Status of Governments on Cryptocurrency around the World
Exchanging virtual currency with real currency is a hot topic in E-business and E-commerce industries. Trading cryptocurrency for cash is banned and prohibited in some countries where in other countries, it is either allowed or not regulated yet. Things have already begun to heat up as countries around the world grapple with cryptocurrencies and try to determine how they are going to treat them. Some are welcoming, others are cautious. And some countries are downright antagonistic. United States (Friendly): The U.S. has been taking an approach to foster innovation and growth of blockchain and cryptocurrency while protecting investors from high risks and fraud. On February 6, 2018, the Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), took the position that “we owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one.” Canada (Friendly): The Fin...