The emergence of the Bitcoin cryptocurrency has already received both positive and negative public reactions. Many countries have adopted a wait-and-see approach to accepting or rejecting the cryptocurrency as an independent payment system. Moreover, the overwhelming rejection is generally attributed to the fight against terrorism and money laundering.
Cryptocurrencies, and mainly Bitcoin, have reached a stage in their development where they cannot remain unnoticed or ignored by governments. However, this has manifested itself in both negative and positive ways.
For example, in Germany Bitcoin recognized as a unit of account, in Japan – as a means of payment. Switzerland has established rules for circulation Bitcoin The same as for foreign currency. In Thailand, a license is required for operations. Many countries, such as the US and Singapore, introduce taxation on cryptocurrencies, treating them as property.
Israel has categorized cryptocurrency as a commodity subject to taxation, as well as Bitcoin mining, which is also legalized. Switzerland hasn't banned Bitcoin use, but it is considered a foreign currency there. Bulgaria has decided to tax Bitcoin transactions, recognizing it as a financial asset.
Many countries have yet to adopt regulatory laws, but their legislatures are actively working in this direction, for example in countries like Ukraine and Russia. China, for example, has completely banned cryptocurrency transactions. mining, which in turn caused a market collapse, since it is in this country that large mining power of the entire cryptoeconomics.
Lately, we have been increasingly hearing in the news from officials in different countries making statements regarding the dangers and risks of investing in Bitcoin. It is precisely under the auspices of protecting citizens from losing their investments that the rapid regulation of cryptocurrencies is being carried out. The French Finance Minister is calling on G20 countries to jointly regulate the circulation Bitcoin. His Italian colleagues have already supported him in this. The British government has expressed concern that cryptocurrencies could be used cybercrime. Germany, meanwhile, is warning its citizens about the risks of investing in cryptocurrencies.
«We must be frank: Bitcoin "It is in no way a currency or even a cryptocurrency. It is a speculative asset," said François, Governor of the Bank of France. Villeroi de Galo.
However, a number of countries have issued their own cryptocurrencies, for example, Japan and Venezuela, and the development of a national cryptocurrency in Belarus is nearing completion.
«"I signed a decree establishing a Venezuelan cryptocurrency authority. I have studied this topic in depth and want to announce that Venezuela will use a new cryptocurrency system based on oil resources.", Venezuela creates cryptocurrency "EL Petro," concluded Venezuelan President Nicolas Maduro
In support of cryptocurrencies, the President of Belarus signed a corresponding decree "On the Development of the Digital Economy"«
«Belarus is becoming the first country in the world to open up broad opportunities for the use of technology blockchain. "We have every chance of becoming a regional center of excellence in this area," Lukashenko emphasized.
Ukraine also did not remain on the sidelines of the events in the fall of 2017 to the Verkhovna Rada of Ukraine a bill concerning legalization digital money. However, opinions within government bodies are mixed:
«"It's a monetary surrogate that could replace funds in the future. But it's unlikely We will go this way, because even the National Bank determines that there are no grounds or guarantees that there is something behind this currency "It's worth it," said Stanislav Kutsenko, head of the Main Territorial Department of Justice in Kyiv. (tsn.ua)
В same time, People's Deputy of Ukraine Alexander Urbansky declared 5328 bitcoins.
We will soon witness situations When, depending on the decisions of states regarding the legislative regulation of cryptocurrencies, the cryptocurrency market will develop in this direction.
To sum it up, digital currency is considered a breakthrough that has bypassed all legislators. Bitcoin's legality remains questionable, as everything depends on the specific country. Some countries have decided to give Bitcoin a chance and passed laws recognizing its existence. Others have banned cryptocurrency and attempted to draft appropriate legislation. However, eradicating cryptocurrency remains impossible due to its decentralization. The legal status of electronic money remains uncertain, but this still gives people time to learn about and utilize the benefits of such a currency.