In view of bitcoin's leading position in the market and its integration into the global entrepreneurial ecosystem, few countries declare bitcoin illegal because it will affect all cryptocurrencies, especially bitcoin. However, this does not mean that bitcoin is "legal tender". So far, bitcoin has only been granted the title in Japan.

The U.S. government publicly recognizes the legitimacy of bitcoin

Bitcoin is not real money, it does not represent a certain value like paper money and coins. At first, the U.S. government worried about the possible impact of bitcoin on the financial market, because it could manage and control bitcoin only by enacting corresponding laws.

But recently, at the hearing on bitcoin held by the U.S. Senate Homeland Security and government affairs committee, several U.S. government officials present sent a message to the outside world that bitcoin is not an illegal currency and can bring benefits to the financial system, although there are also cases of misuse. This is the first time that the U.S. government has publicly recognized the legitimacy of bitcoin, which also means that this virtual currency has taken a big step towards the mainstream.

China is unlikely to recognize the legitimacy of bitcoin in the near future

On November 20, Yi Gang, vice governor of the people's Bank of China, first talked about bitcoin at a forum. Yi Gang said that from the perspective of the people's Bank of China, it is impossible to recognize the legitimacy of bitcoin in the near future. But at the same time, he believes that bitcoin trading, as a kind of trading behavior on the Internet, ordinary people have the freedom to participate. In addition, Yi Gang also pointed out that bitcoin is "very characteristic" and "enlightening", and individuals will keep a long-term concern.

Germany recognizes bitcoin as a financial instrument

On August 19, bitcoin's legal "currency" status was officially recognized by the German government, and bitcoin will be used for tax payment and other legal purposes. This also makes Germany the first country in the world to recognize bitcoin. Bitcoin is not classified as electronic currency or foreign exchange, but it is a financial instrument under German banking regulations, the German finance ministry said in a statement. It is closer to "private money" and can be used for multilateral settlement. This means that bitcoin has been regarded as legal currency in Germany and can be used to pay taxes and engage in trade activities.