The legality of Bitcoin mining depends entirely on its geographic location. Because bitcoin is not a fiat currency, government control over financial markets is under threat. So bitcoin mining can be a crime in some countries, you can find those countries where mining is prohibited by researching countries where cryptocurrencies are prohibited. Some examples of places where it is illegal are Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal and Pakistan. .
In the United States bitcoin mining is legal, that means you can mine your precious bitcoins without worry.
In many states in the United States, it is perfectly legal to buy Bitcoins. In 2013, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FINCEN) guidelines stated that it is legal to invest in Bitcoin and use it as a form of payment, as long as the seller of the goods or services is willing to accept it.
Many U.S. states do not have explicit laws that prohibit the purchase or sale of Bitcoin. An example is California, where Bitcoin’s status has not yet been defined so it is not regulated.
Texas was the first state to publish a memo stating that no money transfer license was required to sell Bitcoin or other digital currencies. (The state also almost passed a bill that would prohibit the use of cryptocurrencies between unidentified parties.)
In Colorado, legislation passed in 2019 exempts crypto broker-brokers from state licensing requirements under certain circumstances.
But some states, including New York, New Hampshire, New Mexico, Florida and Connecticut are more hostile to Bitcoin, requiring money transmission licenses for cryptocurrency operators.
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- Some experts say Bitcoin and cryptocurrencies are just a scam; others say they are “the most important invention since the Internet”. It is difficult to say who is right. We recommend reading Blockchain Bubble or Revolution to get even more on the subject. Click on the button below to view the book.