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Cryptocurrency and law: BONUS!

11-07-2018

Having written two articles with news from different countries of the world, both negative and positive, we decided to supplement and complete this topic with a selection of news about countries that have not yet formed their position regarding the cryptocurrency. Some of them have the opportunity to occupy an important niche in the development of the cryptosphere in the future, while others can abandon new technologies and follow the example of Iran and India.

1. Ukraine is a vivid example of uncertainty regarding crypto-currencies. Until 2017 the government generally ignored this concept, despite the fact that the blockchain-technologies were used in public administration. However, later the parliament deputies drafted two draft laws that were designed to regulate this sphere. The crypto society criticized the proposals of the deputies and drafted its bill a year later. At the moment, there is still a lively debate on this topic and it is not clear what it can lead to.

2. Another example is the National Bank of Moldova. The regulator does not directly prohibit the use of cryptocurrency, although it warns about various risks, including the possibility of losing all investments. But, the Central Bank monitors "the development of international practice."

3. Cyprus. Despite the fact that the government has not yet formed its attitude to the cryptosphere, state organizations still support various interesting initiatives: it was Cyprus that became the home of the University of Nicosia, one of the first schools offering a blockchain programming course entitled "Master of Science in Digital Currency ".

4. Nigeria. In most countries in Africa, they do not yet know how to treat such advanced technologies as blockchain and crypto-currencies. At the beginning of 2017, the Central Bank of Nigeria (CBN) intended to ban electronic money, but then the deputy director of the bank changed his attitude to the cryptocurrency, saying that the Central Bank does not have the ability to regulate or control bitcoin. However, already in January 2018, the head of the bank Godwin Emefiele once again had issued a statement that it is necessary to regulate the cryptocurrency.

5. On January 22, the head of the Bank of Ghana, Ernest Addison, said: "At the moment, bitcoin is an illegal payment instrument." Although the parliament is considering a bill that permits the use of cryptocurrency, the country still treats bitcoin and other cryptocurrencies as illegal money.

6. SOUTH AFRICA. Over the past ten years, the national currency of South Africa, the South African rand has been repeatedly depreciated. In 2018, the country has not yet expressed its attitude to the regulation of the cryptocurrency. Due to the fact that the South African national currency depends on China, South Africa can also accept China's view on the regulation of the cryptocurrency.

We hope that these countries will make the right choice: in favor of progress and new technologies. We will carefully monitor the latest news and supply them for you! Time will certainly put everything in its place. Good luck!

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