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Home » Bitcoin » MMO » News » USA. BTC » Is Bitcoin Legal in the USA? (2020 Update)
The fragmented legal system in the United States means there’s no easy answer. Much depends on who and where you are.
Bitcoin's legal status is currently in a state of flux in the US, and elsewhere.
Again, states have differing laws for Bitcoin ATMs. New York, for instance, requires licensing for virtual currency financial intermediaries through its BitLicense. Others have ruled that the act of transmitting money doesn't affect cryptocurrencies, and some have a more nuanced strategy. In Texas, for example, a license is only required if an ATM is connected to a cryptocurrency exchange, where the Bitcoin is purchased.
he majority of countries are still debating the status of Bitcoin. The UK, for instance, appears to be in no hurry to regulate, and Russia is yet to publish its draft law on cryptocurrencies.
October 2020 saw the release of the US Attorney General's "Cryptocurrency Enforcement Framework", which noted that cryptocurrencies such as Bitcoin are “vitally important” to the US and its allies, as long as it “does not imperil” public safety. It also stated that private industry, regulators and elected officials will "need to take steps to ensure cryptocurrency is not used as a platform for illegality." Exactly what those steps are, are unclear; nevertheless, the fact that the report highlights the "transformative potential" of cryptocurrency suggests that an outright ban on Bitcoin is off the cards.
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