UK, 30th November: India's cryptocurrency bill is up for anticipation. We don't know what measures the government is thinking of implementing in the future. We also don't know how those rules and regulations are going to shape up the Indian cryptocurrency market.
But here are some countries that have given the green signal to Bitcoins and cryptocurrencies. We will go over these countries real quick:
USA (United States of America)
In the USA, different regulators have a different set of rules and regulations for cryptocurrencies. Still, there is no centralized regulator. And these currencies are not used as legal tenders. The country is worried about the usage of these currencies in illegal transactions. But usually, these government institutions have a positive response towards these currencies.
UK (United Kingdom)
The UK is also quite supportive of cryptocurrencies. No, this country does not employ them as legal tenders, but merchants are accepting these currencies for payment purposes. Of course, there is strict regulation in place for this purpose.
Alongside the UK, the European Union also is quite positive about these currencies. But some countries have some additional measures to protect the best interests of people.
Canada Revenue Agency is responsible for maintaining and regulating cryptocurrencies and their usage. This institution is responsible to see that these currencies are not used for illegal purposes. Anti-money laundering laws are applicable in crypto transactions, especially when done through cryptocurrency exchanges.
Australia's approach to these currencies matches Canada's. The profits gained through these transactions are taxed under business gains by the ATO (Australian Taxation Office).
None of these countries use them as legalized tenders. The only one to do it, is El Salvador, right now. We think that others will start considering it after seeing El Salvador's success.
Some African and Asian countries are also positive about this currency. A fair number of countries are interested in taking the "wait-see-take action" approach.
But others are strictly restricting them. The top proponent of banning cryptocurrency usage, is China. Any form of Bitcoin or cryptocurrency usage is banned here.
Miners don't have any permission to mine cryptocurrencies. Russia is a bit of a grey area for cryptocurrency users. Vietnam, Bolivia, Columbia, and Ecuador are still not in favor of these currencies.