Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.
However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.
For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.
Of course, in the absence of regulation of cryptocurrency, there are advantages and disadvantages. The lack of regulation of cryptocurrency activity means the absence of its legal status and legal protection in the state, however, the lack of rules established for its circulation within the state and of course, the absence of taxation on the cryptocurrency. However, the process of considering the issue of legalization of cryptocurrency by the state is inevitable in any case. In the meantime, you can really work with cryptocurrency without its legal status and earn a good profit, as long as there are no income taxes in this type of activity.