Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Paglamon on May 11, 2020, 06:11:43 AM
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Bitcoin has become the new buzzword among the digital financial markets. One of the striking features which makes it unique than the conventional currency is that it is decentralized. Bitcoin does not need to be passed via an intermediary or backed or managed by any central institutions like banks. Cryptocurrency or Bitcoin is being managed and recorded on a blockchain network which makes the transaction transparent and secured, thereby Bitcoin is better than conventional currency. As the Bitcoin started getting popular, regulatory authorities of countries all across the world seemed to be confused in handling the currency. Some countries legalized it while others made the Bitcoin illegal. While some other restricted and regulated the crypto markets in their country. In this article, let us explore the response to- Should Bitcoin be legalized?
Should Bitcoin Be Legalized? | Should Bitcoin Be Illegalised?
After reading about the lucrative profits associated with investment in Bitcoins, are you thinking of buying some of them? Or at the time of crisis, you want to sell or spend them? I would recommend checking the status of the cryptocurrency in your country. Amid the chaotic financial environment, where most of the fiat currencies are evaluated on the basis of the behavior of the US dollar, rates of crude oil, and the social and political conditions of the country, some of the countries took the decision to legalize the controversial Bitcoin. More than 100 countries (till 2020) including Japan, Singapore, Switzerland, Malta, and many more had recognized the status of Bitcoin and legalized it. As reported by many of the nations, legalizing the Bitcoin is helping them to revolutionize the financial system in the following ways:
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Definitely should be legalized.
I want to withdraw my crypto profit and don't worry about block of my debit card! I'm ready to pay taxes, but just give me to do it normally
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I want to add that, firstly, Bitcoin is not illegal and so it is legit; decentralized money accepted within it's community of users globally.
Obvious, Bitcoin can be converted to almost all fait currencies in the world and many countries of the world had legalized crypto. Bitcoin, in my opinion will continue to be adopted globally until it becomes generally accepted or legalized in all nations of the world.
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According to the nations who have legalized the digital currency are exploring more of the benefits to enhance the experience of their citizens while confirming the payment. But, should other countries legalize Bitcoin?
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Currently, only about ten states have banned the circulation of bitcoin or have imposed other restrictions on its use and the use of another decentralized cryptocurrency. In all remaining states, bitcoin can be considered legal for circulation. To legalize cryptocurrencies, special laws or regulations are needed that establish the rules for their circulation in a particular state.
While we can not say how the state will relate to a decentralized cryptocurrency. In general, states do not need a decentralized cryptocurrency. We see so far that states will use their digitized national currencies, that is, stable coins of their central banks.
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Many countries have already legalized it and they even tax the hodler and investor and some countries tax on gains. The remaining most of the countries are also working on regulations so all good for bitcoin.