This world of cryptocurrencies is gaining increased attention globally with its audience spanning from people who are eager to break out of the vicious cycle of debt, people who are eager to opt out of the corrupt and centralized control of big banks and bigger governments and not surprisingly, this world of cryptocurrencies has been a thorn in the side of many centralized controlling governments around the world, resulting in said governments having to pay them more attention, especially as of late.
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Some people dive right into the worst case scenario that cryptocurrencies will be made illegal by the U.S., and they think this move would effectively snuff it out altogether. So in light of that, since by the way, I personally do not hold to that same perspective. Today I wanted to provide a quick and friendly visual breakdown of how cryptocurrencies are viewed by countries around the world, and as a kicker, I’ll prove that even if a government deems them to be illegal, it surely does not do much at all to stop those citizens from using them.
This list I’m presenting is not completely exhaustive, however it does shed a lot of light as to how cryptocurrencies are viewed by other governments based on their decisions on if or how they regulate them.
Here is a list of countries that have declared cryptocurrencies to be legal:
(Legal here meaning that the citizens of that country are legally able to obtain and spend them.)
- European Union
- New Zealand
- United States
- Israel (heavily taxed)
- Hong Kong
- South Korea
Here is a list of countries that although they have deemed cryptos to be legal, they restrict their banking institutions from working with individuals or companies who want to involve them with cryptocurrencies.
- Saudi Arabia
Here is a list fo countries who have not provided any guidelines on how they might view cryptocurrencies in the future:
- South Africa
Here is a list of countries who have made cryptocurrencies outright illegal:
Considering the thought experiment in a video that I posted earlier this month in which I spoke on a global flipping that could occur due to how a country’s government chooses to treat cryptocurrencies, for those of you who missed it, I’ll provide a link down below. But considering that video, pay attention to lists like these, how they change over time and whether or not the countries who favor cryptocurrencies will see big benefits in the future.
Unless a particular country has the ability to completely control the access of internet to its citizens, they will have access to cryptocurrency networks. Which themselves are designed to be peer-to-peer and censorship resistant. In the events such as this, individuals should be happy for that design because it ensures their ability to exercise their freedom to pursue the monetary tools and payment channels of their choosing.
For those of you who are new to this channel, I will end it with this very important reminder:
Although the networks themselves are designed specifically for and find their strength in their decentralization and peer-to-peer abilities, it does not dictate that things built to interact with them also have those same attributes.
What I’m talking about here are the cryptocurrency exchanges.
Most cryptocurrency exchanges are centralized, meaning they are owned and controlled by companies that are made up of publicly identified individuals who are proving over and over again that they do and will continue to succumb to governmental pressures to limit who is able to access their platform. This is how governments are able threaten this space. But when I say threaten, I’m really only referencing those centralized exchanges. Because you see, those too can be designed to be much more decentralized and much more resilient against anyone or anything trying to assert it’s control.
So final piece of advice here: pursue the decentralized exchanges, pursue the DEX.