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Cryptocurrency and Law: negative approach and prejudice

09-07-2018

As we promised earlier, here is the second part of the article, devoted to how different countries are reacting to the new type of financial assets: cryptocurrencies. In this part, you will be able to read about how some countries prevent the development of blockchain in a variety of ways.

1.The Supreme Court of India refused to remove the restrictions imposed by the local regulator in April on the cryptocurrency activity of local financial companies.

2. The authorities of Iran block the access to bitcoin-exchanges. In particular, difficulties were noted with access to Binance, Blockchain and LocalBitcoins, even with using VPN and other ways of bypassing the locks. One of the Iranian enthusiasts, crypted on condition of anonymity, said that it was all about the new sanctions that would be imposed on the country in August and November later this year.

3.The Central Bank of Finland issued a document entitled "The Great Deception of Cryptocurrency", in which its opinion is expressed as the negative attitude to digital currencies. The representative of the Bank of Finland believes that cryptocurrencies are not real currencies, but only "counting systems of non-existent assets".

4. "We want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activity of exchanges in this segment and any kinds of mining," said the chairman of the National Bank of Kazakhstan Daniyar Akishev.

5. In Russia, cryptocurrencies were equated to property. Also, now both Bitcoin and altcoins are subject to property tax. This greatly reduces the activity of crypto-enthusiasts and reduces the profitability of crypto-farms in this country.

We hope that such negative manifestations will be as small as possible so that more and more countries will try to keep up with progress and introduce blockchain components into their economies. And we will closely monitor this and regularly supply you with the latest news. Good luck!

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