Although it is clear that it's quite possible for a government to ban Bitcoin, actually enforcing a ban would provide difficult—if not impossible—in many countries. ... This is evidenced by the fact that there are still a significant number of Bitcoin users in most countries that have already banned it.
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And, is Blockchain legal in China?
Interestingly, it is not illegal to hold Bitcoins and other cryptocurrencies or even to buy or sell them in China. The Chinese government also encourages the development and application of blockchain technology, but made it clear that blockchain technology must service the real economy.
Just the same, is Cryptocurrency illegal in USA? As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. ... Even where Bitcoin is legal, most of the laws that apply to other assets also apply to Bitcoin. Tax laws are the area where most people are likely to run into trouble.
By the way, when did China ban Cryptocurrency?
What is China's Cryptocurrency called?
But now he sees a new force emerging - a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). It's really a digital version of China's official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency.
6 Related Questions Answered
Bitcoin-related activities are not prohibited by the Chinese government as the cryptocurrency acts as a virtual commodity. China, one of the world's most strict jurisdictions for cryptocurrency trading, has not completely banned Bitcoin (BTC), a local non-profit arbitration organization says.
China does not recognize cryptocurrencies as legal tender and the banking system is not accepting cryptocurrencies or providing relevant services.
Exchanges and trading platform were banned by regulation, so while it is legal for citizens to own Bitcoin, buying it can only be done on peer-to-peer basis. ... As such it is very difficult to use or do anything with Bitcoin within China, other than trade or hodl it as an investment tool.
Deutsche Bank, one of the world's leading financial services companies has predicted that cryptocurrency could replace cash entirely by 2030 due to the fragility of the current system. ... Overcoming regulatory hurdles will broaden their appeal and raise the potential to eventually replace cash.”
Seven contenders for the best crypto to buy for 2020:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Tron (TRX)
- Chainlink (LINK)
Summary. Bitcoin could potentially replace the U.S. dollar as the world's reserve currency, but for this to happen, the digital currency would need to make progress in several important areas. Currencies serve as a medium of exchange, a store of value and a unit of account.