The concept of the Cryptocurrency is fairly a new concept that people still need time to understand. This has made the central banks restrict themself with the Cryptocurrency trades and exchanges. Central banks are still trying to come up with the right technology to control the flow of the Cryptocurrencies.
Cryptocurrency and blockchain technology have caused a huge impact on the world’s trading market. Itrepels has reached to most of the field of work. As the cryptocurrency is supported by the blockchain technology, it shares all the information and transfers business finances with the help of the public ledger network.
Cryptocurrencies are the decentralized digital currency. This make them independent from all the government intuition. This has left the central government in an awkward position.
The central government is in a tight spot with fiat currency and cryptocurrencies. Cryptocurrencies are like a boon that can give the people the financial freedom they need, but the downside Cryptocurrencies are that it might replace the fiat currency leaving the nation’s currency with a value equivalent to that of paper.
The government is still trying to find a point that can balance the uses of the fiat currency and cryptocurrency equally. For the time these are the thoughts of the different continents at the moment.
What United states thinks?
We all know that USD is the international currency unit that is used all over the world for any international trade. This had restricted America from fully accepting the regulation of the cryptocurrencies. The American economist are strongly against the acceptance of the Cryptocurrency.
The central government has not taken any concrete decision regarding the cryptocurrencies, and have left the decision to the state government. State governments are allowed to use the Cryptocurrency however they like.
This had made the states working on their own with the regulation of the cryptocurrencies. So far, Nevada, New York, Arizona are some of the states that have issued bills for the regulation of the cryptocurrencies.
Even if there are no concrete rules over the regulation of the cryptocurrencies, every trader is liable to pay tax on their Crypto profit.
What does the European nation think?
Unlike the U.S, Europe is a complex place for any Cryptocurrencies. After facing the financial crisis in 2008, Europe took the cryptocurrency as an opportunity to boost up its economy. After the introduction of the Cryptocurrency in 2009, Europe take the first initiative to make laws to regulate the cryptocurrencies.
With time, Europe gets accustomed with the blockchain technology and formulated several modules and implemented it in their system. In Europe, Switzerland, and Germany have really got accustomed to the Cryptocurrency and they are using them rigorously in every field of work.
What does Asian Country think?
Asian countries have always been in support of the cryptocurrencies. Countries like Japan have always stood beside the Cryptocurrency. It has even declared that Bitcoin is a legal currency in Japan. However, that does not mean that banks are allowed to deal with bitcoins, but the holding of the bitcoins or other form of Cryptocurrencies is legal.
There are other parts of the Asian continent which also support the regulation of the cryptocurrencies with few terms and condition.
The world’s Cryptocurrency economy
The market value of the Crypto trade market has already reached a milestone of a hundred thousand billion dollars. And this value increases every day. With how the cryptocurrency is changing the way of trade market, slowly but the countries have started to accept the revolution the cryptocurrencies have brought to the world’s finance.
The cryptocurrency has brought a huge revolution in the international market. The impact of the Cryptocurrency was so huge that the tremor of the impact reached the foundation of the government. This made the government think about the regulation of the cryptocurrencies. If you are also interested in the crypto trade, you can visit icorating.com and can be a part of the Crypto revolution army.