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Cryptocurrency: Where the world stands on digital currency?

BY READERS DIGEST

19th Oct 2021 Technology

Cryptocurrency: Where the world stands on digital currency?

As the impact of Covid continues to haunt us, we see the ray of digital currencies. It is something that has gained good popularity even during the tough times of the Pandemic.

The growth of Bitcoin in the recent past has witnessed a good surge in the coming times, and it continues to grow as well. Although we hear issues like volatility in the digital currency market, Bitcoin and other coins have become pretty popular. In this article, we will be checking how the world views Bitcoin and other digital currencies and checking things in the right direction. You can even explore sites like https://bitcoin-profit.cloud/ to get a better understanding of the same. Well, let’s check how the world sees Cryptocurrency at the moment in the following paragraphs: 

 

Where do you find the world standing on digital currency? 

 

As per the UN, a considerable amount of money has become global with Bitcoin and other digital currencies. As an estimated study, around 800 B to 2 Trillion of money is invested in this domain, gaining a vast global GDP. So the world comes leaning towards it in a big way. And we can find too much development taking place when it comes to countering climate change. It has given a good debate around the consumption of digital currency mining. As per the studies coming from the Cambridge-based group called CCAF, Bitcoin secures higher energy consumption. It goes to a whopping 110 T Hours per annum. It is around 0.55 percent of the total production of electricity in the world. The same study claims that a similar amount of energy can ignite countries like Malaysia for days. Thus the experts are now recommending some renewable energy options for them. 

 

If we move ahead to Canada, the virtual currencies are still foreign currency. It means it is not a legal tender there; however, the people are now getting connected with Bitcoin and other digital currencies. If you intend to work in digital currencies in Singapore, you must gain a proper license that should comply with their local regulations. Yet, a sizable amount of people remain in touch with Bitcoin and other digital currencies. If you check this nation, it has more than fifty companies dealing with digital coins like BTC and other currencies.

 

On the contrary, we may not find any federal regulations for operating digital currencies in the US. At the government and central bank level, the resistance for Bitcoin and other digital currencies is coming in a big way. However, more and more people are now getting attracted to digital currencies and assets at the local level. 

 

The reasons are simple, digital currencies give too many benefits, which other forms of assets fail to give. If you look at the option of fiat currencies like USD and other nation-based currencies, including Euros, things are now at par. Despite strict regulations in different nations and even a few people getting tried against some charges, Bitcoin and other digital currency flow are not dying down. Also, there are several risks associated with Bitcoin and other cryptos, yet a sizable number of people remain with it. Many more nations have realized the same, and countries like Ukraine and other similar nations are now making it legal tender. All thanks to the added number of benefits one can enjoy with these coins. 

 

Except for a few nations, a majority of countries feel the pinch of digital currencies. There are issues like tax evasion witnessed with this place, while others fail to gain the right shape. Many countries vouch that they intend to go a long way by drafting regulations for Bitcoin in general. They want to defy the challenges like tax evasion through Bitcoin in a big way with these regulations. They feel that with effective regulation, we see the autonomous body facing a tough time with it. In India, the ruling government has the draft bill against Bitcoin or Crypto. However, the intervention from the Supreme Court has come up as a ray of hope for many investors. After all, the power of Bitcoin and other digital currencies brings the government to the knee when dealing with cryptos. All thanks to the power that brought things straight for Bitcoin.  

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