What National Governments Think of Cryptocurrency?By Toby Tunwase
The cryptocurrency world is developing at an incredible rate, and what was once known and practiced by a select few is becoming mainstream. As expected, various governments around the globe have been forced to address the issue, both in terms of understanding it and then regulating it. This article looks at the different perspectives taken by various national governments around the world on the issue of cryptocurrency.
- The United States
The government of the United States has had a largely positive response to the growing field of cryptocurrency. There has been no ban on cryptocurrency, with the government largely involved in understanding the field and then formulating strategies for effective regulation. Of course, those, like Elon Musk, have advised the government not to regulate the area. However, calls within the government are more towards effective regulation.
Unlike the United States, China has primarily been antagonistic towards the cryptocurrency world, and just recently, the government issued a sweeping ban on cryptocurrency. The ban makes all cryptocurrency transactions illegal. The government cited disruption to the country’s financial sector and money laundering as the reason for the recent ban on cryptocurrency.
As the second-largest market for Bitcoin trade, the opinion of the Nigerian government on bitcoin trade is undoubtedly essential. So far, the government has given mixed tunes. An initial extremely antagonistic view led to a ban. However, more recently, the tune has changed towards finding a way to regulate the sector and not just preclude the people from it.