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How Governments Treat Crypto currency in 2018
How Governments Treat Cryptocurrency - 2018
For a lot of world governments, cryptocurrency falls into a grey area. There are many widespread opinions around the world that differ from one another on this topic. The best way to learn about how governments regulate cryptocurrency is to take it region by region.
Asia houses most of the world’s cryptocurrency trading, due to its heightened technical activity. However, that doesn’t mean that the whole sector is open to this industry. China is one of the strictest regions when it comes to these online payment systems. In China, crypto exchanges and payments are banned, as well as conversions from virtual currencies to fiat currencies.
Most of the rest of the Asian area operates in a gray area, with Japan being the industry’s lead supporter. Crypto exchanges are regulated, and payments and conversions are not banned.
The majority of the Americas operates within a gray area in a legal sense when it comes to cryptocurrency. ICOs are regulated in the U.S., as well as in Canada. Throughout the Americas, there are no bans on virtual payments or conversions. However, these governments have all issued warnings about investing in these types of currencies.
Europe, Middle East, & Africa
It seems that these regions are still trying to figure out how they feel about Bitcoin and cryptocurrencies. Although, one regulation that’s on the move within Europe is one that will require identification during conversions from cryptocurrency to fiat money.
Most European countries are operating within a gray area as well, with all of them issuing warnings surrounding the dangers of investing in this type of currency. However, there are no bans at this time. France and Russia have stated that they plan to increase crypto regulation.
While South Africa’s markets regulator doesn’t oversee the virtual aspect of currencies, the central bank would like to investigate appropriate policy framework and regulatory regime. This is true in both Kenya and Nigeria. In fact, Nigeria compares Bitcoin trading to gambling. All African regions where Bitcoin exists have stated warnings, and some plan to increase regulation. Zimbabwe has banned crypto payments.
Credit: Money munk
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