- The global adoption of crypto and blockchain technology is halted by regulations
- Countries where digital currency regulations changed considerably this year
Cryptocurrency News Today – One of the major hurdles to the adoption of digital currencies and blockchain technology in the world is regulations. Many medium and small-sized businesses all over the world are working with blockchain from the shadows because of the fear of being caught up in legal disputes with regulatory authorities and the continually changing nature of the legal framework.
Nevertheless, in 2019, there was a considerable improvement in many countries in terms of blockchain regulation. A communication specialist at Enigma Securities – Alina Kiselevich – shared this observation. In an interview with Cointelegraph, Kiselevich said:
“Some countries now consider them legal tender, while many viewing cryptocurrencies as commodities. Governments around the world are keenly aware of the problem that the technology is rapidly outpacing the laws that govern it.”
Here are some countries where digital currency regulation changed this year.
Bitcoin (BTC) Price Today – BTC / USD
China Builds Strong Relationship with Blockchain Technology and Not Crypto
When it comes to digital currency regulation, the relationship with blockchain in China could compete with a Shakespearean romance. Moreover, the Chinese government is introducing the technology in some of its backbone powerhouses to keep track of transactions and introduce transparency. The central authorities of China have introduced blockchain technology to the Agricultural Bank of China and other financial institutions.
Nevertheless, the authorities are still cracking down on cases where individuals and companies in the population use the technology. Recently, Weibo – the leading social media platform in China – banned Tron and Binance for violating its rules. The Standing Committee of the 13th National People’s Congress in China said that a new rule on the regulation of cryptographic technology would come into effect on January 1 next year.
France has been on the sidelines of blockchain integration, until the governor of the Bank of France – Francois Villeroy de Galhau – announced that the institution is ready to launch a pilot project for a central bank digital currency (CBDC), in Q1 of 2020. According to the announcement, the instrument will only be available to financial institutions and it would be based on a digital euro format. Furthermore, Bruno Le Maire – French Minister of Economy – said that crypto-to-crypto trades will no longer attract tax. Nevertheless, crypto to fiat trading would still be taxable.
German Authorities Allow Banks to Work with Cryptos
At the moment, the German financial industry is prohibited from having any dealings with digital currencies. Nevertheless, the German government passed a law about a month ago that allows banks to sell BTC and other digital currencies, and also grant custody over them by the end of next year.
Other countries with considerable changes in crypto regulations include the United States of America and Iraq.