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The attitude of governments around the world towards bitcoin

Publish: 2021-05-25 22:22:20
1. Globally, governments have different attitudes towards blockchain and blockchain assets, but on the whole, they are still in the exploration period
European and American countries are actively monitoring. Germany is the first country to recognize bitcoin and other digital assets as private property. The US CFTC (US Commodity Futures Commission) has identified bitcoin as a commodity. The state of New York has issued three bitlicenses
the situation in Asia is different. Japan actively supports it. In April this year, Japan implemented the payment services act, officially recognizing bitcoin as a legal payment method
South Korea is actively monitoring. In July, South Korea's "bitcoin Regulation Act" came out, setting a threshold of 500 million won for investors
China has strict supervision. In September, the people's Bank of China and other seven ministries and commissions jointly issued the "notice on preventing the financing risk of token issuance", which stipulates that in China, trading platforms shall not engage in the exchange business between legal tender and "virtual currency".
2. Germany
at the end of June 2013, after the German parliament decided that bitcoin would be tax-free if it was held for more than one year, bitcoin was recognized as a "unit of account" by the German Ministry of finance, which means that bitcoin has been regarded as a legal currency in Germany and can be used to pay taxes and engage in trade activities< In August 2013, judge Amos mazant of Texas District Court ruled in a case of bitcoin virtual hedge fund that bitcoin is a kind of currency and should be included in the scope of financial regulation
legal status
bitcoin can still be considered as legal at present. In the world, bitcoin can be regarded as a virtual commodity and protected by law; If bitcoin cannot be officially recognized as a kind of currency by law, it may bring inconvenience to the businesses and indivials who accept bitcoin in tax declaration, because the businesses who accept bitcoin will be regarded as barter transactions, and such transactions are more troublesome than ordinary transactions in tax declaration
at the same time, bitcoin, as a commodity highly similar to currency, needs to meet the demand of anti money laundering. Bitcoin needs to be included in the personal property declaration, banking anti money laundering system, anti insider trading, anti market manipulation and other systems in terms of transaction and possession. Bitcoin exchanges and storage institutions may also need government supervision and licensing. Some fast-growing bitcoin exchanges and payment service providers are actively exploring cooperation with regulatory agencies to bring bitcoin payment into the regulatory framework of anti money laundering and anti-terrorism financing by applying for licenses and actively communicating with regulatory authorities
in Europe, the European Central Bank published a report on "virtual currency architecture", and the French bitcoin trading platform obtained the PSP qualification. On December 6, 2012, the central bank wrote in the report: "this report is the first attempt to provide a basis for discussing the virtual currency system. While these systems may play an active role in financial innovation and in providing consumers with alternative means of payment, they also clearly create risks. " "Because of the small size of virtual currency systems, these risks do not affect anyone other than the users of these systems," the report added The report reviews the history of bitcoin and reviews its basic features, including currency and technical operation.
3.

Bitcoin is a kind of P2P digital currency

reasons for blocking:

1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities

The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed

The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading

4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless

extended materials:

the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system

unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation

the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner

This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 million

bitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items

on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency

from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees

4.

At the G20 meeting, different countries held different views on digital currency, some strongly resisted it, and some actively supervised it. Now let's take a look at the attitudes of the G20 countries towards digital currency

In a statement, the Canadian Securities Regulatory Agency (CSA) said that considering the whole process of ICO issuance, many ICO tokens meet the definition of securities and require them to comply with the securities law. In addition, the CSA noted that ICOS may also be derivatives, subject to derivatives laws passed by Canadian securities regulators, including trade reporting rules. Regulators said they welcome companies that are about to conct ICO to enter the "regulatory sandbox" to test new financial procts in a limited environment

India

the securities and Exchange Commission of India is planning guidelines for the regulation of the bitcoin market in India. In addition, the securities and Exchange Commission of India set up a financial regulatory commission and held meetings with Reserve Bank of India (RBI) officials. The SEC also plans to regulate whether bitcoin derivatives and other cryptocurrencies are used to raise funds illegally

5. Bitcoin, as a form of currency independent of governments, has the possibility of disturbing the normal financial order, which makes governments fight against bitcoin. For China, which pays more attention to the central authority and financial security, it will strengthen the ban on bitcoin. In other words, even if bitcoin can survive, the possible place is not China, because we have always adopted a more cautious and safe attitude towards the supervision of similar financial procts.
6. The design of "decentralization" determines that the "centralized" government cannot touch bitcoin
the emergence, development, amendment, circulation and extinction of bitcoin do not depend on the government, so "whether the government allows" has nothing to do with "whether bitcoin exists"
for example, the birth, development and extinction of the solar system do not need the permission of the government
if bitcoin is exchanged with the government controlled "legal tender" (such as US dollar), the government can influence the performance of bitcoin by controlling the legal tender
if the recognition of such assets reaches the bottom line of% 35 in 2019, the world pattern will be more reasonable, transparent and open

how should we deal with the coming risks- Buy bitcoin quickly to deal with the risk of "no bitcoin".
7. Generally, it's legal, but I don't think it's reliable. If you put it in your wallet, it's equivalent to being in someone else's, so you can't make your own decisions
8. I want to rationally ask you to have a clear look. Has bitcoin ever been recognized by all countries
the birth of bitcoin was originally a protest against financial hegemony. Today, the United States has to pay for the $500 billion. Bitcoin's purpose is to create a new currency through consensus and trust among people. Bitcoin's purpose is to set the price with the participation of all members and determine the price through the free mechanism of the market, And his proction cost is the cost of equipment and electricity
no one forces anyone to join the coin circle, but the third halving of bitcoin in May 2020 will be a milestone. I don't know if bitcoin will be accepted by nobody as you said. But one thing is for sure: no matter how many non coin circle people question whether bitcoin is a pyramid scheme or has no real value, bitcoin can't be eliminated, Because his value belongs to all the people who hold and trust the consensus. If you have doubts, just watch him quietly, and let time prove the rest.
9. Now the central bank comes out to control ~ it should take a form! I am still very strong BTC, the future will certainly rise to 10000, up to 10000 is not a dream!
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