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Bitcoin commonly referred to as BTC, is the first regionalized virtual currency which enables users to perform virtual currency transactions swiftly and anonymously. However, in the United States of America, the legalities of the crypto-currency is rather hazy as the federal and state laws differ significantly.

Legislative Regulation

BTC legislation and regulation within Congress is an undecided matter which means the crypto-currency is still legal. Yet, it is not considered as legal tender but a commodity instead. This means it has to be registered in the government database and taxation still applies.

Below, is a list of BTC-friendly and Anti-BTC US Territories.

BTC-Friendly

There are four US states which favor the virtual currency that is Bitcoin; Texas, Kansas, Tennessee, and Montana. The largest territory, Texas, does not require the buy/sell license from the Memorandum 1037 in order to legalize the BTC practice

Anti-BTC Territories

There are five US states which are against Bitcoin; Wisconsin, North Carolina, Carolina, Connecticut, and New Hampshire. Bitcoin is highly restricted and regulated by federal and local laws in North Carolina. Connecticut requires the license to buy and sell with BTC. If you are found without this license, you are liable for a hefty monetary fine.

Bitcoin gambling is not illegal but each US state has varying degrees of crypto-currency laws. Abide by the laws, pay your taxes, and you’re off to a good start!