Legal Status of Bitcoin in Europe (Map)

How Many European Countries have Legalized Bitcoin?

45 European countries have legalized Bitcoin. 3 Countries are neutral on the legal status of Bitcoin. 6 Countries have provided no information on the legal status of Bitcoin. 1 country (Republic of Macedonia) has made bitcoin illegal. The table below shows what the status is within each European country.

Ont thing we for got to check in the original story was what is the Macedonian Denar worth in Bitcoin at the time of writing this edit it is worth 680101.34 Denar. So there is definitely still an exchange of Denar and BTC occurring. We do think Bitcoin Converter is one of the best sites out there for calculating BTC exchange rates.

Country NameBitcoin LegalityClassification
AndorraNeutralNo Information
ArmeniaNo InformationNo Information
AustriaLegalBarter Good
Bosnia and HerzegovinaNo InformationNo Information
Czech RepublicLegalCurrency
GeorgiaLegalNo Classification
GermanyLegalBarter Good
GibraltarLegalNo Information
GuernseyNo InformationNo Information
Vatican CityNo InformationNo Information
Isle of ManLegalNo Information
KosovoNeutralNo Information
MontenegroNo InformationNo Information
Republic of MacedoniaIllegalNo Information
Republic of MoldovaNo InformationNo Information
Russian FederationLegalCurrency
San MarinoLegalCurrency
Svalbard and Jan MayenLegalCommodity
United KingdomLegalCurrency

The sea of green in the map and table above highlights that Bitcoin is legal in almost every country in Europe and is currently legal in all 28 member countries of the European Union. What does this mean for Bitcoin? It is here to stay. As of writing this article Bitcoin is on the verge of surpassing USD$8000.00 again.

Bitcoin price
Image from

Bitcoin has been here before. December 2017 it hit USD$19,783.06 then plummeted to under USD$6200.00 by February 2018. So yes, Bitcoin is volatile there is no denying that but what currency hasn’t been volatile at some point in its history? Bitcoin is still in its infancy, for example the USD has been around since 1785 and has had a volatile history. Eventually most currencies settle down and get into a groove and the market begins to trust it.

Judging by how many countries now accept that bitcoin can be exchanged for goods means that the magical trust factor is already starting to solidify around Bitcoin. This is different from Bitcoin being considered legal tender. Most EU member countries only accept the Euro as legal tender (except the UK). However, shops, pubs, petrol stations and more types of establishments are starting to accept Bitcoin as payment in exchange for goods and services and Bitcoin teller machines are sprouting faster than mushrooms after a summer shower.

Why is Bitcoin Illegal in Macedonia?

The Governor of the National Bank of Macedonia, Dimitar Bogov puts it like this:

“In Macedonia, the legal means for payment in cash and non-cash payment operations is the denar,”

This policy is futile. If a person has access to the internet then they have access to Bitcoin. It is suspected that hundreds if not thousands of Bitcoin transactions a week originate from Macedonia. So a subset of the Macedonia population is already circumventing these laws. If Macedonia wants to join the EU at any time in the future, then the denar will have to be dropped and at this point it is widely suspected that Bitcoin will no longer be outlawed. Some commentators that it may become legal long before that anyway.  You can compare this map image to the standard map of Europe.

Posted on Categories Finance

Will the European Union (EU) Survive Brexit?

What is Brexit?

Brexit is the conjunction of two words Britain and Exit. It was coined by The Economist magazine back in 2012. It describes the anticipated split of Britain from the EU.  Brexit is such a commonly used term that it has been added to the Oxford Dictionary.

Will the EU Survive Without the UK?

Yes, the EU can survive without the UK. The two questions that follow from this are. What kind of EU will remain and what kind of Britain will it be. While it is feasible that the split could cause the EU headaches and some initial teething problems. Eventually the EU will bounce back.

In the short term the statistical data will look bad for the EU. Experts believe that the EU will lose 16% of its GDP when the UK leaves the union. This is a straight out fact as that the is the proportion of GDP that the UK made up of the overall EU economy. The UK is the second biggest economy in the EU, under Germany but above France. So anyway you look at it that is a big statistical value to lose. When the UK leaves the EU economy for the first time since inception of the EU28 (the European Union with 28 member countries) will be smaller than the USA economy.

The flip side to this coin is that the UK since about 2007 has been a drag on the EU economy. Economic growth in the EU without the UK will actually be faster. The UK economy has been relatively stagnant since the (GFC) Global Financial Crisis. London’s financial markets were proven to be very vulnerable to the affects of the GFC and have not recovered well. The UK’s manufacturing and exports are predicted to grow slower than the EU in 2019 and 2020, so the overall effect on the EU economy of Brexit will be a positive one. Even if initially the numbers will look worse.

The European Union after Brexit will be a very different beast but probably a more robust, strong and progressive animal.

Will the UK Survive Without the EU?

Yes, the UK can survive without the EU. The UK economy is  the 5th largest in the world. This is despite all the pains the UK economy suffered over the GFC. The UK government is attempting  forge ahead with new trade pacts with countries like Australia but at the end of the day the EU is the UK’s biggest trading partner. this is not likely to change for decades to come. How will Brexit affect trade? The will be determined by the trade deal the Uk parliament can put in place with the EU. Currently they are not having much success in putting an kind of agreement on paper that is both acceptable to the UK parliament and the member countries of the EU. If this isn’t sorted then Initially trade will take a hit and possibly have a long term negative affect.


Brexit is a force for change in the world. Both the EU and the UK will initially feel some negative affects from the split but will these effects be long lasting? Only time will tell.

Posted on Categories Finance

Top 40 European Economies By GDP 2018

Top 40 European Economies 2018

Here we have a table of the top 40 European countries ranked by Gross Domestic Product. This doesn’t only include European Union Countries but all the countries that are considered part of the continent of Europe.

Some interesting takeaways from this years European GDP figures are the following:

  • Romania went up one place to become the 16th largest economy in the European Union (EU) in 2017. In the full list of countries that are considered part of Europe it is at 19th place.
  • Russia is still going backwards but that doesn’t seem to be affecting president Putin’s popularity. he won the election easily.
  • The Czech Republic is still growing strong, it also surpassed Greece in 2017 but this was largely expected unlike Romania.
  • Balkan countries like Croatia that have been hit rather hard in the last few years seem to be on their way to recovery.
2018 RankCountry20112012201320142015201620172018
1st Germany3,761.1423,545.9463,753.6873,885.4403,365.2933,494.8983,684.8164,211.635
2nd United Kingdom2,611.1082,655.4582,721.4892,945.3942,858.4822,649.8932,624.5292,936.286
3rd France2,865.3042,682.9002,809.3902,843.6732,420.1632,488.2842,583.5602,925.096
4th Italy2,278.3762,073.9722,130.9972,141.9371,815.7591,858.9131,937.8942,181.970
5th Russia2,031.7682,170.1452,230.6242,030.9731,326.0161,267.7541,527.4691,719.900
6th Spain1,489.3811,340.6891,369.6901,383.5371,199.7151,252.1631,313.9511,506.439
7th Netherlands894.576829.406866.951881.033750.696769.930825.745945.327
8th  Switzerland696.528665.898685.871712.050664.603651.770678.575741.688
9th Poland524.104496.687526.031546.644474.893473.501524.886614.190
10th Sweden563.110543.881579.526570.137492.618512.748538.575600.771
11th Belgium528.721499.129524.970534.672454.687465.248494.733562.229
12th Austria429.493407.801428.456437.123374.124387.299416.845477.672
13th Norway498.157509.705522.349500.244389.482366.873396.457443.252
14th Ireland237.990222.089232.150246.438238.031254.596333.994385.142
15th Denmark341.498322.277335.878340.806294.951301.784324.484369.760
16th Finland273.925256.849268.281271.165229.671234.578253.244289.557
17th Czech Republic227.307206.751208.796205.658181.858185.269213.189251.577
18th Portugal245.120216.488224.983230.012199.077205.085218.064248.891
19th Romania186.113172.041191.598199.950177.315181.944211.315245.590
20th Greece289.068249.663242.306238.023195.320194.594200.690226.774
21st Hungary139.447126.825133.424137.104120.636117.729132.034163.541
22nd Ukraine163.307175.707179.572130.66090.52483.550109.321119.134
23rd Slovakia97.62192.79997.74399.97186.62989.79795.938111.483
24th Luxembourg59.01056.32360.15062.39557.42360.17662.39372.461
25th Bulgaria55.79952.61354.51755.83748.95749.36456.94364.781
26th Croatia62.17256.48457.84957.15948.85049.92854.51661.056
27th Belarus59.73563.61571.71076.13954.60945.88754.43659.246
28th Slovenia51.29946.28848.00549.50642.76843.79148.86856.933
29th Lithuania43.47842.82846.42648.23241.26743.02447.26354.352
30th Serbia46.48840.74945.52043.86636.51337.38141.47148.279
31st Latvia28.48828.34330.83831.97027.04828.17730.31935.915
32nd Estonia22.82422.67324.88825.95322.70423.47625.97330.821
33rd Iceland14.66614.18315.33016.69316.71818.63323.90929.109
34th Bosnia and Herzegovina18.31816.90617.85217.97715.79416.32418.05820.340
35th Albania12.89112.34512.91613.26211.54312.26913.18115.289
36th Malta9.6049.28910.05610.5829.80110.34112.54314.873
37th Macedonia10.6599.75110.77411.3429.92210.42411.36613.085
38th Moldova7.0187.2837.9857.9446.4146.0848.0859.202
39th Montenegro4.5004.0484.4194.4624.0394.1824.7645.547
40th San Marino2.0561.8021.8021.7861.5661.5691.6361.809
Posted on Categories Finance