How do the countries who legalized blockchain and cryptocurrency fare? (2019)



despite the fact that blockchain and cryptocurrency have reached a mark of 10 years there are only a handful amount of countries that had introduced these technologies in the legal field mostly the regulatory framework either exists in a reduced and insufficient or full legal work form or is only being developed or the authorities decide to counteract the mass adoption of cryptocurrencies and blockchain on their territories and begin to prohibit it as is the case in India if talking about the ones interest in new development technologies or do you some circumstances had to turn into this direction Republic of Belarus was not afraid to the glass the currency following the example of Malta and Venezuela how has the life of the countries that made the blockchain and cryptocurrency illegal changed Malta in July of last year the Parliament of Malta had adopted a pack of bills which are regulating the use and application of blockchain technologies encrypt the currency in the country the distillation regulates investments in the digital economy the rules for companies to obtain the licenses for work and the rules of control over financial institutions there was a specialized crypto industry control body was created for licensing and control on mountain it is authorized to lysis control companies check ICO requests information about the identity of the founders however even before the adoption of these laws Malta was attractive for blockchain companies transparency for cryptocurrency and blockchain more than once publicly expressed center officials of the country prime minister Joseph Muscat said that blockchain technology is one of the most promising industries and therefore crypto currency as a result of blockchain who have it spotlight again Joseph Muscat proudly called Malta blockchain Ireland and added that the vanity of cryptocurrency is in transparency which makes it possible to identify in legal financial activities and cash flow in various areas such as social and charitable at the same time revelation of the International Monetary Fund regarding the legalization of bloc chanting cryptocurrencies are not so optimistic according to experts of the organization cryptocurrencies technologies allow financial organizations to evade taxes which affects the economy of Malta according to analysts of the IMF tax revenues to the budget decrease in proportion to the increase in the number of – for whom favourable conditions have been created in Malta another threat to the economy I may have ceased in the gaming industry however it is worth noting that financial transactions have never been the main source of income of Malta over 30% of GDP is in the tourism sector and the same amount is in shipbuilding in addition since the legalization of cryptocurrency and the blockchain in fact only half a year has passed so such a short period cannot provide a full assessment of the implications of this decision for the economy one way or another for the time being Malta does not plan on giving up on the title of blockchain island continuing to develop this industry when Israel where as well is another counter that has been known in the world for the launch of the first state group the currency as president Nicolas Maduro stated al Petrus cryptocurrencies when as well as way to fight inflation and support of the West block chain technology the introduction of state-owned digital money to fight inflation around million of percent from the very beginning caused great skepticism among the experts in the community opinions of outside and local experts differ when his well authorities claim that l petrol will help a country stabilize economy by 2020 however experts from the IMF and other financial organizations on contrary believe that the cryptocurrency won't be able to save the countless economy note that Durer announcing the decision to create a national cryptocurrency explained that its main goal is international trade and bypassing US sanctions now when as well wants to sell 15 percent of oil exclusively for petrol also we're making settlements in this currency other countries will receive discounts up to 30 percent at the moment the circulation of petrol in the country is extremely low to fix this the Venezuelan authorities intend to switch the better some local payments for example pensions at the moment a lot more interested in petrol residents of the country are experiencing for Bitcoin and – cryptocurrency experts also expressed dubs about investing in the currency pegged to oil which in the prospect of couple decades will only become cheaper another opinion is that buying petrol the same as thinking and lured in unstable with is raela anyway it is not yet clear how murderous ideas will come true if in the economic sense there are adapts in this then what as well should be considered at least as a blockchain sandbox in which you can freely experiment with cryptocurrency cryptocurrencies in belorus the decree on the development of the digital economy which permits mining trading and exchange of cryptocurrencies as well as the nation and testament of tokens President of the Republic of Belarus Alexander Lukashenko signed in December 2017 the innovation came into force on March 28th 2018 making Belarus one of the first counters in the world where the cryptocurrency is legalized however this organization takes place with some restrictions only the residence of the high-tech Park received full freedom of handling with the cryptocurrencies high-tech Park is the structure which should be the Belarusian version of Silicon Valley now the turnover in the park according for the horses is over 1 billion dollars now the park is about 400 companies engaged in the cripton industry all operations with the currency are exempt from Texas and 2,023 the authorities of the country declared but in this way they attract innovative foreign capital into the country at the same time this conditions prompted some experts to say that Bela's could become a crypt offshore if the decree for limit will remain for full legalization of cryptocurrency an additional legislative framework is needed which is not available at this stage also on October the authorities of the Republic of Belarus concluded an agreement with the Swiss financial market supervision Authority in terms of control over the circulation of cryptocurrencies which indicates the country's positive disposition that was a further development in this direction if you want to make money with trading Bitcoin Jared Simon calm a link is below subscribe to our channel and like our video

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