This is whats happening around the world right now in CryptoCurrency. Guess which Country is about to back their currency with Bitcoin?!
Bitcoin emerged on the scene nearly nine years ago right after the 2008 Financial Crisis. While many were losing their homes and life savings, a noble group of developers & programmers put together a brand new system of exchange out of the control of the central banking systems. A payment system that’s private between 2 individuals. No longer a need to send money through big bank systems who charge ridiculous fees and hold your money. The world banking system had again failed; halting trading abruptly in 2008. Since then the cryptocurrency market has exploded with hundreds of virtual currencies emerging, and dozens of cryptocurrency exchanges opened their doors to join the frenzy.
The expansion of digital currencies is inevitable. As long as countries (including the United States) continue to just print money out of thin air, the value of their currencies will continue to drop. Not to mention the fact that since 1964 our dollar has not been backed by Gold & Silver Bullion in Fort Knox as many still mistakenly believe.
As the price stands now there are only $270,120,355,169 ever to be in existence. The price may rise making that number higher but the 17174914.3810789 of BTC will not. The number of Bitcoins ever allowed to be in existence is set. Simple economics state that if something is readily used and scarce the value of that “something” will rise. Boom! Enough said.
Bitcoin and other cryptocurrencies have found a home or at least a foster home in the following countries. These “homes” could be divided into three groups.
Covers 50 countries, officially acknowledge digital currencies as either a product, a payment system, or a financial asset. These countries include: Singapore, Senegal, Kenya, Israel, Australia, Argentina, Mexico, Canada, South Africa, India, Malaysia, Hong Kong, Taiwan, South Korea, Japan, Saudi Arabia, Iran, Iceland, Belarus, Norway, New Zealand, Turkey, Tunisia, Switzerland, Georgia, Philippines, the US, the EU, and the UK.
Lastly, Venezuela is considering backing their currency with oil reserves and bitcoin.
Very Interesting! Venezuela is a wild card in the crypto governance arena. The Venezuelan government announced it’s now going to regulate the bitcoin mining community. All miners are to register and report the type of equipment they are using to in order to mine. Last time Venezuela had its citizens publicly register was for gun owners, which they followed up by confiscating the legal gun owners guns. Hmmmmm, still I wouldn’t try my luck with the Venezuelan prisons!
Countries that are hesitant of the entire cryptocurrency craze. However, currently, these governments do not prosecute citizens for mining, trading or using digital currencies. The majority of these states are currently working on regulations in order to handle the influx of new crypto-investors.
The BitcoinMeisters! Countries that have prohibited digital currencies and the likes of anything attached to them. Bitcoin is met with heavy skepticism and reproach as many still fail to see the benefit it may bring to their economies. The following countries have banned cryptocurrencies:
North African financial authorities are currently working a new legislation that is aimed at the total ban of virtual currencies. Algeria’s 2018 Finance Bill, is under consideration by the National People’s Congress or NPC, if this passes the use and ownership of bitcoin will be illegal in the country. “Any violation of this provision is punished in accordance with the laws and regulations in force,” according to local media outlets.
Ecuador and Bolivia
The governing State of Bolivia prohibits any currency or payment system that’s not issued or controlled by the country’s central bank.
Ecuador banned digital currencies in 2014. The Ecuadorian government has set in place a regulatory framework for its own state virtual currency. However, none have been issued so far.
Outlawed! The Vietnamese citizens are not allowed to use them as a means of payment. If caught participating they will be punishable by a fine.
The central bank of Indonesia is working hard on a bill which could render using digital currencies illegal. Big surprise. Regulators stopped financial technology corporations, the banking sector and online retailers from dealing with crypto tokens in 2014.
The National Bank of the Kyrgyz prohibited cryptocurrencies in 2014. The Kyrgyzstan government was adamant that the “som” remain the countries only legal means of payment.
According to the Bank of Lebanon… BANNED!
The country’s key financial regulator in accordance with the Bank Al-Maghrib said all operations with digital currencies in Morocco are deemed illegal due to current legislation. Regulators advised the public to submit to the provisions of the foreign exchange regulations. Those regulations state that international financial transactions must be carried out through authorized intermediaries and only with the foreign currencies listed by the central bank.
The central bank of this southern African announced in the fall of 2017 that digital currencies purchase and exchange are prohibited, and virtual tokens cannot be accepted as payment for goods and services.
The country’s Federal Bureau of Revenue last May announced that it is studying cryptocurrencies in view of tax dodging and money laundering risks. Also… that its prohibited.
The country of Nepal doesn’t have any regulation currently. However, you can still be arrested for trading digital currencies as they have arrested seven people for trading in Nepal. So basically… Not a good idea.