Cryptocurrency in the eyes of the world

---

Cryptocurrency is a term for virtual currencies that uses encryption to verify each unit of money transfers between users, and regulates the release of new currency units. This virtual currency operates independently without the intervention of a central bank.

Bitcoin (BTC) is the first cryptocurrency to appear in the world. This cryptocurrency is the fruit of the thinking of a developer (a group) who named himself as Satoshi Nakamoto in 2009. Apart from Bitcoin, there are also other cryptocurrency like Ethereum, Ripple, Litecoin and many other cryptocurrency.

Is Cryptocurrency recognized by the world?

The legal status of cryptocurrency throughout the world is different and varied. Some countries have permitted the use and trading of cryptocurrency, but there are also countries that limit the use of cryptocurrency. There are even countries that don't know cryptocurrency at all.

Strictly Forbidden
It is strictly forbidden to have the intention that all aspects and activities related to cryptocurrency are illegal or unlawful.

The state will not tolerate at all about various activities related to cryptocurrency, such as transactions, investments, or even commodities. The state has the right to impose sanctions if it finds activities related to the cryptocurrency.

Some examples of countries that implement the system include Thailand, Bangladesh, Ecuador and Kyrgyzstan.

Not prohibited
Nobody has different functions and activities related to cryptocurrency do not collect the law at all. That is, cryptocurrency users will get the freedom to do any activity without subscribing to the applicable law.

Some examples of countries that use this system include India, the Netherlands, Croatia and the Philippines.

Arranged
Regulated means that the use of cryptocurrency is permitted by the state but accompanied by binding rules and laws. Usually this is related to taxes. Examples of countries that use the system are Germany, France, Japan and Spain.

Limited
Limited means that the state allows all activities that are related to cryptocurrency but with certain limitations. Here are some countries that implement the system and the limitations in conducting cryptocurrency activities:

• China: An individual can do all things related to cryptocurrency but companies and banks are not allowed.
• Iceland: It is not permissible to conduct buying and selling cryptocurrency transactions, but is still allowed to do mining.
• Taiwan: It is permissible to make buying and selling cryptocurrency, but ATMs for cryptocurrency are not allowed.

The legality of cryptocurrency is often associated with the possibility of crimes that might arise due to misuse of the cryptocurrency. Cryptocurrency technology, especially bitcoin, uses blockchain technology which draws attention to cybercrime. Decentralized systems that do not use third parties as intermediaries also help criminals to hide their real identities.

Transactions with bitcoin are often misused, for example to transact illegal goods because the absence of an intermediary causes the difficulty of tracking the transaction.

In some countries also have issued new warnings about the dangers of trading or using cryptocurrency transactions that will cause harm to the community and even the potential that threatens the stability of the financial system. Ownership of virtual currencies is high risk and tends to be speculated, because there is no responsible authority, no official administrator and no assets used as a basis for determining prices. In addition there is also an issue stating that virtual currencies can be used for money laundering and terrorism, so that with these factors can have an impact on financial system stability and cause harm to society.

So little knowledge about crypto, see you later in the next article. thanks.