It is no lie that majority of people involved in the daily transactions of cryptocurrency do not understand the in-depth of it, but at least they are able to transact knowing the basis such as private key, exchanges, wallet, Mnemonic, and transaction confirmation. Well, before I forget, I also know the price of Bitcoin or any other currency of their choice to their local fiat currency. While this people know these things, one thing they often do not follow is Government Regulations.
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Unlike in the primitive stage of cryptocurrency where nations' government didn't have an idea of it, and people could invest in it without any scrutiny check, now it is different. Understanding the legalities of cryptocurrency around the world is important, especially for people who are quite new into the world.
When I said government had an Idea, I wasn't saying they grasp the entire concept because hopefully they don't, but they have been able to create regulations on it. Some countries have decided to let it be, provided that the citizen declare whatever they make from it, as well as routinely declare their incomes and losses for tax purposes (It looks like these particular governments, do not want to lose from the proceeds of cryptocurrency), Some other countries do not even know what they want to do with cryptocurrency, and just decided to leave it to the legal world and the financial institution to rack their heads around it, while the last set of countries have outrightly banned cryptocurrency.
Countries like Saudi Arabia have come out to warn their citizens against trading cryptocurrency, but haven't outrightly ban it from being used. The government stated clearly that they offer no legal protection for people who deal with cryptocurrency, and they give no right to dealers to deal (That is so much for not banning outrightly). Countries like Argentina, regard to cryptocurrency as a digital asset and not a digital currency, and the government is regulating it. Countries like Bolivia, Ecuador, Kyrgyzstan, and so on has outrightly banned cryptocurrency on the basis of it not being a currency backed by the government.
You see, while so may of the countries are having issues with cryptocurrency, so many are working on how to harness the good of the blockchain. So many countries have been fighting corruption and are looking for a way to tackle corruption, so blockchain being a transparent and irreversible register, makes it a welcome idea, but the crypto aspect, it is a "NO" for them.
How is the government treating Cryptocurrency in Your Country?
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