Blockchain and cryptocurrency

So government of Kazakhstan is exploring the ways of cooperation and using the cryptocurrencies. First, the effective partnership will allow the government of the country to take this huge market under control. Transactions might estimate at millions of dollars. Second, the government’s control potentially could prevent frauds and scams.

Russian Federation

Representatives of the Central Bank of Russian Federation stated that cryptocurrencies may show signs of a financial pyramid. The government thinks this digital asset is used in illegal activities and carry risks for national financial stability.

If Russian authorities will ban financial operations with cryptocurrencies, it provokes an outflow of IT specialists from the state – this is the opinion of Russian famous businessman and billionaire Pavel Durov.

Russia is one of the three world leaders in Bitcoin mining among the USA and Kazakhstan. According to the information of the Central Bank of Russian Federation, the volume of transactions of Russians with digital assets could be nearly 5 billion dollars a year.

There is an interesting fact that in 2021 a team of young teachers, students and their parents created the first school cryptocurrency “umnikoins”. About 18,000 schoolchildren have already joined the program, although it has not yet been presented to the masses. The project has to be a motivation for students to study better. Within the theory every positive mark can be exchanged to “umnicoin”.

ChinaChina refused to look for a compromise in cryptocurrencies’ using. The local authorities have declared all transactions with electronic assets, without exception, illegal. And citizens who dare to circumvent the law face criminal prosecution. The official version of the ban is that cryptocurrencies contribute to money laundering and fraud, because transactions cannot be tracked. However, we should keep in mind the totalitarian habits of Chinese authorities. Most likely, the Chinese approach is similar to the neighboring (Indian) and the brightest minds of the country are already working on main national electronic currency.

El SalvadorEl Salvador

The parliament adopted BitcoinBitcoin as legal tender in September 2020

The International Monetary Fund and the World BankWorld Bank criticized the decision of the Salvadoran authorities. They said that cryptocurrency is an unreliable method of payment. At the same time, other experts assure that banks are losing their profits, so they speak out against electronic assets. Cryptocurrency investors are sure that such technologies allow not only to avoid tedious queues in financial buildings, and also to bypass the bank commission. Sounds like a nice bonus, isn’t it?

IndiaIndia

The Indian authorities are also trying to keep up with this issue. The parliament said that they will ban all cryptocurrencies very soon. However, it will be done not to protect citizens from dubious transactions, but in order to present the national cryptocurrency. Responsibility for the development of the digital asset was assigned to the Reserve Bank of India. They look up to SingaporeSingapore and the United StatesUnited States, countries that have managed to create a progressive environment for the development of cryptocurrencies.

ChinaChina

El Salvador

The parliament adopted Bitcoin as legal tender in September 2020

In this Latin American country bitcoins have been approved by parliament. The decision was made in the fall of 2021. So you can pay by Bitcoin there as well as the national currency. This decision was made the country a real pioneer in a full legalization crypto currencies.

Of course, residents were afraid of the introduction of Bitcoin in their every-day life. This currency is super unstable. However, it might be both: advantage and disadvantage. And the government did some awareness-raising activities to improve people’s loyalty to Bitcoin.

Cryptocurrencies are stored on a personal account, access to it is available day and night - thanks to a mobile application. Not all residents of El Salvador appreciated the innovations. Almost immediately, the country was stirred up by mass protests against the legalization of Bitcoin. People were furious, and news of the conflict had been swirling in the information field for several weeks.

People were angry mainly because such an important decision government (which is considered to be democratic) took without any publics debates.

The International Monetary Fund and the World Bank criticized the decision of the Salvadoran authorities. They said that cryptocurrency is an unreliable method of payment. At the same time, other experts assure that banks are losing their profits, so they speak out against electronic assets. Cryptocurrency investors are sure that such technologies allow not only to avoid tedious queues in financial buildings, and also to bypass the bank commission. Sounds like a nice bonus, isn’t it?

India

The Indian authorities are also trying to keep up with this issue. The parliament said that they will ban all cryptocurrencies very soon. However, it will be done not to protect citizens from dubious transactions, but in order to present the national cryptocurrency. Responsibility for the development of the digital asset was assigned to the Reserve Bank of India. They look up to Singapore and the United States, countries that have managed to create a progressive environment for the development of cryptocurrencies.

China

China refused to look for a compromise in cryptocurrencies’ using. The local authorities have declared all transactions with electronic assets, without exception, illegal. And citizens who dare to circumvent the law face criminal prosecution. The official version of the ban is that cryptocurrencies contribute to money laundering and fraud, because transactions cannot be tracked. However, we should keep in mind the totalitarian habits of Chinese authorities. Most likely, the Chinese approach is similar to the neighboring (Indian) and the brightest minds of the country are already working on main national electronic currency.