The fate of bitcoin in india will be decided on 20th april. Indian Goverment always woke up late, and they proved this time too with the case of bitcoin approval. Bitcoin has been considered for legal approval in many conutries and each country has given it a different status according to their finding and laws. Japan is the only country where bitcoin is considered as a money, Japan is leader in technology advancement and with this step proves it again. Lets explore how other countries are considering bitcoin in their legal system.
- Australia: No Law against bitcoin and other cryptocurrency
- Bangladesh: Its illegal, Jail under AML
- Canada: Its regulated under AML
- China: Private parties can hold bitcoin but regulation prohibits financial firms like banks from doing the same
- France: Issued regulation against exchanges, crypto currency professionals and operations.
- Russia: Planning to give it legal status by 2018
- South Africa: No Legal status
- Switzerland: Legal under AML Laws, Require license for Bitcoin business.
- Thailand: Declared illegal in 2013, But no have given clear chit and says Its legal but warns for usage.
- Pakistan: They are watching india to get decision on Bitcoin 😛
- UK: No regulation yet proposed
- USA: Its regularized and classified as decentralized virtual currency.
You can check legality status index of other countries here: http://www.coindesk.com/bitcoin-legal-map/