The level of adoption of cryptocurrencies in the world today is at its highest level since their emergence. But in this, country governments treat digital currencies differently.
Russia
New laws on the regulation of digital assets are being discussed in our country. Simultaneously with the law-making process, the Bank of Russia has begun testing the digital ruble. Three banks from the pilot group (it includes 12 banks in total) have connected to the platform and successfully carried out operations to transfer digital rubles between customers. Mobile applications were used for transactions, through which users opened e-wallets and exchanged conventional rubles for digital rubles. The remaining 9 banks in the pilot group will join the testing once they finalize their IT systems.
China
The digital yuan was launched here for the Winter Olympics and was actively used by athletes and fans as a means of payment. Foreign guests, athletes, members of delegations, and everyone else could download the application, top up their accounts and make transactions. Athletes were also given wristbands, which they used to pay for services such as transport, food, and accommodation. The developers expect that the use of digital currency during the Olympics will help its implementation on a national scale.
Canada
The protests of truckers caused by the coronavirus restrictions led to the country’s government imposing sanctions on the strikers’ funds, including the crypto wallets with which the participants of the action were collecting donations.
The European Union
Cryptocurrencies are generally considered legal here, but the exchange rules depend on the laws of individual states that are part of the union. Taxation of cryptocurrency also varies, but many EU countries levy capital gains tax on profits derived from cryptocurrency at a rate of 0-50%.
The USA
The issue of regulating digital currency in the country has not been fully resolved, it is still pending with lawmakers. For now, the exchange of cryptocurrency in the country is legal and subject to the Bank Secrecy Act.
Other countries
The UAE, Puerto Rico, Mexico, and El Salvador recognize cryptocurrencies as a means of payment, they are treated as assets and subject to capital gains tax.
