Countries around the world are evaluating ways to deal with cryptocurrency; its usage, its working, its regulations and crimes associated with it. Though the revolution began almost 9 years ago, it is still fairly new in terms of understanding and acceptance among people. There is always something new to look forward to in the crypto-world. A few updates during last week were:
The Venezuelan government launched its own version of a virtual coin last week and named it Petro. This currency is said to be backed by the country's oil and mineral reserves.
"At the Granja Laboratorio Petro School in Caracas, Venezuelans can learn how to buy, sell and mine cryptocurrencies and how the cryptoeconomy works," reported Telesur, a local television network.
The American Institute for Economic Research (AIER) opened a Bitcoin Embassy, called the Atlanta Bitcoin Embassy, last weekend. It is expected to be launched in April and hopes to bring Bitcoin enthusiasts together. (source: news.bitcoin.com)
The Italian Ministry of Economy and Finance invited interested parties for a public consultation session asking suggestions and opinions on a draft decree for registration and reporting requirements of cryptocurrency sector. The draft was released on 2nd of February by its Treasury Department. The new rules will come into force withing 3 months of adoption.
There have been proposals to introduce tax exemptions for companies involved with cryptocurrency and blockchain technology. Spain's ruling People's Party has been preparing to offer incentives to entrepreneurs that raise funds through Initial Coin Offerings (ICO).
The country has decided to legalize Bitcoin. President Shavkat Mirziyoyev's new decree states that Uzbekistan will finalize a draft law by September 1st to regulate "electronic money," reported vzglyad.az.
As the leading producer of electricity in the world, Bitcoin mining expenses here are among the lowest.
A major Thai bank, Bangkok Bank has reportedly terminated the bank account of a local cryptocurrency exchange Thai Digital Asset Exchange (TDAX), after the country's central bank announced prohibition on five cryptocurrency-related activities. (Source: Bangkok Post)
The country is actively working on a legal framework for cryptocurrencies.
Reports also said that this has not affected Bitcoin or other cryptocurrency activities in the country.
Over 20 cryptocurrency exchanges in South Korea have agreed to voluntarily undergo evaluations as part of their self-regulatory efforts. These includes Upbit, Bithumb, Coinone, and Korbit, the top four exchanges of the country.
Toronto-Dominion Bank (TD Bank), on Friday said in an email statement to its customers that it is halting the use of credit cards for cryptocurrency purchase. However, some other banks like the Royal Bank of Canada (RBC) still allow it. (Source: Financialpost.com).
Last week, Japanese police reported that it is investigating 669 possible money laundering cases that were tied to cryptocurrency exchanges.
Japan's Nikkei Asia Review stated that the outcome was due to "Questionable transactions repeated frequently in a short span of time."