Bitcoin Legalization in World

By | September 5, 2021

Bitcoin is one of the most famous cryptocurrencies in today’s time. Bitcoin was announced in the year 200 and was launched in 2009 by a person named Satoshi Nakamoto. The identity of this person is anonymous. No one knows who the owner of the cryptocurrency is. There are too many assumptions for the anonymity of this person.  

Initially, if you check the old prices of the bitcoin, the bitcoin prices were significantly less and even just a few dollars, and at that time, the bitcoin mining reward was around 50BTC. But now, with time, as bitcoin has achieved such popularity, the prices of bitcoin are too high. 

It has reached about 40000$ per bitcoin, and the bitcoin mining reward is about 3.125 BTC. But this amount still has considerable value. Therefore, because of such popularity and as people are crazy about bitcoin, there is a need for the legalization of bitcoin in all countries.

Legalization Status of the Bitcoin Developed Countries

USA: Bitcoins and other cryptocurrencies need to be legalized in all countries because of their vast benefits. It has a huge customer response too. In some countries like the USA, cryptocurrency is already legalized. There are some stores there that accept payments in the form of cryptocurrency. This is the step towards a significant development because this will create awareness among the people, and they will start investing in cryptocurrencies. 

China:  China is a well-developed country. Almost all the new technologies come to China in the first place. But still, after such advancement, China has banned cryptocurrency in their country, and this has affected the customers too much. Almost 55% of the cryptocurrency investments were done in China, along with crypto mining. This has led to great unemployment among the people of China. 

Even because of this reason, there is a huge fall in the crypto market, and the market has gone to a big loss. The price of bitcoin before the market crash was around 40 lakhs, and after the market crash, the price of bitcoin had fallen to such a large extent that even now, after such a long time of the crash, the price of bitcoin is 32 lakhs. This was the great extent of the market crash.

Legalization status of bitcoin in the developing countries

El Salvador: This is one of the most developing countries in today’s time. In this country, most people are still not using any bank accounts or smartphones so as to create awareness among the people about the digitalization, the official trading Software had taken a great initiative. They had created a rule in their country that all the salaries to the laborers would be given in the form of cryptocurrencies. This is a great initiative taken by the government. This will lead to the awareness among the people of digitalization and various other things like cryptocurrencies.

India: India is also one of the fastest developing countries in the world. There are lots of people who are investing in cryptocurrencies to earn more and more profits. Even some of the population there also cannot invest in bitcoin, so they worked as a bitcoin miner and had become self-employed. There are lots of digital wallets which are being used by the people of India, which have made it very easier to make transactions.

There is still the issue of the legalization of cryptocurrency in India. The government should legalize cryptocurrency in India officially now as this has become the need for the legalization of cryptocurrencies. Earlier, there was a ban on cryptocurrencies like Bitcoin in India.

In 2013 reserve bank of India applied some of the bans on Indian banks because of dealing with cryptocurrencies. But later on, in the same year, 2018, the supreme court of India had to remove the ban on Bitcoins, and the Indian citizen can then easily invest in Bitcoins. Huge investments were made by many people at a time. 

Conclusion

There is the need for the legalization of cryptocurrency as this has been accepted by mode of payment by various stores, even on the online stores for the online purchase of the items. As there is an increase in digitalization, there is a need for the legalization of cryptocurrencies.