Article/Blog Campaign
Week #2
Original Post URL: https://steemit.com/ico/@ukprod/introduction-to-ftx-fund
Repost URL:
1. https://ukproductreviewer.medium.com/introduction-to-ftx-fund-fc4752c253e2
2. https://read.cash/@UKprod/introduction-to-ftx-fund-61a49a8e
3. https://ecency.com/ftxfund/@ukprod/introduction-to-ftx-fund
4. https://hive.blog/ftxfund/@ukprod/introduction-to-ftx-fund
5. https://app.sapien.network/t/blockchain/@ukprod/introduction-to-ftx-fund-b_Q4Lww8?m=false

#Proof of Joined
Bitcointalk username: UKprod
Campaign to Apply: Article/Blog

This post is now updated with the latest news RBI's notification issued on May 31, 2021. The notification revolves around bank/regulated entities quoting the RBI circular issued in 2018 even though the Supreme Court had set aside the circular in March 2020.

You had to make it a religious issue, didn't you? Don't you feel sometimes that you should reflect on your own thoughts once? I never brought up religion and I was quite respectful of your thoughts. Also, think along these lines, such Hinduphobic thoughts in your message are the ones that kind of instigate Hindus to support the ruling party. Maybe if you empathized and stopped targeting Hindus for just being Hindus and/or having a different view, they would be open to parties other than the ruling party. But everyone seems to be targeting Hindus and are equating Hindus with the ruling party, including you my dear friend. Let's be tolerant of all religions.

Thank you for this. But to be honest, that board is totally crazy one! They are talking about putting some group of politicians to death, finishing off an entire country, etc. You're absolutely right in calling it waste of time and breath. I have decided not to visit that board again!

Yes, the raiding part was idotic. But the regulations were something issues in Feb and my focus was more on holding social media accountable.

Actually, I am an advocate of regulating bitcoin/crypto without banning it. And I am pretty vocal on this forum about why government cannot ban crypto. You can read it here: https://bitcointalk.org/index.php?topic=5334398. At the same time I advocate that social media platforms need to be held accountable if they are playing jury. Like you said, they are no angels.

This sounds more like a personal issue that you have with the government. Because this sounds like ridiculous accusation.

No, this isn't confirmation bias. If there were posts on Twitter Vs Government, twitter would most likely boost posts that are in favor of them. It is their algorithm and they can do anything. In order to remove my "confirmation bias", I was testing out on twitter on some hashtags. I was repeatedly getting a hashtag "IsraelAparthiedState" even after repeatedly telling I dont want to see such posts in my search tab whereas all the other hashtags were refreshing. (I personally don't like seeing the violence, since it keeps me disturbed for the rest of the day).

Wow, more personal opinions. You really hate some people with all your heart, don't you? 

Finally something we both agree to

We can keep arguing. And you can get back with more comments and opinions. But debating in this forum is least useful for either of us or the country. This post is most focused on real facts and news on crypto ban so far. So let us keep it that way. You are entitled to your opinion and I am entitled to mine. But let's avoid these arguments in this forum; let's keep that in suitable forums like facebook or twitter, if you must. Cheers and peace out

This is very aptly documented.

I believe that the need of the hour is to recognize the cryptocurrencies as legal assets/services depending upon the circumstances and provide a legal framework for the same. Instead of some countries outlawing cryptocurrencies, they could proceed to legalize the same with certain legal, taxation and financial laws/regulations. This article, in my opinion, is one of the building blocks for such laws/regulations.

Thank you for your kind words. Yes, I plan to keep the same thread updated with any latest developments, so that this stays relevant source of ready reference material for all



Further, regarding the banning of Facebook and Twitter, I feel the news is being rather sensationalized by media outlets and social media that Government is banning them for recent tweets/posts and silencing voice of people. However, the truth is that the regulations only change the status of Facebook and Twitter from being intermediaries i.e. they can be held responsible for the posts of the users and cannot take the shelter that they just let users post. There is no ban in the directives.

Keeping this aside, Facebook, Twitter and Instagram obviously would boost posts that criticize government and play a narrative where these social media platforms are the victims. However, important thing to note here, is that Facebook and Twitter have not acted upon the directives that were issued in February, in spite of having plenty of time and huge amount of resources at their disposal. Had they followed the rules and not openly flouted these directives, they wouldn't have had to face this situation (unless they believe they are above the government and the law).

On a separate note, one of the main reasons for the directives was to ensure Facebook and Twitter are not able to manipulate people because of the reach that they have. If you think that Facebook and Twitter care about you, then you are totally wrong. We users are just Guinea pigs for them. Don't believe me? Read this news: https://www.theguardian.com/technology/2014/jun/29/facebook-users-emotions-news-feeds
and do watch this video: https://www.youtube.com/watch?v=32bSuaDgqg0

Similarly, if government works towards regulating crypto transactions in India rather than outright ban, I would consider it a win-win situation for everyone concerned. Smartly designed regulation is very important in crypto industry to avoid criminal activity or tax evasion when we see from a country's perspective.

I have a different opinion in this case. Laws of most countries, including the US where Blockfi was incorporated, has a 'doctrine of unjust enrichment'. The underlying principle of this doctrine is that a person cannot become richer at the expense of the other (i.e. without any consideration). For example, if you deposit $100 into your neighbor's account by mistake, you can recover the $100 from the neighbor and such a deposit does not result in a valid contract or gift. You can read up more on unjust enrichment here: https://www.law.cornell.edu/wex/unjust_enrichment

Blockfi's case can be analyzed in parts to be better understand the legalities:

• Recoverability as per law: Here in this case, if Blockfi is able to prove that the accountholders had become unjustly richer at the expense of Blockfi (which seems to be the case here), they can move the court for recovery of the amounts. On the basis of doctrine of unjust enrichment, the courts are likely to allow Blockfi to initiate recovery proceedings against accountholders
• Identification of Account holders: Blockfi makes it mandatory for each account holder to provide their KYC documents and hence would have the data of the account holder. Hence, identifying the account holders and tracing them should not be a hurdle (unless the account holder has provided a fake ID or is absconding).
• Actual recovery from account holders: Once the account holders are traced, Blockfi would have to obtain the bitcoins or equivalent fiat currencies or assets from the account holders. However, if the account holder has spent all or most of the money received from Blockfi; in such cases Blockfi may not be able to recover any assets from the account holders and such attempt maybe futile (even if recovery is legally allowed)
• Overseas account holders: The final leg is the case of overseas account holders. In their case, even if Blockfi initiates the cases, the respective nations of the overseas account holders may not extradite or allow enforcement of US law in their soil. In such cases the recovery is virtually impossible.

Therefore, though it is legally allowed for Blockfi to be able to recover the money from the account holders, it will have a lot of practical hurdles to do so.

Hope the above is able to provide more perspective on this issue. Would be happy to have your comments on this. Thank you.

Ha ha  You are absolutely to the point. This might give a heartburn to a lot of people.

One thing that we need to take account of is that Bitcoin and Crypto markets are still not mature enough. Any single tweet from a celebrity can cause a jump in prices or a plunge in prices. Therefore, until we reach a more mature market for Cryptocurrencies, we have to be wary of these kind of situations.

As mentioned by earlier messages, you should have planned well on when to sell your cryptos. Most investors who enter with the sole aim to trade cryptos generally lose out since they didnt sell at the right moment.

With regards to your investments, these are some of the best cryptocurrencies and it is likely that you will break even back again in few months.

Or let's hope Elon tweets something very positive about crypto and the markets react to it.

Right now, at the price that Bitcoin is trading, their initial investment must be showing a massive loss. I hope that Tesla also buys Bitcoin right now in the dip  . However, this seems highly unlikely given the public statement that Elon has made.

In this regard, kindly note that the Lok Sabha or Rajya Sabha has not yet moved towards penalizing bitcoin holders. The was an inter-ministerial committee formed which had prepared the draft bill wherein it provided for banning of crypto currencies and penalizing holders. However, even this bill provides for a exit window for existing investors which was later confirmed by Anurag Thakur, Minister of State for Finance. You can check Section 21 of the proposed bill for this portion.

But this bill in fact proposes to penalize everyone involved in crypto related activities, including miners. We can only hope that this bill gets redrafted once government comes to senses.

Also, while there is lot of speculation on this top, I would suggest one should focus more on the facts rather than the opinions of certain people. I have collated the facts of the ban in India in this article and have provided the link to the proposed bill as well: https://bitcointalk.org/index.php?topic=5339221

Yes, this was a great move by Vitalik Buterin. In a country that is on the verge of imposing crypto ban, such contributions from the crypto community should be considered while passing the laws.

I would consider it a win, even if Indian Government decides to regulate crypto rather than banning it.

Hi there, I have presented a detailed fact-based article on this topic in this thread: https://bitcointalk.org/index.php?topic=5339221.0.

Let me know your thoughts on this article. I hope you find this useful.

Hi everyone,

We all have been reading a lot of news on crypto ban in India recently and some of us have observed a lot of fear mongering in these articles. Therefore, I am writing this article with all the facts backed with press releases by government official website (pib.gov.in, dea.gov.in, etc.), Supreme court orders and the RBI notifications from RBI's official website (rbi.org.in). I am completely focusing on the facts and trying to refrain from expressing my personal opinion in this article. I trust you will find this article useful from a factual perspective.

2013 to 2017
RBI issues 3 notification in December 2013, February 2017 and December 05, 2017 cautioning Indians from using crypto/virtual currencies due to the potential financial, operational, legal, customer protection and security related risks associated with these. These are merely cautions and does not call for any ban. Further the Ministry of Finance also makes a press release stating that virtual/crypto currencies are like Ponzi schemes which can be used to cheat people and also used for various illegal activities.
You can read these RBI Official Press releases in https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247 , https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=39435 and https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42462 and the Press release by Ministry of Finance on https://pib.gov.in/PressReleasePage.aspx?PRID=1514568

November 2017
The Government constitutes an Inter-Ministerial Committee (IMC) on 2.11.2017 under the Chairmanship of Secy (Economic Affairs), with Secy (Ministry of Electronics and Information Technology), Chairman (Securities and Exchange Board of India) and Dy. Governor, Reserve Bank of India as Members, to study the issues related to virtual currencies and propose specific action to be taken in this matter. I was not able to find any press release in 2017 on this, but this was later revealed in press release by government in July 2019, provided below (https://pib.gov.in/Pressreleaseshare.aspx?PRID=1579759).

April 2018
RBI issues the notification no. RBI/2017-18/154 wherein entities that are registered with RBI, such as Banks, Forex traders, etc. are not permitted to deal with any person/ company/ firm dealing in crypto/virtual currencies. By virtue of this notification, all activities of the RBI registered entities in respect of crypto currencies is prohibited, thereby the entire ecosystem for crypto currencies such as banking channels were cut off. However, this notification in itself did not ban cryptocurrencies.
You can read the notification no. RBI/2017-18/154 (DBR.No.BP.BC.104 /08.13.102/2017-18) in this link: https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11243

February 2019 to July 2019
In July 2017, the Ministry of Finance makes a press release that the Inter-Ministerial committee has submitted its report on Virtual currencies along with the draft bill titled 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019' in February 2019 and the same was placed on the website of Department of Economic Affairs. The report contains the following:

• the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in India for processes such as loan-issuance tracking, collateral management, fraud detection and claims management in insurance, and reconciliation systems in the securities market.
• given the risks associated with private cryptocurrencies and volatility in their prices, the Group has recommended banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India.
• recommends exploring into official Central Bank Digital Currencies ('CBDC')
• recommends Government may establish a Standing Committee to revisit the issues addressed in the Report

 
Further, the draft bill contains the legal regulations for extensive ban of cryptocurrencies and punishment for each contravention. Further, it lays down a foundation for implementation of official Central Bank Digital Currencies ('CBDC')
You view the press release in https://pib.gov.in/Pressreleaseshare.aspx?PRID=1579759 and view the report and draft bill on https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
Further during this time a Rajya Sabha member also raised a query whether cryptocurrency was banned in India and several other questions. In response Anurag Thakur, Minister of State for Finance, replied that it was not banned and that government had received the Inter-Ministerial Committee's report. This can be read here: https://pqars.nic.in/annex/249/Au2591.pdf

February 2020
RBI issues a bulletin wherein it acknowledges that Distributed ledger system can be used in various industries and financial institution. Further, the bulletin also talks about Central Bank Digital Currencies ('CBDC') being implemented by various countries.  
You can read this article on https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=18766

March 2020
In response to the Writ petition filed by Internet and Mobile Association of India (which included a lot of petitioners) the Supreme Court of India ruled that RBI could not restrict regulated entities from dealing with companies engaged in dealing with cryptocurrencies. It states that when the consistent stand of RBI is that they have not banned virtual/crypto currencies and when the Government of India was unable to take a call to ban the same, RBI could not restrict its regulated entities either.
You can read the full judgement in this link: https://main.sci.gov.in/supremecourt/2018/19230/19230_2018_4_1501_21151_Judgement_04-Mar-2020.pdf

January 2021
In the Lok Sabha Bulletin released on January 29, 2021 lists the Cryptocurrency bill under the new bills to be introduced in the Lok Sabha. You can find the same in the this link: http://loksabhadocs.nic.in/bull2mk/2021/29012021.pdf (Go to Page no. 26 and Item no. 12 under the New bills Section). This bill is titled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" with the description "To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses." However, the text of the bill is yet to be presented.

February 2021
In a Q&A session in the Rajya Sabha questions are raised on the ban of cryptocurrency and how government plans to implement it, in spite of Supreme Court quashing RBI's restrictions. The Finance ministry responded that the Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. However, The Government will explore use of block chain technology proactively for ushering in digital economy. Further, response quoted that the Government would take a decision on the recommendations of the IMC regarding banning of cryptocurrencies and the draft bill after consideration would be introduced in the Parliament.
You can read the Rajya Sabha Q&A here: https://pqars.nic.in/annex/253/AS79.pdf

March & April 2021 - Only presented in News
Anurag Thakur, Minister of State for Finance, says that government welcomes blockchain as an emerging technology and that new ideas must be evaluated, explored and encouraged with an open mind at an event arranged by Entrepreneurs' Organization.
Read more at: https://economictimes.indiatimes.com/news/economy/policy/government-open-to-evaluate-explore-cryptocurrencies-says-anurag-thakur/articleshow/81367065.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Further he said the Government of India is open to adopt state digital currency and they want to promote digital adoption across sectors under the Digital India Initiative. He also mentioned Reserve Bank of India is working towards India to have its own digital currency.
Read more at: https://bfsi.economictimes.indiatimes.com/news/fintech/approaching-the-cryptocurrency-regulation-with-an-open-outlook-investor-protection-anurag-thakur/82027897

May 2021
RBI issues a notification on May 31, 2021 wherein it states that it has found certain banks quoting the circular issued by RBI in 2018 to caution customers from using crypto/virtual currencies. In this regard, RBI states that such circular was set aside by the Supreme Court's order in March 2020 and the circular is no longer valid. However, it continues to state that banks/regulated entities can carry out customer due diligence processes as per KYC, anti-money laundering laws, laws against terrorism financing and foreign exchange regulations for overseas remittances.
Read more at: https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12103

February 2022
The Finance Minister in the budget released on February 1, 2022 announced that gains from sale of Virtual Digital Assets which includes cryptocurrencies and NFTs would be taxed at 30% and only the cost of acquisition would be considered as a deduction. Also the Government directed the central bank i.e. RBI to start working on Central Bank Digital Currency ('CBDC') by FY 2022-23.
Further, during a parliamentary session, the Finance Minister mentioned that the government is yet to take a decision on regulating of cryptocurrencies or that of banning these altogether.
Read more at: https://www.indiabudget.gov.in/ and https://www.indiatoday.in/business/story/cryptocurrencies-to-be-banned-india-fm-nirmala-sitharaman-replies-1911713-2022-02-11

I hope this collection of press releases, notifications and bulletin is useful. Would be happy to have your thoughts and corrections, if any.

Last updated on: April 16, 2022 at UTC 8 PM

I'm glad that you found it useful. In relation to your query, I have practically seen tax officers chase for suspicious credits of INR 1 lakh or more in a single transaction. If it is split up in various months, the risk reduces substantially. However, do note that tax officers also collect the information from Bankers on what is the aggregate amount of credits in your bank account. For eg. if you get INR 50,000 every month, you'll have a cumulative credits of INR 6 lakhs in a year. This would then be compared against the total receipts (i.e. income before deducting expenses, in case of businesses such as freelancing). If your receipts declared in ITR is greater than the credits in bank account, the chance of getting picked for assessment reduces substantially.

Further, regarding your last line, do you mean to say that your crypto income was not disclosed in the return of income? If that is the case, only if the tax officers pick your case for assessment and are able to get that information, they might ask you to pay taxes on it with interest and penalties. However, if the taxes that you have already paid is more than 90% of the taxes that you would have to pay on full income, then it is very less likely to attract any interest or penalty.

Needless to say, if you have already disclosed a large amount of income as taxable when compared to your bank credits, then you may not even have to worry about being picked for assessment.

In relation to the topic of exit window to investors (if a ban is proposed), if the amount of gain you have at the time of disposing your crypto holdings is fully offered to income tax, there should not be any worry. However, if there is a substantial dip (around 20%) in the income offered in the very next year, you maybe questioned/picked for assessment for the income of the next year. The tax offices are using data analytics techniques to identify variations in the income offered versus various data gathered through GST filings, Bank statements, TDS deductions etc. and if the variation is very less (less than 20%), it is likely to get ignored.

Lastly, in recent years I have seen a trend of individuals not being picked for assessment and your case shouldn't be picked as well in the normal circumstances. Also, in my personal view, Indian government may not impose a ban on cryptocurrencies and have written down various grounds to challenge such a ban, if imposed, in this article: https://bitcointalk.org/index.php?topic=5334398

Hope this helps. Thank you.

Hi Everyone,

Recently we have seen a trend of central bank such as RBI in India imposing restrictions on Banks from dealing with cryptocurrency exchanges. While this restriction in itself does not ban cryptocurrencies, it stops the free flow of crypto by users and exchanges. On a separate note, I have been facing issues in depositing Rupees into my WazirX account from a week. Since WazirX has tweeted that this issue is arising due to some issue with their Bank, it makes me wonder if this is due to RBI being a bit strict with banks in order to cut ties with crypto exchanges. In this regard, it is likely that this action would be challenged in the courts similar to 2019. But until then you may not be able to transfer or receive funds from crypto exchanges in fiat currency. While this is my hypothesis, I was keen to explore an alternative to deposit to/withdraw from my exchange if RBI completely bans any bank from dealing with crypto exchanges. Accordingly, I have jotted down a simple 3 step process (which is currently legal) that you could use to route your deposit to crypto exchanges.

• Step 1: Sign up on OctaFx and deposit money into OctaFX account through bank transfer or UPI payment.
• Step 2: In the withdraw option of OctaFx use the option - withdraw in Bitcoin and use your exchange's Bitcoin deposit address.
• Step 3: Using Bitcoin deposited into your exchange, transact as per your requirement.
  
  

Similarly a 4-step process for withdrawals is as follows:

• Step 1: Once you have signed up on OctaFx, find your deposit Bitcoin/Ethereum address for your account.
• Step 2: Convert all your exchange holdings to Bitcoin or Ethereum. I would prefer Bitcoin since it has highest currency pairs.
• Step 3: Choose the option to withdraw Bitcoin/Ethereum and input your OctaFX Bitcoin/Ethereum address.
• Step 4: The Bitcoin/Ethereum deposited into your OctaFx will be automatically converted to Fiat (USD) and you can then withdraw into your local bank account.

Further do consider the following notes:

• Currently the above option is legal i.e. it is not banned. However, ensure your transactions are from legal source of funds, appropriately taxes and follows other legal requirements
• While you are using OctaFx, kindly note that trading in foreign exchange is banned in many countries including India (Yes, this is something of a legal grey area). Therefore, as long as you use the funds only for depositing/withdrawing crypto to/from crypto exchanges, it should be alright.
• If cryptocurrencies are banned by your country even the above method would be illegal, and hence do not follow this in such case. I have separately discussed on legal grounds to challenge the ban on cryptocurrencies in this thread: https://bitcointalk.org/index.php?topic=5334398.0
• The exchanges and OctaFx will likely charge a small portion of deposit/withdrawals as fees. Please consider this before undertaking any transaction.

Trust you will find this post useful. Please feel free to share any other ideas that you have, which I can incorporate into the post, so that this can serve as a comprehensive guide for everyone.

Hi everyone, this is in relation to sale of NFT of a digital art which was derived out of 2 physical paintings, with the permission and full consent of the original painter who is a budding artist. This has been listed on AtomicHub.io and can be found with this link: https://wax.atomichub.io/market/auction/212974

I have provided other details of the NFT and the auction below.

Description: This painting signifies the message of peace that Buddha had delivered, resonating through the space. This is a digitized combination of the other 2 paintings in this collection. This is 1 out of 10 NFTs of this digitized art piece.
Starting bid: 50 WAX tokens (Currently $13)
Buy it now: 150 WAX tokens (Currently $39) subject to not receiving bids higher than this amount and receiving offer by May 8, 2021,  5 PM UTC.
End date and time: May 13, 2021 at 12 PM UTC
Payment methods accepted: WAX tokens on AtomicHub marketplace only. This would provide safety of funds and NFT for me as a seller and you as a buyer.

In case you would want to hold this as a unique NFT with no copies, we can discuss the terms of this arrangement and I could either burn remaining copies of this NFT or sell you all of the copies of this art for a fixed price.

In case you need any additional information, please feel free to reply to this thread or send me a message.

You would have to worry if your redemption amount in one particular financial year is huge. This is because your bank is required to report any huge financial transaction or suspicious transactions to the government. Further, if a ban is imposed, government is likely going to take the information from exchanges (in India, at least) on your cryptocurrency transactions and take the details of redemption of any amount to your bank account from such exchanges.

Having said this, you need to worry only if you have done something illegal with cryptocurrency or have failed to pay taxes on your cryptocurrency income. If you have only participated in signature campaigns and your income is below the minimum threshold for taxation, you have absolutely nothing to worry about. The limit for taxation has been Rs. 5 lakhs for the past 3 years.

Further, in relation to getting the info on all the transactions, kindly note that the income tax department can seek information and recover taxes only up to last 3 years (as amended in Finance Act, 2021) if income that is escaping taxation is below Rs. 50 lakhs. Only if the income escaping taxation is above Rs. 50 lakhs the income tax department can seek information up to 10 years.

I hope you have been compliant with the laws and filed your taxes (if required to do so) and hence do not face any trouble. However, if there is any concern, feel free to let me know. I would be happy to help you out in a legal and ethical manner.

 

Thank you for your comments. Yes, I totally agree that money can be laundered by use of mixers and NFTs as well. However, a ban on cryptocurrencies in itself won't stop any criminal from using crypto as a means of money laundering. Such criminals will continue to use crypto even if it is banned because implementing a ban is 1000x more difficult than introducing a ban.

Further, regarding KYC, as far as my experience goes, most reputed centralized exchanges do not allow any purchase of cryptocurrencies without the minimal KYC norms. Hence, these exchanges will have information on the user and of the transactions undertaken by the user. Once such data is available with them, they can track the aggregate of the transactions throughout a period and thereby identify large movement of crypto/cash. Government can then regulate the exchanges, requiring them to mandatorily share this information with them. Thereby, Government can track money laundering through crypto.

I hope this addresses the points you raised. Thank you again for your inputs. I would like to take up a separate post providing how Government can regulate the cryptocurrencies, also considering how few of the governments have already implemented these laws.