The
emergence of digital currencies poses a major dilemma for the
guardians of economies across the globe. While some countries have
taken a liking to the newcomers, others remain cautious or opted to
ban them outright.
Bitcoin
was born nearly nine years ago as something brand new for both the
world of payment systems and the world of marketplace trading. Since
then, hundreds of virtual currencies have emerged, and dozens of
cryptocurrency exchanges opened their doors for those willing to join
the frenzy.
The
countries, where bitcoin settled or tried to settle, can be roughly
divided into three groups. The first group, which covers 50
countries, introduced different forms of control over the
cryptocurrency market. Digital currencies there are officially
acknowledged either as a product, a payment system, or a financial
asset. The group includes the US, the EU, Australia, Mexico, Canada,
Argentina, Venezuela, South Africa, Saudi Arabia, India, Iran, the
UK, Iceland, Belarus, Hong Kong, Taiwan, Georgia, Israel, Kenya,
Malaysia, New Zealand, Norway, Senegal, Singapore, Tunisia, Turkey,
Philippines, Switzerland, South Korea and Japan.
In
the second group, there are countries wary of bitcoin and the entire
crypto craze, but their governments do not prosecute citizens for
mining, trading or using digital currencies. Most of these states are
currently working on the ways to tackle the new phenomena.
The
third category is the no-go group - representing countries where
virtual currencies and all the operations linked to them are
prohibited. Bitcoin has got a great deal of work ahead to melt their
hearts.
The
following is an overview of how countries that banned
cryptocurrencies are approaching the issue:
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