Cryptocurrency has taken the world by storm in recent months, and the government has stepped in to support the industry with new regulations.
The digital currency, which has gained notoriety as a way for users to send money without the need for banks, has also been a boon for startups and companies alike.
It has been widely used by investors and traders, who can buy and sell crypto in exchange for fiat money.
But there’s a catch: crypto is still not legal in the United States.
In fact, crypto isn’t even a currency.
That makes it illegal for Americans to trade crypto for any kind of currency in the country.
And that’s where the government comes in.
The US Treasury Department says it’s looking into a potential law that would make it illegal to use crypto for “any purpose or activity that is intended to evade or circumvent any law or regulation of the United State.”
The Treasury’s proposal would also make it a crime for anyone to “distribute, sell, or otherwise dispose of” crypto, even if the crypto itself isn’t regulated.
But the US isn’t the only country where crypto is illegal.
Earlier this month, the UK also proposed a law that might make crypto illegal.
And it’s likely the United Kingdom is only the latest country to try to crack down on crypto.
Earlier in March, the European Union introduced a bill that would ban the sale and exchange of crypto, including its cryptocurrency, ether.
“If the digital currencies are to be accepted for sale, it is essential that they are not subject to any kind or type of exchange controls,” the bill read.
“Such controls must be applied to crypto in accordance with the rules laid down by national authorities.”
However, that doesn’t mean crypto is banned completely.
For one, the government is also trying to crack open the crypto market in countries like China and Russia.
And the United Nations also recently released a report calling for crypto to be made legal.
It said that crypto has become a viable tool for people to exchange their digital assets for fiat currency, making it a valuable alternative to fiat money for international transactions.
In the meantime, US citizens can still trade crypto and buy things like Bitcoin.
And if you want to use it to buy things, it’s available in many online retailers like Amazon and Walmart.
It’s a lot cheaper than buying a physical currency.