Cryptocurrency Coin- Cryptocurrency sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.
About Cryptocurrency Coin
Cryptocurrency coin has been a controversial topic ever since its existence. It has been widely criticised for its volatility and its impact on the environment and is even seen as a ‘Ponzi scheme’ by financial expert. Most world billionaires prefers banking they hope on physical investment than in crypto although to some extent some has invested in crypto. However, some countries still believe in the decentralisation power of cryptos such as El Salvador, which made Bitcoin a legal tender in September 2021, followed now by the Central African Republic in April,2022.
This article will highlight all the top countries that made cryptocurrency coin legal, illegal or unregulated.
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Algeria government cleared the air having passed a financial law in 2018, declaring any form of cryptocurrency coins related transactions illegal. This includes holding and trading any digital assets. Any violation of the law is subjected to an offence and is punishable.
Bolivia government in 2014 made crypto illegal. The Bolivian Central Bank issued a resolution that banned cryptos, instead of rug pull cases and scams which cost investors a fortune. According to the Bolivian government, cryptocurrencies should not be trusted as an investment.
The People Republic of China’s Apex bank in September 2021, made all cryptocurrency-related transactions illegal and put a blanket ban, sending the strongest signal yet of its determination to crack down on the industry.
All Cryptocurrency Coin, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the People’s Bank of China said on its website. “All cryptocurrency coin related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, “the PBOC said in the statement.
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Cuba is the latest country to authorise and regulate cryptocurrencies like Bitcoin. Although Cuba is a developing economy, it could be a way of trying to earn foreign exchange.
Egypt has classified cryptocurrencies such as Bitcoin as prohibited under Islamic law. Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018.
The country 2020, tightened banking laws in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.
The European Union has not made the usage of cryptos legal or illegal. It recognises Bitcoin and other digital assets as ‘crypto-assets’.
Moreso, EU lawmaker are tightening laws to checkmate Cryptocurrency coin transaction, in the view of the rising use of crypto-assets for money laundering.
In 2018, Indonesia’s central bank issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment.
The crypto industry in Iran is not regulated, the Central Bank of Iran (CBI) in April 2021 authorized domestic banks and money exchangers to use locally and licensed mined cryptocurrencies to pay for imports to the sanctioned nation.
The country has a very ‘love-hate’ relationship with crypto. Iran announced a four-month ban on the energy-consuming mining of cryptocurrencies such as Bitcoin after cities suffered unplanned outages due to massive crypto-mining operations held in the country.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is yet to be tabled by the government. The Bill seeks to prohibit all private cryptocurrencies in India, however, “it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the document reads.
India has levied a 30 per cent tax on crypto investors, and a 1 per cent TDS on every crypto intra-traders. Currently, India has not regulated cryptos but won’t legalise it as well.
In January 2022, Russia’s central bank make proposal on banning mining cryptocurrency coin on Russian territory, citing threats to financial stability, citizens’ well-being and its monetary policy sovereignty.
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. However, Russia’s leaders are using cryptocurrency to beat the sanctions imposed by the US and allies after Russia’s invasion of Ukraine, said Blockchain analytics firm Elliptic.
In April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies in every form directly or indirectly.
The United States
Cryptocurrencies are legal in the US. According to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), Cryptocurrency Coin is a convertible currency with an equivalent value to real currency or one that can act as a substitute for real currency. The Internal Revenue Service has also categorized Bitcoin as property for taxation purposes.
CHECK UP this to see what worldbank.org has to say about cryptocurrency.
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