Due to how new cryptocurrencies were, many people didn’t know what it was about! However, with how bitcoin came about, one of the many concerns people seemed to have was regarding the legal situation of the same.
But why is that?
The decentralized nature and the ability to be used anonymously, authorities all over the world were worried about the appeal to use them for illegal activities, especially money laundering or tax evasion schemes.
And because of this, various countries have outlawed cryptocurrencies, especially Bitcoin. Japan was the first country considered Bitcoin to be a legal tender. However, most countries have their own set of laws in regards to the usage of cryptocurrencies, even though they aren’t illegal as yet!