Takes of Different Countries on Bitcoin
According to past studies, many countries have started taking regulations on cryptocurrencies and bitcoins. The most common step that they took was, cryptocurrency was legal in the country but not accepted as legal tender. They declared cryptocurrency as legal to buy, sell and use as assets. In contrast, in countries like Turkey, it is legal to trade in cryptocurrency and keep them after buying, But the usage for banking purposes is banned.
China on Bitcoin
China had banned all the cryptocurrency activities in its country a long time before, and now dealing with cryptocurrency is found illegal in that country. Many countries believe that China took this step as it wants total control over everything. First, it was considered that the Chinese government could not sustain the existence of decentralization outside the Chinese government’s control.
The second reason is that the Chinese government introduced their digital currency and didn’t want their coin to compete with something decentralized. But publicly, China explained that Bitcoin hurts the environment. Talking about China’s verdict, the consumption of electricity by Bitcoin and the environmental effect is hazardous.
Singapore on Bitcoin
Singapore has also started its journey of regulating cryptocurrency. They are taking this step to avoid any possible deception or criminal activity using cryptocurrencies. The government of Singapore wants to make sure that it knows every transaction done using cryptocurrencies, especially for tax purposes.
The Reserve Bank of India on Bitcoin
India also fell on the list of countries that banned cryptocurrency at first. Still, after the finance minister met with a committee in February 2018, it was decided that India will move towards legalizing and regulating cryptocurrencies. The government plans to make their digital currency that they can call ‘Lakshmi’ in the future.
Switzerland on Bitcoin
Switzerland has always been a country known for being innovative. The Swiss government believes that cryptocurrency is not harmful if used correctly, allowing people to buy, sell and invest in it. It can be said that Switzerland is more of a safe place for cryptocurrencies than most other countries in the world.
Thailand on bitcoin
Thailand is also another country on this list for not regulating cryptocurrencies. However, they are very open about regulations regarding cryptocurrency, and they even have plans of legalizing tokens as securities. They are also considering that digital currency will be treated as private money.
Australia on Bitcoin
About Australia, then it is a country where cryptocurrencies are treated as a regular currency, and all the related transactions are also taxed accordingly. But they want to make sure that cryptocurrency trading can be used for money laundering or terrorist financing. So the Australian government has set up some strict rules to keep an eye on these things.
The United Arab Emirates on Bitcoin
The UAE is another country that does not want to regulate or legalize cryptocurrency. However, they are so open about cryptocurrencies that they have included the topic in their annual budget speech. Many companies are now starting their operations there to focus on cryptocurrency-related businesses.
South Korea on Bitcoin
South Korea has also banned the use of anonymous accounts for trading cryptocurrencies. This is done to avoid cryptocurrency-related crimes like money laundering. They are also thinking of making rules that allow ICOs transactions for companies in their country.
India on Bitcoin
After forming a committee last year, the Indian government has legalized and regulated cryptocurrencies. Positive results are expected from this step, but it seems that the Indian government is still not sure about this whole process.
The USA on Bitcoin
Last but not least, the USA was among those countries that banned cryptocurrency. But later, it became clear that they would legalize and regulate cryptocurrencies on platforms like bitqs.online. They have already started working on a proper regulatory framework for cryptocurrencies by introducing the topic at the G20 summit. The Bitcoin and cryptocurrencies regulation in the US is still a work in progress, but you can expect that they will decide on this topic by mid-2018.
This list shows how countries worldwide are thinking about cryptocurrencies and their actions regarding them. As you can see, there still is no uniform approach towards cryptocurrencies by countries because every country has its advantages and disadvantages. However, you can see that more and more countries are opening up to this new digital revolution as they realize its importance and how it can be used for good.