Cryptocurrency: Why is the legislate on Cryptocurrency in India? What are the situations in other countries in the world?
El Salvador: The only country in the world that has recognized Bitcoin as a legal tender. Under national law, any goods or services that were previously paid in dollars can now be paid in Bitcoin.
New legislation to regulate the Cryptocurrency in India is in full swing as the central government plans to introduce the bill in the upcoming winter session parliament to ban all personal cryptocurrency.
According to the Lok Sabha bulletin issued on Tuesday, efforts will be made to create a framework for the official digital currency creation under the official Cryptocurrency and Bill Regulation of the official currency, 2021. which will be issued by the Bank of India (RBI) reserves. Bill just strives to ban all personal cryptocurrency in this country. However, it makes it possible for some exceptions to the basic technology of cryptocurrency and promotions. The bill will be presented at the next meeting starting next week, it will be considered and can be passed.
In April 2018, the Reserve Bank of India (RBI) has suggested all institutions not to transact in virtual currencies. However, in the assessment of 2020, the Supreme Court ruled out RBI circular and allowed Cryptocurrency trade in India. So far it is said that more than 100 million people in India have invested in corrupt currencies. RBI has repeatedly warned of the use of cryptocurrency. Earlier this month, the Governor of RBI Shaktikanta Das also called a corrupt currency a threat to the financial system.
However, India is not the only country that is careful about Cryptocurrency. Many other people follow the same path. In this context, it is important to know how other economic throughout the world deals with corrupt currencies.
China:
After initially welcoming all crypto-related activities, China has now become one of the most limited crypto markets in the world. This country officially prohibits Cryptocurrency trade since 2019. However, it continues online through foreign exchange.
China warned buyers earlier this year that they would not have protection against continued trading online in Bitcoin and other currencies. In May, government officials vowed to increase the pressure on the industry. Bank platform and payment are asked to suspend the transaction next month. This country also prohibits currency mining. In September, China explained that those involved in the virtual currency business are criminally responsible and will be demanded.
United Europe.
Every country in the European Union has its own rules for corrupt currencies. Most of them have chosen a soft touch regulatory framework. The European Commission issued a Law on September last year entitled “Market in the Crypto-Asset Regulation”. He said that Cryptocurrency would be considered a regular financial instrument. The draft will require previous approval from the regulator for any company to offer investment advice on detention, trade, broker service or cryptocurrency.
great Britain
Corrupt currency trading in English is not directly set. However, offering services such as cryptocurrency derivatives requires permission to trade. The Financial Conduct Authority (FCA) is a body that is a business license related to the authorized cryptocurrency. FAC periodically warns investors to invest carefully.
United States of America
Different countries in the United States have different regulations. The whole United States has supported allowing all corrupt currency activities.
Canada
Cryptocurrency is not a legal tender in Canada. However, the corrupt currency is legal in this country. Further tax rules apply to digital currency transactions. The use of digital currencies does not free consumers from tax liabilities in this country.
The government has talked about regulating corrupt currencies, by saying it works with various desires
