[2017-10-30] World cryptocurrency laws still far from ideal

[fanatseal2]

Alas, the strict policy towards digital currency market is still present in some parts of the world, no matter how cryptocurrency evangelists try to say the future is already here.

For example, the central bank of Vietnam has announced measures the likes of which even China have not implemented – since 1 January 2018, all cryptocurrency circulation will be prohibited. A fee equal to nine thousand U.S. dollars will be charged from violators. It would be relevant to remind that Vietnam is still a one-party state with many conservatives in power. They might even genuinely think Bitcoin is a Ponzi scheme and they are doing a good service for the country by banning it.

Lebanon’s central bank has taken almost the same counter-coin measure on its soil. But it does not exclude issuing state-backed cryptocurrency. The latter statement matches the popular trend set by China, although we have yet to see the first state-backed altcoin – all governmental claims still remain claims.

UAE, while relatively rich, does not seem to embrace cryptocurrencies without any doubt: its central bank has recently warned against the use of coins as a medium of payment and officials still believe digital currencies are not backed by anything tangible.

Meanwhile in Russia, as our regular readers know, the high-level authorities have decided to...Read more

[warrior333]

I do not believe any reports that indicate that the government of any country of the world want to legalize bitcoin. It's all just trying to lull. After legalization they will collect all the data about users and then will be able to ban bitcoins. Governments in all countries only think about their interests. They are only a tool to achieve their goals.

[greeklogos]

I do not believe any reports that indicate that the government of any country of the world want to legalize bitcoin. It's all just trying to lull. After legalization they will collect all the data about users and then will be able to ban bitcoins. Governments in all countries only think about their interests. They are only a tool to achieve their goals.

Yeah I think the word legalization was mixed with word regulation which is more useful in today's situation towards bitcoin and other countries. But if to think logically there will never be any ideal law, cause of there is nothing perfect in this world and we may try, but it will stay many of people who do not like anything about new regulation law. That's life, man.

[CryptoBry]

What could we expect? One of those to be disrupted by Bitcoin and the blockchain technology is of course the government and sadly many of these governments are taking it as a threat rather than like Japan which is viewing it as a great opportunity. When a government is listening to the pulses of the market and the people they would realize that cryptocurrency is already here to stay...the best thing to do is to be a part of it and use it for the benefits of the country. Sadly there are still those who are clinging into the past...though we are about to leapfrog into the future. Anyway, these countries mentioned here are small ones and do not have direct effect on Bitcoin generally.