Some countries ban it. People who love Bitcoin and are not afraid will find a way around it. It is pretty simple to overcome the ban if you have little knowledge about Privacy and take care.
Other countries that do not ban it will profit off the ban by attracting people who can not have access to it.
Some countries come up with absurd regulations. Things like, all Bitcoin Addresses have to be registered with the Government. This is just incompatible with how the Bitcoin network works and will not work at all unless they want really absurd and senseless regulation.
Other countries will come up with more realistic laws. Most of them integrate KYC wherever they can. How will this affect Bitcoin? Probably (and hopefully) in a positive way at the end of the day. More and more people will find themselves overwhelmed by Know Your Customer and other such invasive laws. So they will find themselves attracted by Bitcoin even more.
Bottom line is. Bitcoin will continue to live with or without bans and regulations.
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Regards,
PrivacyG
Topic: Bitcoin in other countries (Read 96 times)
How do different countries and regions view and regulate Bitcoin BTC , and what implications does this have for its use and adoption around the world
I do not think it is possible to answer the question in sufficient detail, since the status of Bitcoin varies from country to country and from region to region.In general, countries can be classified into three types in relation to their dealings with Bitcoin:
- Countries that legalize the use of Bitcoin and recognize it as an official currency: Unfortunately, their number is few, and the idea may not be successful for many of them. Among those countries are El Salvador and Central Africa.
- Countries that prohibit the use of bitcoin according to clear legislative laws: Most countries in the world prohibit the use of bitcoin according to laws that prevent the use of currencies that are not recognized by the state and consider them within the framework of money laundering and financing suspicious activities.
- Countries that do not legally legalize the use of bitcoin, but do not mind enabling companies operating in the field of crypto to obtain work licenses. It can be considered countries that are lenient with the uses of bitcoin and are closer to legal adoption than others.
In countries that follow a federal system such as America, the use of bitcoin may be permissible in a particular state and prohibited in another. The United States is an example.
How do different countries and regions view and regulate Bitcoin BTC , and what implications does this have for its use and adoption around the world
Countries views and regulate Bitcoin according to their existing laws. If they find it contradicting to their existing law then they will surely ban the use of Bitcoin. We can see the example on the countries that prohibit the acceptance and transaction of Bitcoin. Aside from that, if a country finds Bitcoin as an innovative technology and see that it can help alleviate their financial situation then they will more likely adopt it just like what El Salvador did.
Perhaps, we never know their plan either.
However, I was believing that they will come out with a good idea to promote and adopt Bitcoin for the benefit of their netizens. I was certain that they will impose regulations and taxes just like it happens to other countries but I'd never found it a worrying part as it was indeed to happen whether we like it or not - just like fiat. They'll be implementing their own rules, might some of them be similar to other countries but can't expect it. Well, the good thing is that it was not yet implemented in our country and we are free to do whatever we wanted on our crypto and free of tax.
However, I was believing that they will come out with a good idea to promote and adopt Bitcoin for the benefit of their netizens. I was certain that they will impose regulations and taxes just like it happens to other countries but I'd never found it a worrying part as it was indeed to happen whether we like it or not - just like fiat. They'll be implementing their own rules, might some of them be similar to other countries but can't expect it. Well, the good thing is that it was not yet implemented in our country and we are free to do whatever we wanted on our crypto and free of tax.
Some countries today still don't have any regulations on BTC or crypto but they do have businesses around it approved by the central banks and wallets are working with local banks.
Asian countries seem to be adopting BTC and ETH without even knowing the regulations about it but they are using them for remittance. My Thai neighbor is sending ETH, doesn't care what regulations they have in their country.
Asian countries seem to be adopting BTC and ETH without even knowing the regulations about it but they are using them for remittance. My Thai neighbor is sending ETH, doesn't care what regulations they have in their country.
Let's have the usual take of most countries towards bitcoin and that's all about being the currency of drug dealers, illegal transactions and money laundering.
That was their impression about bitcoin and that's probably the reasons why they're not making it happen to be in their country and be adopted by their citizens.
They view it as that but those that have been too open on it and realizes that cash/fiat does the same, allows to be penetrated by bitcoin transactions or much likely neutral to its usage and have nothing to say and won't ban and categorize it as something illegal.
That was their impression about bitcoin and that's probably the reasons why they're not making it happen to be in their country and be adopted by their citizens.
They view it as that but those that have been too open on it and realizes that cash/fiat does the same, allows to be penetrated by bitcoin transactions or much likely neutral to its usage and have nothing to say and won't ban and categorize it as something illegal.
Bitcoin don't need regulation in other for it to be globally adopted, from my own point of view Bitcoin is already at the stage of global adoption.
Every country in the world have different ways in which they relate with Bitcoin we can not elaborate how all country relate to it all at the same time it's only who is from ones country that can talk little to small about it's citizens.
Every country in the world have different ways in which they relate with Bitcoin we can not elaborate how all country relate to it all at the same time it's only who is from ones country that can talk little to small about it's citizens.
How do different countries and regions view and regulate Bitcoin BTC , and what implications does this have for its use and adoption around the world
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