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The Legal Side of Bitcoin

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The Legal Side of Bitcoin

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Public interest in Bitcoin grows as the value of the cryptocurrency has increased of late. Some view cryptocurrency as the wave of the future; others consider trading in it a gamble. How do countries and other levels of government treat cryptocurrency?

In the United States, the Securities and Exchange Commission has filed charges against allegedly fraudulent offers for Bitcoin and questioned other public offerings of the cryptocurrency. States, including New York, New Hampshire and Washington, have passed laws regulating cryptocurrencies. Recently, several Florida agencies split nearly $1.7 million in Bitcoin funds that were seized from two men who stole them from the wallet of a now-defunct online marketplace used primarily to sell illegal drugs.

Other countries are also grappling with how to regulate Bitcoin. Argentina and India have issued official warnings. Russia and Malaysia are working on regulations. A few, like Namibia, have declared that purchases made with Bitcoin are illegal.

The legal future of Bitcoin remains speculative. Review articles with more information on the various government actions and the Florida forfeiture. Contact us at Ossian Law P. C.  regarding any information technology law matter.

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