Bitcoin is the latest development to have hit the online casino industry. This cryptocurrency has taken a while to become popular among online casino operators because of its structure and difference from other regular currencies. The fact that Bitcoins are not regulated by any government outfit and offer a degree of anonymity to the player has been a major red flag for many.
There are other issues that have been raised in the media as well with regard to the use of Bitcoins. One of the most vital has been the propensity of criminal elements to use Bitcoins to conduct their transactions safely and anonymously. The obvious question that arises because of these issues is simple: Is Bitcoin legal? That is what we will discuss on this page.
Is Bitcoin Legal?
‘Is Bitcoin legal’ is a question that has been doing the rounds for quite a while now. There are a number of entities in the governmental and legal structures asking this vital question:
While it is still a controversial topic, the point of legality mainly depends on one critical fact: what you are using it for. On the whole, it is a legal entity, as long as you are using it for the right reasons.
Legal Issues around Bitcoin
There are a few things about Bitcoin that makes governments and regulatory authorities uneasy.
The fears have been legitimate enough to warrant an investigation by the Federal Bureau of Investigation (FBI) in the USA, at the end of which it released an official document.
The skepticism around Bitcoin reached fever pitch with the Silk Road incident. Silk Road was shut down in October 2013 after investigations revealed it to be a black market for people transacting in Bitcoins.
Who Regulates Bitcoin?
Bitcoin was initially a completely non-regulated entity. While that basic fact remains unchanged, governments of different countries have taken stringent steps to rein in Bitcoin. In most countries, it is the national financial regulatory authorities that are monitoring the use of Bitcoins.
In the US the following organizations have been monitoring the use and trade of and in Bitcoins:
One must understand that all these are still grey areas.