Consider the following statements:
1. The EU mandates all member states to make Bitcoin legal under the Markets in Crypto-Assets (MiCA) regulations.
2. Bitcoin is illegal in countries like China, Pakistan, Saudi Arabia, and the UK.

Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Question

Consider the following statements:
1. The EU mandates all member states to make Bitcoin legal under the Markets in Crypto-Assets (MiCA) regulations.
2. Bitcoin is illegal in countries like China, Pakistan, Saudi Arabia, and the UK.

Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

ONLiNE UPSC · Accepted Answer

Statement 1 is not correct : The European Union allows member countries to regulate Bitcoin as they see fit. Member countries are not required to make Bitcoin legal under MiCA.

Statement 2 is not correct : Bitcoin is not illegal in the UK or Canada. Both countries have established regulatory frameworks for cryptocurrencies, and Bitcoin is legal in these countries.

Cryptocurrency Regulations

Legal Status of Bitcoin in Different Countries

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M Question 1	⏱ 0
Consider the following statements: 1. The EU mandates all member states to make Bitcoin legal under the Markets in Crypto-Assets (MiCA) regulations. 2. Bitcoin is illegal in countries like China, Pakistan, Saudi Arabia, and the UK. Which of the above statements is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2