The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. According to the Bitcoin exchange germany Central Bank, traditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors.
Others in the EU have stated, however, that existing rules can be extended to include bitcoin and bitcoin companies. The European Central Bank classifies bitcoin as a convertible decentralized virtual currency. In July 2014 the European Banking Authority advised European banks not to deal in virtual currencies such as bitcoin until a regulatory regime was in place. You can help by adding to it. The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card.
Any breach of this provision is punishable in accordance with the laws and regulations in force. On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib’s Board of 2017 that bitcoin is not a currency but a “financial asset”, He also warned of its dangers and called for a framework to be put in place for consumer protection. It noted that “Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain.
Just the same way no one is going to control or regulate the Internet. Payments System Department at CBN, Mr. This ban is expected to be temporary as reported by CBC to evaluate the “evolving market” of bitcoin and other currencies. In September 2016, a federal judge ruled that “Bitcoins are funds within the plain meaning of that term”. Ecuador’s new project would be controlled by the government and tied directly to the local currency—the dollar.
Users will be able to pay for select services and send money between individuals. This was slated to begin in mid-February 2015. Gerhard Schubert, Chairman of the Board for Regal Assets DMCC. DMCC’s Crypto-commodities license is for Proprietary Trading in Crypto-commodities only. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants.