Because of the increased popularity and demand for online currencies since the release of Bitcoin in 2009, there has been widespread concern regarding the absence of regulations binding the sector. Other matters include tax evasion, money laundering, and cyber-crimes.
Even though transactions carried out using cryptocurrencies are carried out using advanced encryption techniques, many governments do not subscribe to the technology yet, citing its lack of central control and effects on financial security as significant drawbacks. Most financial institutions also adopt this stance. Many banks do not have options for transactions with cryptocurrencies nor do they offer services to virtual-currency companies.
Legally, the status of cryptocurrency differs significantly from one country to another. While some countries adopt an outright negative stance on cryptocurrency, others are more amenable to the change, while others are indifferent. Countries like Algeria, Bolivia, Iraq, Morocco, Pakistan, and Nepal have issued an “absolute ban” on trading in cryptocurrency. More than ten countries have placed an “implicit ban” on cryptocurrency. They include China, Colombia, Iran, Qatar, Saudi Arabia, and Taiwan.
Thailand is way ahead of most countries in its adoption of cryptocurrency. In 2018, their central bank – Bank of Thailand announced that it had begun efforts to launch its cryptocurrency, the Central Bank Digital Currency (CBDC).
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