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Crypto-currencies are unique because it is proof of concept of a decentralized and distributed electronic currency. It Strongly shows that virtual currencies can and probably, will succeed in time for sure, virtual currencies like Bitcoin, Ethereum, Steem and others might play an important role in payments system, all over the world.
The number of companies accepting crypto-currencies is continuously soared , one of the important issue with crypto-currency is hacking, that any software must face. But all the attempts that have till date been made to hack the coding of crypto-currencies themselves have met with failure as the underlying technology is Blockchain, are made of secure military grade cryptographic algorithms, though attempts at hacking crypto-currencies exchanges and wallets have been more successful, that too because of lack of proper infrastructure to handle the huge volume of transactions, hence compromised.
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Government of all countries must ought to recognize crypto-currencies as an opportunity and harness this opportunity for the social and economic betterment of the Nation. As the internet represented an opportunity, crypto-currencies too represents an opportunity which, as highlighted by various eminent commentators, can help in decentralization of economic power, greater financial access and ultimately, break down socio-economic barriers.
Every new technology comes with legal and tax problems. It is very important that the new technology is understood in timely basis and appropriate regulatory regime is developed so that any country does not miss out from a vast opportunity. This business should not be throttled.
The users, holders and traders of crypto-currencies have already been cautioned about the potential financial, operational, legal and security related risks that they are exposing themselves to by investing in crypto-currencies.
The government of any country can never make crypto-currencies a legal tender as they are not issued by Fedral authority, however crypto-currencies can currently be classified as movable property and appropriate regulatory permission and taxes can be applied. No democratic nation can ever think to ban crypto-currency. So, they are proposing to discuss it in upcoming G20 summit.....
Bitcoin is legal and regulated in an increasing number of countries, Below mentioned is the legal status of bitcoins in some countries:
USA Bitcoin Is Legal And Regulated In USA:
Financial Crimes Enforcement Network, United States Department of the Treasury issues guidance on virtual currencies and regulatory responsibilities.
New York State Department of Financial Services started issuing BitLicense to businesses related to virtual currency activities.
Coinbase launched the first regulated bitcoin exchange in the U.S.
Europian Union:
European Union’s top court, European Court of Justice, ruled that exchanging bitcoin should be exempt from value-added tax in the same way as traditional money.
Bitstamp to be the first fully licensed bitcoin exchange in Europe. It has been granted the license by Luxembourg Financial Industry Supervisory Commission .
Japan:
Japan has officially recognized bitcoin and digital currencies as money. Japan has a new law that will make bitcoins usable as legal tender.
Singapore:
Inland Revenue Authority of Singapore has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules.
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Sit back and relax if you are uncertain about the future of crypto-currencies...future looks very bright once things get stable.
What you Steemians think the future of crypto-currencies like Bitcoin, Ethereum and Steem would be? Share your thoughts in comments...