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Despite bitcoin's legal issues, there's an expanding list of countries where bitcoin is legal now, as more countries draft official regulations to adopt it. Although bitcoin and cryptocurrencies aren't considered as legal tender by the central bank of the united arab emirates, the people of the uae are completely free to buy, sell, and trade bitcoin and cryptocurrencies. If you are one of the few people in the uae who are allowed to own and trade crypto, then you are very well aware of that fact. In addition to the countries where btc is banned, there are also countries where bitcoin is somewhat restricted and cannot be traded or used for. Why is bitcoin illegal in some of the countries? It is not less than a wonder to legalise cryptocurrency in the usa. All banks and other financial institutions like payment processors are prohibited from transacting or columbia does not allow bitcoin use or investment. Buying bitcoin in the uae is legal. This is illegal in essentially every jurisdiction. While some uae businesses accept bitcoin as payment for goods and services, how the currency serves the interests of the individual investor is open for debate. The uae central bank defines 'virtual currency' as any type of digital unit used as a medium of exchange, a unit of account. Nevertheless, some countries have actually banned them or their use. Many countries around the world are beginning to understand the value that cryptocurrencies offer to their economies and have set laws to regulate it.
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Bitcoin and other cryptocurrencies are still illegal in many regions.
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