This article comes fromZyCryptoThis article comes from
, Originally by Brenda Ngari
Odaily Translator | French Fries
These new legislations are regarded as a bullish signal by the encryption community. In other words, these four countries are regarded as the leaders of other countries, and they may lead more countries to warm up to cryptocurrencies in the future.
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Foresight in India, South Korea, Germany and France
The first week of March brought good news from around the world. On March 2, German financial regulator BaFin issued guidelines to classify cryptocurrencies such as Bitcoin as financial instruments. According to the financial regulator, a virtual currency is a digital representation of value not issued or guaranteed by any central bank or public authority, is not necessarily pegged to legal tender, and does not have the legal status of legal tender or money. However, it is regarded as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically.
Two days later, India’s Supreme Court rejected the Reserve Bank of India’s (RBI) banking ban on cryptocurrencies. The ban essentially prohibits banks in the country from servicing crypto companies and exchanges. The court ruled that the RBI circular dated April 6, 2018 was unconstitutional. The troubled cryptocurrency exchanges, represented by the Internet Mobile Association of India (IMAI), challenged the RBI ban in court.
Recently, the Commercial Court of Nanterre, France recognized Bitcoin as a fungible intangible asset, similar to legal tender. Kramer & Levin law firm Hubert de Vauplane said the decision would allow bitcoin to be legally used as money.
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Will more countries warm up to cryptocurrencies?
Within a week, four countries had accepted cryptocurrencies. This means that more countries may be on board as they already have a baseline against which they can formulate their national approach to cryptocurrency regulation.
Germany and France are key members of the European Union (EU), and their efforts to increase regulatory transparency could prompt other EU countries to join them, who otherwise risk losing vital business.
As for India, it is worth noting that the Supreme Court is currently hearing another case that is expected to provide clear regulations for the Indian crypto market. If you recall, the Reserve Bank of India (RBI) banking ban forced many cryptocurrency companies to move to other countries. Hence, the lifting of the ban and the regulatory framework that the Supreme Court may set in the near future is likely to attract these companies back to India.
Additionally, the court victory of the Internet Mobile Association of India (IMAI) will encourage crypto enthusiasts in other countries that stifle crypto innovation.
South Korea, like India, has had many cryptocurrency exchanges shut down due to unfavorable cryptocurrency regulations, but with the passage of Thursday's legislation, South Korea will prove its intention to become a crypto-friendly country and gain access to cryptocurrency and blockchain technology. bring about economic benefits.
