The worldwide legal situation of cryptocurrencies is therefore complicated. As stated by Investopedia, ”Many countries are still analyzing ways to regulate the cryptocurrency. Overall, Bitcoin remains in a legal gray area for much of the world.” It’s fair to say that most governments are struggling to cope with crypto-currencies.
Bitwage, a service allowing companies to pay their contractors in crypto-currencies, has a userbase of 20,000 and expanded to let companies pay salaried employees in cryptos
In the meantime though, the crypto-ecosystem is developing. Plenty of merchants accept crypto payments: from plane tickets to vaping gear or VPN services, pretty much anything that can be bought online can be paid in Bitcoin or other cryptos. Crypto-banks, that had been put on hold in January 2018 after the failure of a major Visa card issuer, are now flourishing: Wirex, Bitwala, MCO, TenX and others are offering crypto-wallets linked to standard Visa or Mastercard bank cards, allowing anyone to spend their cryptos at any physical shops around the world, as they would with fiat money. Bitwage, a service allowing companies to pay their contractors in crypto-currencies, has a userbase of 20,000 and expanded last month to let companies pay salaried employees in cryptos (while staying legally compliant). And, in the US, after the state of Ohio started to accept the payment of taxes in Bitcoin last October, the states of Indiana and New Hampshire both introduced similar bills in January this year, that will allow crypto-currencies to be paid and accepted as taxes. By the way, the state of Wyoming also adopted on February 11, 2019 a new bill fully legalizing crypto-currencies. ”Virtual currency is intangible personal property and shall be considered money,” the bill reads.
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