Attitude Of Different Countries To Cryptology

Olena Dubchak

Olena Dubchak

May 8, 2020
Every year, the cryptovolta enters the life of Internet users more and more firmly. It is used not only for trading on stock exchanges, but also for buying goods and services. Ways of earning income from tokens, such as PoS Mining, are expanding. As a result, the countries of the world are faced with a choice: what to do with tokens. Some have decided to follow the path of less resistance and accept the crypt currency. Others, however, have a very negative attitude towards it. There are also neutrals who do not recognize existing digital coins, but are going to develop their own. Such countries are China and the Russian Federation.

Positive attitude towards digital currency

This may include countries that actively define the legal status of tokens. In other words, they can prohibit or approve their use in their territory. As a result, appropriate legislation is introduced.


The Government has decided to become one of the main centres for the development of the blockade. Therefore, it belongs to the favorable countries for cryptocurrencies. This is how it recognized tokens as possible payment instruments. Therefore, transactions with tokens in the country are conducted subject to normal taxation rules. At the same time, the country decided in 2017 not to introduce the normative regulation of coins.


The government is loyal to the use of tokens in the country. Although Argentina has not recognized tokens as a national currency, it regards them as means of payment. Digital coins were also considered to be goods and things under the Civil Code. Therefore, taxation may vary from transaction to transaction.


As early as at the end of 2013, the Finnadzor of the country defined the crypt currency as the means of payment together with the corresponding taxation. In this case, tokens are more regarded as "private money", therefore, as capital. Legality of transactions is possible only when conducting transactions between individuals.


The country's parliament recognized crypt currency as electronic money. Also, in 2016, the government obliged miners to register and pay taxes. Transactions related to tokens are still exempt from value added tax.

Negative attitude towards cryptographic currency

There are a number of countries that have categorically banned the use of any kind of cryptographic currency on their territory. This is due to the fact that there has been evidence of the use of tokens, in particular Bitcoin, for illegal transactions involving the sponsorship of terrorism, drug trafficking and arms proliferation.


Prohibited the use of any transactions with means of payment, which can not be issued directly by the Central Bank of the country. It also includes tokens that the government is unable to control.


The country's foreign exchange control department said that all financial transactions conducted with virtual money would be in direct violation of state law. They also called for compliance with exchange rules. At the same time, it is possible to change the position in the future.

In general, there are far fewer countries that would prohibit the use of cryptographic currency than those that are loyal to them. This is not surprising, because with a huge number of users who make money on tokens, you can't argue. Now more and more people are interested in Yoda X as a new way of making money from the cryptovalues.

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May 25, 2020
Wish my country accept at least Bitcoin so that I can use it in my daily life, but alas reality is often disappointing.

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