Cryptocurrency News and Its future: Cryptocurrency has become such an issue today that everyone wants to know about its future. These include those who are investing in it and also those who advocate and ban it. The proponent of Virtual or digital currencies believes that one day these currencies will become global currencies. Just because these are cryptographically secure makes it nearly impossible to counterfeit or double spend.
Cryptocurrency has become such an issue today that everyone wants to know about its future. These include those who are investing in it and also those who advocate for its ban. Crypto supporters believe that one day these digital currencies will prove to be the global currency of the future. But all countries have a different opinion on this issue. In some countries, it has been considered as a legal tender i.e. official currency, while its use is banned or preparations are being made to ban it.
Different Laws are being made regarding Crypto
There are also many countries, where till now no consensus has been formed regarding cryptocurrency and it is being seen as an asset only. But one thing is clear that the increasing demand for cryptocurrency has forced us to think about its negative and positive aspects. Crypto researcher Shikha Sharma believes that governments around the world want to make rules in the matter of cryptocurrency thoughtfully. This is the reason that different laws are coming out regarding crypto in different countries.
World divided into Two Parts on Digital Currency
However, in the case of crypto, if you look at some of the big countries of the world, then the world seems to be in the division of two parts. There has been debate in many countries about banning or regulating the digital currency. The Central American country of El Salvador gave legal status to the cryptocurrency bitcoin in September 2021 itself. El Salvador was the first country in the world to do so. This country has also not imposed any capital gains tax on it after it became a legal currency. Along with this, crypto entrepreneurs were immediately allowed to stay permanently in the country. After this announcement, property prices in El Salvador skyrocketed.
Most Crypto ATMs in America
Similarly, crypto has not got the status of a currency in some countries, but it has started getting recognition as an asset. There has been a positive environment regarding cryptocurrency in America since its inception. There are around 20.74 million crypto-financial backers in the US According to a report by cryptocurrency education platform Crypto Head, the US has been at the forefront of cryptocurrency acceptance. The interest of Americans in cryptocurrency and the legal approach of the government has put this country at the fore. The US also has the largest number of crypto ATMs. The mining of Bitcoin is going on in Texas, the second largest state of America. Due to this, the electricity demand has increased continuously in this city. Texas has become now a mining hub since all crypto-related activities were banned in China.
A Bitcoin ATM is a physical device that allows people to buy Bitcoin with cash, debit/credit cards. Some Bitcoin ATMs are bi-directional and also allow cash to be sold by selling digital currency.
The US received a score of 7.3 out of 10 in the Crypto Head rankings. The reason for this is the expansion of the Crypto ATM network in the US. There have been 17,436 Crypto ATMs registered in the US in 2021.
Canada moving on the lines of America
Canada has also tried to give an environment to cryptocurrency on the lines of America. Here, its consideration is of a commodity under the Income Tax Act. Any cryptocurrency transaction in this country is being counted as business income. Apart from this, some strict rules are there in Russia regarding cryptocurrency. In early 2021, Russia allowed its citizens to mine, trade, and hold cryptocurrency. But they cannot be used for the exchange of goods and services, nor can crypto be transacted as a payment option. Violators of these rules can go to jail in Russia. It is a crime to keep crypto worth more than $1300 here without a declaration. The Russian government, however, wants to introduce its regulated digital currency.
Many Countries are preparing to impose Tax
Apart from Russia, some other countries are also looking at ways to integrate taxation with cryptocurrencies. For example, in India, the Ministry of Finance has set up a committee to explore the possibility of taxing income from trading cryptocurrencies. Even in 27 countries of the European Union, there is a ruckus about digital currency. There are different rules regarding crypto in these countries. Some countries in Europe such as Finland, Belgium, and the United Kingdom consider cryptocurrencies as assets. Crypto does not have currency status in these countries.
Crypto Trading recognized in the UK
In the UK, it has neither got legal status nor has it been brought under the purview of regulation. Great Britain has recognized crypto trading provided the dealer gets it registered and gets issued a license for the trade. The way of taxing for currency trading in this country, crypto trading’s taxation is in the same way. The attraction of crypto in Australia among young people is increasing as well. Given this, the Cryptocurrency Anti-Money Laundering and Counter-Terrorism Financing Act is continuously implementing in this country. By bringing cryptocurrencies within the purview of this law, Australia has made a provision of punishment for its use for criminal activities. But Australia recognizes crypto ie virtual currency as property and it is also out of the tax net.
The Future of Crypto will soon be clear in India
Very soon the future of crypto will be clear in India too. The expectations are there that this week the Modi government will present the crypto bill in the current winter parliament session. On the other hand, India’s neighboring country China has already clarified its policy regarding this. By the way, China’s policies have always been dual. In the case of cryptocurrency also, the policy of Dragon is popping up like this. In the initial phase, trading and mining were approved by China, but suddenly for a few months, tough decisions are being taken against crypto. First, China closed the mining of crypto, then in June gave a decision to ban crypto trading. Due to which the graph of crypto around the world had come down sharply. Believers say that China is doing this to launch its currency Yuan in digital version.
Waiting for Crypto Bill in India
The situation concerning cryptocurrency in India is not clear. Everyone is waiting for the crypto bill in the parliament. Looking at the history of crypto in India, the Reserve Bank of India had banned the use of crypto, but in 2020, the Supreme Court ordered the removal of the RBI ban. Although crypto is not illegal in India, its use remains skeptical. The Indian government is concerned about those investing in crypto. They want to protect the investment of the investors. It is also cautious on topics such as terror funding, the use of crypto in hawala. Recently, many cases of fraud and scams of crypto have come to the fore, which are also in the discussions inside Parliament. With this, what will the government consider crypto? Currency of transaction or asset for investment? You will get the answers to these questions in the next few days.