Which one of the following countries has officially recognized Bitcoin

Which one of the following countries has officially recognized Bitcoin as a legal payment method since 1st April 2017 ?

Japan

China

USA

India

Answer is Right!

Answer is Wrong!

This question was previously asked in

UPSC CAPF – 2017

Download PDF Attempt Online

Japan officially recognized Bitcoin as a legal payment method under its Payment Services Act, with the amendment taking effect on April 1, 2017. This made Japan one of the first major economies to regulate cryptocurrencies positively.

Legal recognition of cryptocurrencies varies significantly across countries, ranging from outright bans to full legal tender status.

China has largely banned cryptocurrency trading and mining. The USA has a complex regulatory environment where Bitcoin is treated as property or commodity by different agencies. India has seen regulatory shifts, but Bitcoin is not recognized as legal tender. El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, much later than the date mentioned in the question.

Join Our Telegram Channel

More similar MCQ questions for Exam preparation:-