How to spend your Google Currency on Google Play, Amazon, eBay and other online retailers

Google currency is one of the few currencies that is accepted in some countries, but in other places, it is banned.

Google is not the only digital currency to be outlawed in some regions.

Australia, the United Kingdom, Hong Kong and South Korea are also among countries that have imposed bans on bitcoin, according to data from the International Monetary Fund.

In a statement, the IMI warned that the “uncertainties and challenges” of cryptocurrencies are creating an “unwarranted expectation” that the digital currencies will become mainstream.

“The current regulatory environment, coupled with limited availability of digital currencies for purchase, will not permit the widespread adoption of these digital currencies by consumers and businesses alike, and it may impede the adoption of alternative payment solutions and payment networks,” the statement read.

While some countries have passed laws banning cryptocurrencies, others have not.

The UK, for example, introduced legislation in November that would ban the purchase of cryptocurrencies.

Canada, Mexico and Taiwan also have laws that ban cryptocurrencies. 

In the United States, the US Securities and Exchange Commission has said cryptocurrencies can only be used as “cryptocurrencies” when they are used as a means of payment and not as a commodity or a payment instrument.

At the time, the agency noted that cryptocurrencies have been used to make online purchases for decades, but said that its current guidance does not prohibit them from being used as an alternative payment option.

With a growing number of jurisdictions banning digital currencies, there is a growing awareness that bitcoin could be used for illicit activities, said Jason Pint from CoinDesk.

“As more people become aware of the risks associated with digital currencies and the possibility that they could be misused to fund illegal activities, more countries are looking to adopt a more proactive approach, and they are looking at a variety of other ways to regulate these currencies,” he said.

This story, “US bans cryptocurrency but not bitcoin” was originally published by CoinDesk and was re-published here with permission.

Featured image credit: Flickr/Logan Covington.

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