Restrictions on cryptocurrencies in the world: Last year cryptocurrency Business Condemning the circular issued by the Reserve Bank in this regard, cryptocurrency remove of trade restrictions Supreme court ordered.
Digital currency after court order Business It is becoming very popular among Indian investors especially small investors. Cryptocurrencies, including bitcoin, continue to grow.
With regard to the uncontrolled growth of cryptocurrencies in India, with investors in mind Reserve bank And market regulator SEBI was also worried.
Indian Goverment next steps are being taken to bring a new bill for cryptocurrencies and official digital currency regulation bill 2021 winter session of Parliament in 2022.
Accordingly, it is said that the central government may prohibit the use of cryptocurrencies for transactions or payments and there may be some form of standardization measure.
CryptoCurrencies Regulation Bill 2021 in Indian
The bill is being developed under the name Cryptocurrency and Official Digital Currency Regulation Bill 2021. The bill is expected to remain the official digital currency creation project in India.
In this case, cryptocurrencies have been standardized in many parts of the world. While there are restrictions.
Although most of these countries do not legally recognize cryptocurrencies, they have taken some steps to recognize the value of these digital units.
Like India, many countries are moving into action with the introduction of digital currency with the support of their central bank. Check cryptocurrency regulation pdf issue by Indian goernment.
Crypto regulations 2021
Indian Reserve bank It is said that there are plans to introduce a digital version of the fiat coin that can be exchanged with the backing of the blockchain. Let’s see how other countries handle cryptocurrencies.
CryptoCurrencies as a Legal Tender
List of Countries who is make Crypto as a Legal Tender
|#||Country / Region||Continent||Currencies Supported||Date|
|1||El Salvador||Americas||USDBTC||from 6/9/2021|
Restrictions on cryptocurrencies in the world
The most of these countries do not legally recognize cryptocurrencies, they have taken some steps to recognize the value of these digital units.
Canada: first country to adopt crypto
Canada was one of the first countries to adopt crypto. The Canadian Revenue Commission generally treats cryptocurrency as a commodity for the purposes of the country’s income tax law.
A currency is a digital representation of value that can be used for investment purposes and can be immediately exchanged for money or for virtual currency that can be exchanged for money.
Israel: defined cryptocurrency as an asset
Under the Financial Services Act, virtual currencies are included in the definition of financial assets. israeli security regulator cryptocurrency Considers a security item.
Also, the Israeli tax authority has defined cryptocurrency as an asset and taxed it at 25 percent of its capital gains.
Germany: Citizens and legal entities can buy cryptocurrencies or Business
The German Financial Inspection Commission qualifies virtual currencies in units of account. Assumes a crypto token. This is because cryptocurrencies are not used for exchange like currency.
Citizens and legal entities can buy cryptocurrencies or Business Yes, they can only do so through exchanges and custodians licensed by the German Federal Financial Supervision Authority.
Britain: Crypto assets are not considered currency or cash
Crypto assets are not considered currency or cash, and cryptocurrencies have a unique identity and are therefore defined in the UK as being directly comparable to any other type of investment activity or payment method.
United States of America: decentralized nature of virtual currencies
U.S. regulations on cryptocurrency– cryptocurrency laws by state in the United States have different definitions and terms for cryptocurrencies. The US federal government does not recognize cryptocurrencies as legal tender. However the definitions given by the provinces recognize the decentralized nature of virtual currencies.
Thailand: Digital asset businesses must apply for a license
Digital asset businesses must apply for a license. Unfair trade practices will be monitored.
Earlier this month, Thailand’s oldest Siam Commercial Bank, local cryptocurrency The exchange announced the purchase of 51% stake online.