As we see the Indian government gearing up for its bill on digital currencies, the ongoing parliament sessions seem to be debating on it. Now, the big question, will the Indian government prohibit digital currencies or will plan to embark on its own is a big question to ask. At such a helm of the affair, when we anticipate what comes from this country, it can be worth checking other nations’ digital coins. So, we will look at the Cryptocurrencies rules in the following different nations. It is about understanding how different nations treat coins as friendly, hostile or mild. Further, if you want to explore things in detail, the difference between blockchain and bitcoin exchanges can help you get the insight. So, let’s check how digital coins go in the following five nations.
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America – Perplexing nation
There is a huge chunk of digital currency based investors here, yet the country seems to be confusing at the moment. Here, the people invest their money in digital-based platforms and exchanges, different mining companies, and investment funds. The United States seemed confused about it and has no precise rules regarding digital assets. We see more and more people remaining behind the bar coming along with their investment curve. It seemed to have given good leaders the pedestal to enjoy things right. We see the local politicians of this nation are not willing to set new rules about the same claims in several reports. Things are pitted here between the different agencies like SEC and other regulatory bodies leading to confusion.
China – a Hostile Nation
China is also one of the nations with a massive chunk of people investing money in the digital currency-based market. Even though the Chinese government seemed hostile about the digital coins dating to around 2013, we see a massive chunk of people still trading in them. The country has had a history of dealing with Cryptocurrency since 2013. At the same juncture, we see that the country’s central Bank – People’s BOC seemed to have requested to ban the BTC-based transactions. In 2017, we saw the country with stringent rules against the coins. It was a ban that led the coin to fall its price by 6 per cent. Later after two years, we saw the Bank coming up with some undesirable domain that seemed to limit the phase in a big way.
Japan – A friendly nation
Ironically, besides China, better known as Japan, it is known for its friendly approach towards Bitcoin and several other virtual coins. However, you first register with digital currency-based exchanges to trade in digital coins. It should further adhere to the old laws against money laundering and fighting issues. Japan is a nation that has even embarked with its Blockchain operated tokens. The legal status of the digital coin is linked with its functions and applications. Utility tokens and digital coins, including ETH and Bitcoin, fall under the regulation of PSA, and many of these tokens are seen talking about bonds, shares and other fund interest found in the token.
Bangladesh – a hostile nation earlier but now becoming soft
Unlike Japan, Bangladesh has been tough on digital currencies. In 2017, we saw the Central Bank of BD stating the coins. It called the coins illegal to operate in the country, stating that it goes against the protocol set by the law of the land. Thus they must fight the private coins in the country as it can fund illegal acts like terror attacks. However, of late, we have seen the government coming up with a positive response in favour of the coin. In a report published by the government in 2020, they recognized Blockchain technology as the essential thing to adopt in the nation.
Portugal – A friendly country
Among the EU nations, Portugal remains on the top to be a digital nation in Europe regarding digital coins. They have a community that has been dealing in digital currency based trades for the past decade. The traders have also enjoyed tax exemptions and other reductions in the past ten years for people who have been into the cultural and financial reforms. In addition, the country passed a plan in 2020 to introduce free zones to work on different digital currency based technologies. The plan also talks about other developments in the coming days for the people in digital currency.
