Country wise Advancements in Crypto currency
Following
is the explanation regarding development in Crypto currency in each of
the countries in 2023 as below along with explanation about this type of
currency:
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| Cryptocurrency Details |
What is cryptocurrency?
First of all,
let me make it clear that cryptocurrency is also money. Now, you must be wondering what kind of money
is it? So, let me first introduce you to the cyber world of blockchains.
Cryptocurrency operates and functions on the system of blockchain. It is
digital money. Though it not clearly ever stated that cryptocurrency can
replace traditional banking systems in any country, it must be noted that the
advantages definitely outdo the disadvantages. This is why, there have been
innumerable speculations regarding the fact that whether cryptocurrency can
replace traditional banking systems is any country on the globe.
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| Cryptocurrency Benefits |
Advantages of Cryptocurrency
First of all,
let us discuss the advantages of cryptocurrency in detail:
· Anonymous: Now, a great concern that people have while
making transactions online or even at banks is that their identity is revealed.
However, this is not the case with cryptocurrency. In the cyber world of
cryptocurrency, all you need is profile on a cryptocurrency platform. This is a
username that is generated and your just need the address of your electronic
wallet where you wish to receive your cryptocurrency tokens. In fact, this is
the wallet from where you can send cryptocurrency tokens as well.
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| Cryptocurrency Security |
· Security: Security in this case refers to privacy.
This is highly guaranteed in cryptocurrency because as stated earlier, you do
not need to give away any personal details about yourself such as your name or
address or bank account details. All you need to put to use is the address of
your electronic wallet. Also, since cryptocurrency functions on the system of
blockchain, you do not need to worry about the authority of a central bank that
is looking at each and every transaction of yours. Usually, what happens in
case of traditional banks is that they keep an eye at all your activities and
transfers. In fact, all that you receive is also noted. However, there is no
such external imposition in case of cryptocurrency. Thus, this is also another
means of ensuring that your privacy and security are maintained.
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| Cryptocurrency is Almost sans chargebacks |
No chargebacks: What exactly is meant by a chargeback?
Have you ever been at a position where you were to receive money from someone
who sent you a screenshot that is has been transferred successfully but you
never got it? Well, I am glad you havenot been at that side of the fence. Also,
if you have, then you know exactly why cryptocurrency is nothing less than a
boon to you. A chargeback means that someone first shows you a screenshot that
the transfer has been done. However, his next step is to stop the transaction.
Thus, you are then blamed that it was your fault that you did not receive it
whereas they have sent it already. In such a situation, you are obliged to send
them the product or service that they have paid for. However, this is not
possible in the cyber world of cryptocurrency. This is so because transactions
once initiated on a cryptocurrency platform cannot be stopped a reversed. Thus,
once you have initiated the transfer, you are likely to get it back only when
the recipient wishes to send it back to you.
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| Taxation |
· No taxes: Now, each time you view your monthly bank
statement, I am sure you are surprised to see that there is an expenditure of
more than you had actually sent out. This is because each time to make a
transfer or transaction from your bank account, a certain amount is deducted
from your main balance. This considered as service charge that you are paying
to the bank.
Also, it is no secret that you actually receive all your salary
after so many tax deductions. On top of that, if you need to pay these
unnecessary charges as well, then the entire point of having a bank account is
defeated and you end up thinking that you would rather keep all your cash at
home. Well, that is another risk story altogether but the focus right now is
cryptocurrency. So, coming back to the advantages of cryptocurrency. Paying no
tax is a great pro of cryptocurrency. It helps you to save your hard-earned
money. However, please note that if you engage any third party to help you in
your cryptocurrency dealings, then you may have to pay certain charges to them.
This depends from party to party and service to service.
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| Cryptocurrency Payments |
· Push mechanism: Usually, whenever you make a
transaction by entering your credit card or debit card details to make any
purchases, all your data is pulled. This is then forwarded to the merchant from
who you are taking a product or service. However, in case of cryptocurrency,
the mechanism is reversed. This means that cryptocurrency works on a push
mechanism. In a push mechanism, what happens is that only the relevant
information such as the amount to be transferred is detected and then pushed
out to the merchant. This is very important in today’s time and date where
there are so many frauds and sly ways of cheating the innocent.
·Easy international trade: As you already know,
cryptocurrency is free from the clutches of the central government. This means
that no governmental policies have a say in the working out of any
cryptocurrency platform. This a great advantage because this acts as a
facilitator in making international trade and international transactions
easier. Since there is no external driving force, cryptocurrency is absolutely
hundred percent free from the influence of an exchange rate. This means that no
matter what the value of dollar or INR or any currency is in the real world,
these do not affect the cryptocurrency exchanges. Thus, it becomes a very
simple process.
·
Fast: Cryptocurrency platforms ensure that you have
very quick transaction means at your fingertips. Usually, all cryptocurrency
transactions are successful within seconds or a few minutes at the most. This
is because it does not need the approval of any central bank of the nation. For
example, the central bank of India is the Reserve Bank of India. But, there is
no such body in the cyber world of cryptocurrency tokens.
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| Cryptocurrency Disadvantages |
Disadvantages of cryptocurrency
Now, having
understood the positives of cryptocurrency in details, we must also understand
the cons that follow. Always remember that each product and service have its
own sets of pros and cons. Thus, cryptocurrency is no exception.
·Not hundred percent safe: You must have surely heard
about cyber hackers. They basically hack into your accounts and use of your
personal data. A similar case is possible in the cyber world of cryptocurrency
where hackers can gain access into your electronic wallet and then use it for
their personal transactions. Though there are several tricks that may help you
avoid hackers, not everyone knows these tricks. Besides, these tricks cannot be
understood by everyone.
· Difficult to understand: As you can understand,
cryptocurrency is a relatively new concept that has now been gaining popularity
due to its immense benefits. However, due to its novelty, not everyone knows
and is able to comprehend how the cryptocurrency platform works. Thus, it is
gets slightly tough for a few people.
·
No one to complain to: As you must have read earlier
in this article, there is no external bank or central authority that’s looks
after the sanctioning or authenticity of the cryptocurrency transactions. Thus,
in case of any fraudulent acts, there is no one who you can complain too.
Though there
are several disadvantages of cryptocurrency, the pros definitely outweigh the
cons. That is what makes cryptocurrency so highly desirable.
Status of cryptocurrency in different countries
Let’s have a
look at the status of cryptocurrency in different countries:
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| Crypto currency in China |
· Cryptocurrency in China
It is sure that whenever you talk of China, the
first thing that comes to mind is their rich culture and outstanding monuments.
However, to those if the world of finance, China is one of the major
influencers of world economy. In fact, even if you look at the toys of kids to
little things at you home, you can see the “Made in China” tag quite clearly. It
has definitely emerged as a global player over time and dominated markets
single-handedly. First of all, you must know that China has been tightening its
grip on policies related to cryptocurrency. So much so, it actually tried to
gain control and restrict a man in Shanghai who has created an open software
system to enable cryptocurrency transactions. In fact, just recently in
mid-April, the police in Shanghai had put a hold on an event of blockchain
entrepreneurs. This is so because these blockchain entrepreneurs were trying to
develop a better platform for cryptocurrency. Last year, the Chinese
authorities had put a ban on ICO. ICO stands for Initial Coin Offerings.
Initial Coin Offerings are fundraising tools in the cyber world of
cryptocurrency. Next, the Chinese authorities has also banned certain other
kinds of cryptocurrency exchange. This year, in January 2018, the Chinese
authorities put an end to peer to peer and over the counter trading systems.
These are basically networks and cryptocurrency exchanges work and function
because of these grids of contacts and rapid networking. In fact, this year, in
February 2018, the Chinese authorities also banned offshore exchanges of
digital money, or what we have been all this while been referring to as cryptocurrency.
However, what
is highly imperative to be noted is the fact that the monetary authority in
China is of the intention and though that it must eventually be able to expand
research as well as the development of cryptocurrency in the country.
In fact,
cryptocurrency has also been recognized as one of the top most priorities of
2018 for the nation. The aim also includes the improvement of blockchain
technology. This is the technology on which cryptocurrency actually rests and
functions to the advantages of the masses all over the globe.
Lastly,
another possibility which is being considered by world economic analysts and
experts is that the nation wants to have its own personal stake in
cryptocurrency. In fact, the central Bank of China has also accepted the fact
that cryptocurrency is inevitable and also the need of the hour. They have
apparently, as per sources, gone on to say that cryptocurrency has the
potential to replace coins and paper money. But, only time will tell what truly
the outcome is and how things work out.
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| Cryptocurrency in USA |
·
Cryptocurrency in USA - Unites States of America
: The Unites States of
America is known to be the leader in world economy. This is so because dollar
is the strongest currency in the world. It is the currency of the Unites States
of America. Now, you must be wondering that what makes dollar the strongest
currency in the world. Well, the answer is really simple.
The biggest reason
why dollar is the strongest currency in the world is that it accounts for more
than fifty percent of the foreign exchange reserves of all central banks of the
world put together. That is literally more than half of the foreign exchange
reserves of all central banks of the world put together. While the nation has
never failed to be in headlines due to a number of reasons such as the election
of Donald Trump and innumerable protests against his statements, it has also
been a major news maker in terms of the use of cryptocurrency and the impact of
cryptocurrency on their economy. Actually, the Bank of America is worried
regarding the threat that the use of cryptocurrency poses on their business.
This is similar to what is the worry of the Reserve Bank of India in India.
Yes, you rear that right! The East and the West finally seem to have a similar
worry and that is, the loss of revenue.
Now, it is reported that the Bank of
America feels that if cryptocurrency keeps gaining such rapid popularity, then
people may only wish to do transactions with cryptocurrency. This means that
the Bank of America’s earnings will be negatively impacted. The clients will
then obviously switch over to cryptocurrency which is way easier and safer than
the traditional banks of the world. Cryptocurrency became a world hit quite
recently. This success is owing to the use of Bitcoin. Bitcoin is a
cryptocurrency platform which actually initiated the widespread concept of
cryptocurrency in the world.
In fact, the benefits of cryptocurrency are so
widely accepted and understood that the value of Bitcoin has always been on a
major high.
Though there have been periods of dips as well, it is safe to say
that Bitcoin has been enjoying enough attention and use from the end of the
masses. This is an uncontested fact.
The Bank of America is also of the opinion
that if cryptocurrency continues to garner such appreciation and users, then
the bank will soon be unable to keep a track of those digital transactions.
This will lead to the loss of bank control over transfers. Also, the bank will
be unable to track any frauds who are involved in money laundering or similar
other unlawful acts. As explained earlier, blockchain is the technology which
facilitates cryptocurrency transfers and there is zero need of a third party,
such as a bank. However, if you want, you can hire.
A third party to look after
your cryptocurrency transactions and help you.
Please note that these third
parties are also virtual and may charge certain fees for their services.
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| Cryptocurrency in Dubai |
·
Cryptocurrency in Dubai
Dubai in the United Arab Emirates has always
been known all around the world as a leader. They are famous for their world
class wonders in architecture and luxurious lifestyle. There is nothing that
beats the cleanliness and strict laws of the United Arab Emirates. Now, you
will be surprised to know that though so many people consider Dubai to be
oppressive and what not, the nation has emerged as an excellent example for all
other competitors that exist in the world. Known for the negligible taxes
imposed on its citizens, United Arab Emirates has started to issue
cryptocurrency licenses to firms. This means that these firms can now easily
and without any worries carry on transactions in cryptocurrency. This is
nothing less than a historic decision. In fact, you would be happy to know that
the first cryptocurrency license was issues to a trader of gold, known as Regal
Assets. Regal Assets has offices in the United States of America, Canada and
the United Arab Emirates. This trader has recently started his dealings in
cryptocurrency and this license has definitely given a boost to his work. DMCC
stands for Dubai Multi Commodities Centre. It is a government organization that
was established in 2002 in order to give a boost to the commodity trade in
Dubai. This is the Centre that has begun to issue cryptocurrency licenses to
firms. This is a step to allow traders to work well. Also, it must be noted
that since Dubai takes no tax from the citizens, it has been able to implement
and accept cryptocurrency transactions. This is unlike the scenario in India
and the United States of America where a major chunk of revenue is generated
through taxes imposed on the common man. The Dubai Multi Commodities Centre is
also a member of the Global Blockchain Council.
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| Crypto currency in Japan |
·
Cryptocurrency in Japan
: What is Japan famous for other than ninjas and
exceptional animation skills? Well, it definitely has to be their own personal
and native cryptocurrency. Yes, you read that right. While there are other
nations that are trying to restrict cryptocurrency as far as possible, Japan is
a country that has come up with its own cryptocurrency platform. It is called
Monacoin. An interesting fact to note is that no one knows the actual inventor
of Bitcoin. It is believed that his name is Satoshi Nakamoto and he is Japanese
by origin. However, this is merely the result of speculation and there has
never been any kind of proof to actually ascertain this link. Initially,
Monacoin started off as nothing more than a joke in 2013. However, it then
gained popularity. But, the real question at hand at this hour is that is
Monacoin actually worth investing in. Read ahead to find out now.
Monacoin at
present has a market value of approximately 220 million dollars. This means
that one Monacoin is worth or equal to 3.74 dollars. Although, last year in
December, the value of Monacoin had risen up to more than a billion dollars, it
must be understood and noted by all that just like the value of any other
cryptocurrency platform, the value of Monacoin is also subject to the present
situation in the market. This means that market fluctuations and demand and
supply play a major role. Also, it is imperative to know that cryptocurrency
platforms are known to engage and increase easy international trade. The same
may have been possible with Monacoin. However, not all the countries of the
world are in support of cryptocurrency use. In fact, top world economic players
such as India, China and the United States of America also oppose the
increasing use of Bitcoin and other similar cryptocurrency platforms. In such a
chaotic and conflicting situation, it is not easy for Monacoin to continue
trade and survive at the top. Yet, it has been going strong and helping the
Japanese as far as possible.
To give you a
break from all the serious reading, let’s get you all charged up with a fun
fact. As stated earlier in this passage, no one knows who the actual inventor
of Bitcoin is. Similar is the case with Monacoin. IT is said that Monacoin was
made by someone under the name of Mr. Watanabe. However, no one knows who this
really is and whether this is a genuine name or just some pseudonym. Thus, the
gender of the inventor is also infact not known to anyone. These are surely
superheroes without capes and want for publicity.
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| Crypto currency in Russia |
·
Cryptocurrency in Russia
Until and unless you have been living under a
rock in this era of social media and constant connections, you are bound to
know that the President of Russia is Vladimir Putin. He has not always been in
news for the correct reasons, but then never has that been the case with any
politician who is as influential and impactful as Vladimir Putin. Recently, he
has a live question and answer session with the Russian public. This is his
annual session that he holds and believes is very important for the nation to
progress. This also works as a link between him and the masses. Now, not every
day do you get a chance to interact with the president of your country. Well,
maybe this is what makes Vladimir Putin so highly desirable in his country and
he continues to be the president. This live chat with the Russian public was
called as “Direct Line”. This is when a Russian blogger, known as
ArtemKhokholikov asked three questions to the president regarding the use and
implementation of cryptocurrency. The three questions were- 1) Will Russia have
its own cryptocurrency? 2) Will this cryptocurrency of Russia be controlled by
the government? 3) Do you (Vladimir Putin) think that cryptocurrency will ever
be able to replace the regular and standard money used in the country as of
now?
In response
to the above questions, Vladimir Putin started with the actual meaning of
cryptocurrency. He said that since cryptocurrency cannot actually be regulated
by any government or central body, there is chance that Russia can have its own
or personal cryptocurrency. This was absolutely correct since one of the key
features of cryptocurrency is that there is no involvement of any such third
party. It fails to be cryptocurrency if there is such a third part involved in
the transaction. In fact, he then also made a reference to mining in Russia
which is a practice that is not regulated by Russia as a country but is
definitely treated with utmost care.
Further,
Vladimir Putin continued that at present, cryptocurrency is not a form of
payment in Russia. He said that though other countries may be taking it on, it
doesn’t mean that every nation in the world has to follow. In fact, since
cryptocurrency is not actually backed by any governing or supervising
authority, Vladimir Putin said that every investor in the cyber world of
cryptocurrency must be careful and cautious. However, that does not mean that
he said a clear no for the adoption of cryptocurrency ever. To make it a
diplomatic turn of events, he added that Russia will keep a close look on the
cryptocurrency developments that are happening in the world. This will help the
nation to realize when and where it can step in. This will be done only when
there is surety that the masses will benefit and there is no chance of risk to
the country’s economic.
It’ll surely
be interesting to see how that happens, and when it happens. That too, if it
ever happens at all.
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| Laxmi |
Cryptocurrency in India
This is the world’s largest proclaimed democracy that is
known for its rich culture, glorious historical importance and major political
clashes. At times, India has been part of headlines due to its regressive
thought pattern and mind set. Though it is way advanced when compared to many
of the other Eastern countries, it is definitely as ahead as the West. The
central bank of India is the Reserve Bank of India. Now, what’s interesting to
note is that though India is a great developing economy under the leadership of
the current Prime Minister, Narendra Modi, the Reserve Bank of India has said a
clear no to cryptocurrency. It has gone public with the statement that it does
not recognize or appreciate any cryptocurrency transactions and all of it stays
beyond the limits and credits of the bank. Though this decision has not really
been accepted well by the masses, it is actually good it you have a closer
look. The point here is that India has a wide population where a major chunk of
the mass is uneducated. Though cryptocurrency is very simple to use with just a
mobile phone and internet connection being the requirement, it still requires
little knowledge. Also, since there is no way to get hold of frauds in the
cyber world of cryptocurrency, it is best to be avoided as a whole. Lastly, the
Reserve Bank of India and the central government does not wish to lose out on
taxes. As explained earlier, cryptocurrency does not allow for the government to
take any taxes. Neither can the bank deduct any service charge. Thus, it is a
huge loss to them as whole. In fact, recently a court case was filed against
this decision of the Reserve Bank of India in the Delhi High Court. Basically,
what has happened is that Ahmedabad based cryptocurrency exchange, known by the
name of CoinRecoil has put in this petition. It has challenged the circular of
the Reserve Bank of India. CoinRecoil had filed a writ petition on 16th
April, 2018 in order to go against the Reserve Bank of India’s decision.
It’s
interesting to note that the Reserve Bank of India has been challenged
on the
grounds of violation of article 19 (1)(g) and Article 14. For those who
do not
know, article 14 states that the State will treat everyone equally
before law
and article 19 (1) (g) states that each person in the Indian
subcontinent has
the right to practice a profession of their choice. It is important to
note that hundreds of billions of dollars worth money is lost in
corruption so even if government does not lose on taxes it will gain
neither. The government and RBI in India are both well known for own
corruption but they put burden on the public to cover the loss they
create through corruption.
However Indian government and its central Bank are mulling over their
own cryptocurrency but it is just like its digitization of their own
fiat currency, and nothing new. So its simply digitized fiat currency
and not to be confused with the generic concept of cryptocurrency.
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| Cryptocurrency Rocks |
Now, we know
exactly what some of the top countries of the world are thinking of
cryptocurrency and if at all it will ever be able to successfully replace
traditional banking system son the globe. Personally, it seems that though there
is immense scope to make it big and great in the cryptocurrency world of
transactions, the chances of frauds are really high. And, looking at the world
around, I’m not really sure how many honest people still survive. Thus, let’s
leave it up to the governments to work for our benefit.
Tags:
Cryptocurrency, crypto currency, Cryptocurrency in USA, Cryptocurrency
in Japan, Cryptocurrency in China, Cryptocurrency in Dubai,
Cryptocurrency in Russia, Cryptocurrency in India
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