Can cryptocurrency be legal tender? Most countries designate only their domestic currencies this way, though some adopt foreign currencies either exclusively or alongside their own. Last year, however, El Salvador became the first country to adopt a cryptocurrency as legal tender.
What countries use crypto as legal tender? The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year.
Can crypto be used for illegal activities? Several politicians and banking experts have labelled Bitcoin a currency for criminals, pointing out that it’s a perfect aid for tax evasion, money laundering and the financing of terrorism. And it is true that Bitcoin can be used for all these things.
Is crypto legal tender in the US? The current statute titled “Legal Tender” (31 U.S.C. Section 5103) says, United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.