What future Does Cryptocurrency Holds in Different Nations?

2017 was a glorious year for the cryptocurrencies, especially for Bitcoin. 2017 mark the year which has witnessed the highest price evaluation any cryptocurrencies have ever reached. It hit the trade market like a Tsunami, engulfing all the other fields. This event made the Cryptocurrency known all over the world.

After seeing such a long jump in the price evaluation, traders and investors were convinced that Cryptocurrencies are the force that will break the wall and take the trade market into the revolutionary world.

The impact of the Cryptocurrency was so huge that the tremor shook the foundation of governments. The government knew the fact that Cryptocurrency is a boon that will help to boost the global economy, but they were also aware of the fact that if cryptocurrency is regulated on a large scale, it might replace the fiat currencies. This made several nations restrict themselves from using Cryptocurrencies. 

In the midst of this confusion, there were other nations as well that saw opportunities in the cryptocurrencies to improve their financial standing on the international level.

Let us go through what other countries think about the Cryptocurrency and its regulations.

 

  • United States

 

The United States is against the regulation of the cryptocurrencies in their nation. They believe that it might affect the standing of the USD on the international market. We all know that USD is the only unit that is used on the international trade platform. And America does not want to lose that position.

 

  • Europe

 

Europe has warned their citizen about the drawback of the cryptocurrencies, but have not strictly restricted then to use the cryptocurrencies. That means, crypto trade is illegal in Europe but Crypto exchanges are legal. This kind of law encourages people to trade in cryptocurrency on their own accord.

 

  • China

 

China has fully accepted the use of cryptocurrencies. The central government of China has placed teams to do the necessary research and find other trading pathways to trade in cryptocurrencies. This shows that China is moving forward with the cryptocurrencies. However, China has banned the exchanging of Crypto coins.

 

  • India

 

India is not prepared to accept thye regulation of the cryptocurrencies. According to the Indian government, Cryptocurrency can lead to money laundering and terrorist funding. These two possibilities have restricted the Indian government to go with the Cryptocurrencies.

 

  • Japan

 

Japan has always believed in cryptocurrencies and has always stood for the cryptocurrencies. Japan believes that Cryptocurrency holds the potential to change the world’s financial standing. It has even legalized the use of cryptocurrency in Japan. However, banks will not be directly involved with Cryptocurrencies.

 

  • Germany

 

Germany has always been a nation that believes in paying everything in cash. Even in an environment like this, Germany was able to regulate Cryptocurrencies. This shows that Germany has surely seen something that most of the nation was not able to see. Today, most of the payments in Germany are done in Cryptocurrencies with help of online platforms like german software. 

 

  • United Kingdom

 

United Kingdom has accepted the fact that the cryptocurrency holds the potential to change the future of the world. But they have placed some terms and conditions in front of the traders and investors regarding Cryptocurrencies. The only way the United Kingdom can allow the regulation of the Cryptocurrency is when the United Kingdom has full control over the flow of the Cryptocurrencies.

Final Thoughts

There are several nations and each has different own perspectives. Nations are seeing the Cryptocurrency in terms of their profit and loss. Some of the countries are seeing only the negative impact that cryptocurrency will cause. While some of the nations want to have full control over the flow of the cryptocurrency. No country is seeing the Cryptocurrencies over their personal gain. Once they start doing so, the regulation of the cryptocurrency will be a lot easier and smoother.

Robert J. Shultz