Cryptocurrency such as Bitcoin took off in popularity around 2008 and has grown to include several variations such as Ethereum, Litecoin, and Dogecoin, to name a few. While more and more businesses accept digital currency for goods and services, US laws are struggling to keep up. With so many investment opportunities with digital markets, is cryptocurrency legal? Let’s take a look.
Is Cryptocurrency Legal?
US laws have continually been behind concerning internet legislation and new technology. Bitcoin has been around for more than a decade, but lawmakers still haven’t labeled it legal tender. However, agencies like the Financial Crime Enforcement Network and the IRS recognize cryptocurrency as a substitute for currency online. These government entities have stated that cryptocurrency is a digital representation of a value and therefore is legal. It’s difficult to say when further regulation or other laws will draft. However, the future of cryptocurrency is looking brighter than ever.
Regarding Cryptocurrency exchanges, which are the channels you can utilize to make digital currency investments, the US government recognizes them as legal. Exchanges such as Coinbase and Binance allow you to buy, sell and trade Cryptocurrency safely and securely. You’ll have access to a digital wallet linked to your identity and can freely navigate the market from there.
The one caveat to the exchanges is that depending upon which state you reside could result in additional regulations. These regulations can come in the form of applications, fees, and licenses. Before you purchase Bitcoin or ALTCOIN, consider checking with your home state regulations around cryptocurrency.
Join the Digital Currency Market
While the federal government is behind the curve concerning cryptocurrency legislation, agencies like the IRS recognize digital coins as a substitute or filler for physical money. States have enacted their own regulations that you will need to become familiar with, like additional fees or licensing.
So, is cryptocurrency legal? Cryptocurrency is absolutely legal in the United States, and millions have taken advantage of the many perks found in the digital currency market. Before you experience FOMO or fear of missing out, stop by one of our Black Swan Bitcoin ATMs for an easy dollars-to-cryptocurrency exchange. There’s never been a better time to jump into digital investment, start your journey today!