The emergence of the Bitcoin cryptocurrency has already received both positive and negative assessments from society. Many countries have taken a wait-and-see position in accepting or rejecting the cryptocurrency as an independent payment system. Moreover, the sharp rejection in most cases is explained by the fight against terrorism and illegal money laundering.
Cryptocurrencies, and mainly Bitcoin, have reached a stage in their development where they cannot remain unnoticed or ignored by states. However, this has been reflected in both negative and positive aspects.
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 introduce taxation on cryptocurrencies, equating them to property, such as the USA or Singapore.
Israel has equated cryptocurrency to a commodity for which taxes are payable. As well as for bitcoin mining, which is also legalized. In Switzerland, there is no ban on the use of bitcoins, but they are equated in status to foreign currencies. Bulgaria has decided to fill its treasury with a tax on bitcoin transactions, recognizing it as a financial asset.
Many countries have simply not yet had time to adopt laws on regulation, but their legislative bodies are actively working in this direction, for example, in countries such as Ukraine or Russia. China has completely banned operations with cryptocurrencies and mining, which in turn caused a market collapse, since it is in this country that large mining the power of the whole 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 under the auspices of protecting citizens from losing their investments that the rapid regulation of cryptocurrencies is being carried out. The French Finance Minister calls on the G20 countries to jointly regulate the turnover Bitcoin. His Italian colleagues have already supported him in this. The British government has expressed concern that cryptocurrencies could be used cybercrimeGermany, on the other hand, warns its citizens about the risks associated with investing in cryptocurrencies.
“We must be frank: Bitcoin is in no way a currency or even a cryptocurrency. It is a speculative asset," Bank of France Governor François Villeroi de Galo.
However, a number of countries have released their own cryptocurrencies, for example, Japan, Venezuela, and the development of a national cryptocurrency for Belarus is nearing completion.
"I signed a decree to create the Venezuelan Cryptocurrency Authority. I have studied this topic in depth and I 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 using technology blockchain“We have every chance to become a regional competence center 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, the opinion in the institutional authorities is ambiguous:
"It's a money substitute 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 Kiev. (tsn.ua)
IN 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 vein.
And to sum it up, digital currency is considered a breakthrough that has bypassed all legislators. The legality of bitcoin remains in question, since everything depends on the specific country. After all, some countries decided to give bitcoin a chance and passed laws recognizing its existence. And others have banned cryptocurrency and tried to develop relevant bills. But it remains impossible to eradicate cryptocurrency due to decentralization. The legal status of electronic money remains uncertain, but for people, this is still a reserve of time to learn and use the advantages of such a currency.
