Can anyone name one nation that has declared this type of exchange system either legal or illegal?
In the US, there are laws defining money and regulating its use. Bitcoin is a money in the US by definition if it is used as money (almost anything can be used as money), but I believe it isn't legal for several reasons. One reason is that legal money in the US must be denominated in a US Dollar value with a minimum value of 1 USD. Bitcom neglects obvious questions in its FAQ section, such as "What is the value of a bitcoin?" (and "Where are bitcoins illegal?", etc.) and thus it can not be legally used as money in the US.
So, I'm interested in collecting useful data on these issues, beginning with a list of nations that have declared bitcoins legal or illegal.
Anyone?
Please post links to government websites that state their nations' legal opinions on bitcoins.
Thanks!
P.s. I'll check back and answer questions and compile the list from your posts of legal and illegal nations (if any) directly below this sentence.
Banned in China:
http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html(Phillipsjk notes below that China has banned the use of virtual currency (in general) for the purchase of real goods, and the link he provides also notes that virtual currency can not be used to purchase virtual goods except from the issuer, so Bitcoin is effectively banned in China.)