2021 was led by Coinbase.

In Nigeria, the age distribution of the population in 2024 is expected to be significantly younger, with 60% of the population under the age of 30. The ranking of cryptocurrency wallet apps in Nigeria in 2021 was led by Coinbase.

In Russia, cryptocurrency ownership among men in 2020 was significantly higher than among women, with 12% of men owning cryptocurrency compared to 6% of women. The ranking of cryptocurrency wallet apps in Russia in 2021 was led by Coinbase.

In Turkey, cryptocurrency user distribution in 2020 was relatively low, with only 2% of respondents indicating they used cryptocurrency. The ranking of cryptocurrency wallet apps in Turkey in 2021 was led by Coinbase.

In the United States, the Bitcoin (BTC) trading volume per week has been steadily increasing since 2013, with a notable spike in 2020.

The likelihood to buy cryptocurrency in the U.S. varies by age, with the highest percentage among those aged 25-34 in 2020.

In the U.S., the ranking of cryptocurrency wallet apps has changed over the years, with some apps consistently ranking high while others have fallen behind.

User experience with cryptocurrency in the U.S. has shown improvement since 2019, with a significant increase in positive feedback in 2021.

The U.S. has seen a significant increase in monthly downloads of the biggest crypto wallets worldwide from 2015 to 2024.

Here's a breakdown of the ranking of cryptocurrency wallet apps in the U.S. from 2017 to 2021:

The U.S. has also seen a significant increase in the estimate of monthly number of crypto users worldwide from 2016 to 2024, with a forecasted increase in 2025.