The international scenario of cryptocurrency

The legal status of cryptocurrency varies substantially from country to country, with some countries becoming global advocates of virtual currency, while others have actively banned it. Below are some examples of how different countries are dealing with these cryptocurrencies.

1. China- China has taken the move to ban all the websites dealing or trading in cryptocurrencies. Moreover, they have also directed their financial institutions to cease any kind of financial support to the entities dealing in such currencies.
2. Ukraine- Ukraine has formulated a law to ban cryptocurrency, but they have allowed crypto mining to generate revenue for the country.
3. Japan- Japan is the first country to recognize cryptocurrency as a legal tender. Creating biggest virtual currency market in the country.
4. Australia- Australia is another country which has recognized cryptocurrency as a legal tender.

Future of Cryptocurrency

Imagine going on a foreign trip without taking any amount from the ATM or paying any international transaction fees. Isn’t it convenient? All this could be made possible by cryptocurrencies.

Cryptocurrencies are ideal for cross-border transactions, as it involves no fees. Moreover, it offers a peer to peer system which excludes any Government regulation.

Realizing the scope of virtual currencies, the Reserve Bank of India is also proposing to launch its own cryptocurrency by the name of ‘Lakshmi,' after the Hindu goddess of wealth. Which will enable the Government to track every single transaction that is on the central ledger. Consequently, protecting the country from mounting cases of counterfeiting, money laundering, and corruption.

Recently, Venezuela became the first country to launch its own cryptocurrency ‘Petro’ on February 20th, 2018. The estimated preliminary sales of which reached to $735 million.

Not just countries, even big companies like Tesla, Microsoft, Wikipedia, Lionsgate Films and Virgin Galactic, believes in the future of cryptocurrencies and accepting payments in Bitcoins.

Even after so much speculation around cryptocurrencies, one thing is certain that in future it will completely replace the paper currency.

The above information has been gathered by LawStreet Journalreporter from different sources including seminars and views of cyber crime expert Advocate Neeraj Aarora.