Bitcoin regulation across the world
Cryptocurrencies are here to replace fiat money and this is putting governments around the world in a Awkward Situation.
But this process is going to be a slow and a expensive road to get to fruition for several reasons:
- First, ignorance of governments on the issue of cryptocurrency, that they will have to pull their socks up, and invest in people with sufficient knowledge and this costs money and time.
- Second, there is no infrastructure for regulation under conditions. Governments will have to invest in companies dedicated to these tasks.
- And the third and most important reason, All the governments of the world will have to agree and create a global role of decentralized regularization. And believe me, ladies and gentlemen, that is very far with the current system of world government.
Anyway I leave you with the global panorama of cryptocurrency regulation, in a few months please come back here and we will see if things have changed. Happy Bitcoin.
*Only known sources until January 2018.
This is the prerogative of the Central Bank at present and the Central Bank has sufficient authority so far. However, in broad terms, legislative regulation will be definitely required in the future.
Russian President, Vladimir Putin
Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the internet. We don’t own it.
Central Bank Of Nigeria
There are clear risks for investors and consumers associated to price volatility, including the risk of complete loss of investment, operational and security failures, market manipulation and liability gaps.
Executive for the European Union
Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
Australian Taxation Office (ATO)