Many experts believe that many countries around the world have witnessed a great improvement in 2019 as regards crypto regulations and adoption of blockchain technology, according to Cointelegraph website.
“Some countries now consider cryptocurrencies legal tender, while many viewing them as commodities,” said Alina Kiselevich, employee at Enigma Securities.
“Governments around the world are keenly aware of the problem that the technology is rapidly outpacing the laws that govern it,” he added.
The country was on the sidelines of blockchain adoption, until François de Galhau, the governor of the Bank of France, said the institution was ready to launch a pilot project for a central bank digital currency in the first quarter of 2020.
On the other hand, French Minister of Economy Bruno Le Maire said crypto-to-crypto transactions will no longer be subject to tax. “However, sales of cryptocurrencies for fiat will still be taxable with the nation’s treasury.”
The financial sector in Germany is not allowed to have any dealings with cryptocurrencies. However, the government approved a bill in November allowing banks to sell cryptocurrencies.
The U.S. is a trendsetter as regards blockchain technology and cryptocurrency adoption, and most countries in the world act in light of the the US vision.
All digital assets will be equated with fiat currencies and subject to the same tax and supervision procedures.
When talking about crypto regulations in China, we will note that the relationship with cryptocurrency could vie with a Shakespearean romance. The authorities are providing blockchain technologies to track transactions and introducing transparency.
The Standing Committee of the 13th National People’s Congress in China announced that new cryptographic regulations will come into force on Jan. 1, 2020. The move aims to introduce regulations for blockchain in light of President Xi Jinping’s calls for speeding up the adoption of such technologies.
Iran is one of the main blockchain hubs due to its long-standing sanctions. Experts believe that several countries will make major changes in their crypto regulations over the next two years.
“This will open the floodgates as regulators become more comfortable and organizations around the globe realize the benefits digital currencies provide, such as low transaction fees and instant payments,” said Jessica Renden, head of operations at cryptocurrency exchange Cointree.
“Within five years, we expect all first-world countries to have released, or to be working on their own digital currency if they aren’t already,” he added.