Ethereum: Is it legal to convert Bitcoin to USD?

The issue of age about the legitimacy of cryptocurrency exchange has led to intensive debate in financial enthusiasts. One of the most controversial topics is about converting Bitcoin (BTC) to US dollars (USD). The BTC is completely lawful to use as a currency, while others claim that its converting to USD is not permissible. Cryptocurrency rules.

** Is Bitcoin completely legal?

The answer is sounding like this. The US Supreme Court has made it clear that Bitcoin is considered assets and therefore applies the same laws as any other property. (2014) This decision was made _binance v. Binance_, which challenged the Bitcoin classification of the US Securities and Exchange Commission (SEC) as a value paper.

2018 “Security” according to 1940 Law on Investment Advisers.

Is Bitcoin allowed to convert to USD?

The answer is also that way. In fact, cryptocurrency exchange usually allows users to convert their one currency to another without any problems. This is due to the decentralized cryptocurrency nature and lack of mediators.

According to Brian Armstrong, CEO of Coinbase, ”(Source: _The Verge_, 2019)

** What about taxation?

One of the most common concerns about cryptocurrency is tax avoidance. However, there is no evidence that this is an important problem with Bitcoin conversions.

In fact, it took measures to charge the cryptocurrency space. 2020 IRS has published recommendations on how to deduct cryptocurrencies as assets for business purposes, which should provide clarity on tax commitments to consumers and exchanges.

Conclusion

The opinion that Bitcoin is not legal to convert to USD is mainly a myth. A clear difference between cryptocurrency and traditional currency, it is necessary to understand that BTC conversation to USD or any other Fiat currency has never been an obstacle to entering the cryptocurrency space.

; So far, consumers can be sure that their Bitcoin holds are safe and easily converted to USD without any restrictions.

Links:

• _Binance V. Binance_ (2014)

• _Sec statement on Bitcoin_, 2018

• _Coindesk_: “Cryptocurrency Changing Bitcoin Trade at any time”

• _The verge_: “Coinbase CEO Brian Armstrong says there are no restrictions to turn Bitcoin into USD or other Fiat currencies

Only investment tips. Cryptocurrencies can be highlighted and have significance.