Do you know how big countries of the world are curbing Cryptocurrency
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Cryptocurrency Regulations: Since the news of the ban on cryptocurrency trading in India, there is every possibility that more movement will be seen in it in the coming days. As India is progressing towards making rules, the decline in this currency has been seen deepening. The central government has now decided that a law will be made on this in the winter session of Parliament starting from November 29.
The cryptocurrency market saw a sharp drop at the beginning of the current week since this news came out, but since then it has stabilized somewhat. In such a situation, this time is excellent not only to understand this business but also to understand the laws made for it in big countries of the world. It will be interesting to see how this fiercely fluctuating betting industry is legalized around the world.
America
Like India, America also has a dual system of governance. Under this, the laws are different in different states. Each US state has its own laws to legalize or regulate cryptocurrencies, but at the country level at large, sentiment towards the business community remains positive.
America is known to support business opportunities. Therefore, there is not much risk of a complete ban on crypto trading unless the industry poses unbearable risks to the current financial system.
Britain
The UK, like many other countries, has not enacted comprehensive legislation to regulate cryptocurrencies. However, under the current system, it grants licenses to registered businesses dealing in crypto trading. The profits made on this currency are taxed like any other business.
China
Initially people were allowed to trade or mine crypto currency in this country but it started cracking down on all these activities earlier this year. Also banned the trade in June. According to reports, all the important people associated with this business had to go out of the country to continue their operations. China is developing a digital version of its currency, the yuan, and is also testing a regulated crypto coin.
The European Union
Being a group of 27-member countries, it is quite complicated to make any law that can be applicable to all the members. However, member countries have their own framework to deal with this emerging industry. A collective approach is being considered here.
In September 2020, the European Commission released a draft related to the Crypto-Asset Markets Regulation (MiCA) law. When it takes effect, the law will treat cryptocurrencies as regulated financial instruments. This would require approval from the regulators.
El Salvador
In September this year, this South American country became the first country in the world to officially launch bitcoin as a legal currency alongside the US dollar. Here President Nayib Bukele has pitched bitcoin as a way to reduce poverty and bring more population into the banking network. This rollout of bitcoin was fraught with problems.
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