With Bitcoin’s exchange rate fluctuating between $200 and $1200, the US Congress has taken it upon themselves to evaluate the virtual currency’s legality around the world.

You can buy almost anything with Bitcoin. Diapers, property, drugs and prostitutes – you want it, you got it. But are the world economies ready for this new age of virtual currency? A recent report done by the US Congress investigated the policies of 40 countries with regards to Bitcoin and its use. Here are some of the outtakes:

• Australia: After an Australian Bitcoin bank was hacked for $1 million, they are keeping a close eye on it, planning to tax it in the near future.
• Brazil: Have already passed laws in 2013 for electronic currencies.
• Canada: They had the world’s first Bitcoin ATM installed last year and regard it almost like Monopoly money with almost no regulations attached to it.
• China: Bitcoin is not a currency and should not be circulated and used in the market as a currency.

To read more on different countries’ stance on virtual currencies, click here

Brought to you by Galbraith Rushby

[Source : Forbes]