How does a ban on cryptocurrency work

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China has "banned" crypto. Can the SEC try doing the same with regulation? If so, crypto market welcomes it. China banned crypto last month. And what happened? Bitcoin prices rose. Take that, Xi Jinping. Sorry, Charlie. Is it a serious possibility? At first, I wondered about central banks just gobbling up Bitcoin and taking it out of circulation.

But people I spoke to in the market, including issuers, told me not to worry too much…yet. I wrote about that here. Now on to the Securities and Exchange Commission. China regulated Bitcoin to smithereens then flicked the kill switch as it starts to roll out its digital renmimbi RMB. There is no date on that yet for a full roll out, but wheels are in motion and it was already pilot tested in some small cities. Bitcoin, others, are competition for a centralized RMB on a government controlled blockchain.

The U. The SEC is right. Lending can be packaged into a security. Wall Street sells loans all the time. People have them in their ks. Most often, the borrower also receives the funds in crypto. There are several reasons why a crypto loan can be attractive. Traders are often reluctant to close their positions, and can borrow to have access to crypto.

Coinbase just went public this year. They created a DeFi exchange traded fund this summer. These things are not being wheeled out by BlackRock and Vanguard. Whether or not you can use Bitcoin depends on which country you're in. Learn more about Bitcoin's legal status and how it is—or isn't— regulated by authorities worldwide.

Bitcoin can be used anonymously to conduct transactions between any account holders worldwide. This has introduced some currency concerns for governments. The LOC also identified many countries that allow cryptocurrencies to be used. Here are a few of them. The U. The Treasury has defined Bitcoin as a convertible currency with an equivalent value in real currency or one that can act as a substitute for real currency.

The Internal Revenue Service has categorized Bitcoin as property for taxation purposes. Any entity that administers or exchanges Bitcoin, such as cryptocurrency exchanges and payment processors, falls under the definition of a money services business MSB. Additionally, FinCEN is developing regulations for financial and non-financial institutions to establish national priorities for cryptocurrency tracking and reporting.

These regulations will require these institutions—such as banks and cryptocurrency exchanges —to report specific transactions and suspicious activities. This reporting will allow them to investigate suspected financial crimes and illicit activities conducted with cryptocurrencies. The European Union recognizes Bitcoin and other cryptocurrencies as crypto-assets. It is not illegal to use Bitcoin within the EU; however, the European Banking Authority, the currency regulatory authority in the union, has stated that crypto-asset activities are outside of its control and continues to warn the public and businesses of the risks of cryptocurrency.

In , The European Commission finalized a proposal for legislation to regulate crypto-assets, which many agencies have endorsed within the union. This legislation is intended to keep financial regulatory frameworks from fragmenting and level the financial playing field across the EU. The commission also wants to ensure the public has access to and can safely use cryptocurrency.

Canada maintains a generally bitcoin-friendly stance like its southern neighbor, the U. This means any income from a transaction using Bitcoin is viewed as business income or a capital gain and must be reported as such. Canada considers cryptocurrency exchanges to be money service businesses.

Like Canada, the Australian Taxation Office considers Bitcoin a financial asset with value that can be taxed when specific events occur. If you trade, exchange, sell, gift, convert it to fiat currency, or use Bitcoin for purchases, you trigger a capital gains tax.

You're also required to keep records of any transactions you make using Bitcoin for tax purposes. In Australia, if you hold your Bitcoins strictly for personal use and make gains on them, you may not owe any taxes in certain situations. El Salvador is the only country in the world that has declared bitcoin to be legal tender.

In June , the country's Congress approved President Nayib Bukele to formally adopt bitcoin as a form of payment. Several other countries allow Bitcoin to be used in transactions and have developed forms of regulation. Some examples are:. While Bitcoin is welcomed in many parts of the world, several countries are wary of its volatility and decentralized nature. Some also perceive it as a threat to their current monetary systems while being concerned about its use to support illicit activities like drug trafficking, money laundering, and terrorism.

Several nations have outright banned digital currency , while others have tried to cut off any banking and financial system support essential for its trading and use. The Library of Congress identified 42 countries with implicit bans on certain cryptocurrency uses in its November update. Some of the countries it lists are:. The Library of Congress identified nine countries with absolute bans on cryptocurrency in November Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.

Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Financial Crimes Enforcement Network. Accessed Dec. Internal Revenue Service. Office of the Comptroller of the Currency.

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Like Canada, the Australian Taxation Office considers Bitcoin a financial asset with value that can be taxed when specific events occur. If you trade, exchange, sell, gift, convert it to fiat currency, or use Bitcoin for purchases, you trigger a capital gains tax. You're also required to keep records of any transactions you make using Bitcoin for tax purposes. In Australia, if you hold your Bitcoins strictly for personal use and make gains on them, you may not owe any taxes in certain situations.

El Salvador is the only country in the world that has declared bitcoin to be legal tender. In June , the country's Congress approved President Nayib Bukele to formally adopt bitcoin as a form of payment. Several other countries allow Bitcoin to be used in transactions and have developed forms of regulation. Some examples are:. While Bitcoin is welcomed in many parts of the world, several countries are wary of its volatility and decentralized nature.

Some also perceive it as a threat to their current monetary systems while being concerned about its use to support illicit activities like drug trafficking, money laundering, and terrorism. Several nations have outright banned digital currency , while others have tried to cut off any banking and financial system support essential for its trading and use. The Library of Congress identified 42 countries with implicit bans on certain cryptocurrency uses in its November update.

Some of the countries it lists are:. The Library of Congress identified nine countries with absolute bans on cryptocurrency in November Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

Financial Crimes Enforcement Network. Accessed Dec. Internal Revenue Service. Office of the Comptroller of the Currency. European Banking Authority. European Commission. Canada Revenue Agency. Government of Canada Justice Laws Website. Canada Gazette. Australian Taxation Office. The New York Times.

International Trade Administration. Library of Congress. Your Money. Personal Finance. Your Practice. Popular Courses. Cryptocurrency Bitcoin. Key Takeaways The cryptocurrency Bitcoin has raised financial concerns for governments worldwide. Despite its use for buying goods and services, there are still no uniform international laws that regulate Bitcoin. Many developed countries allow Bitcoin to be used, such as the U. Several countries have made it illegal to use Bitcoin, including China and Egypt.

Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. This puts mining operations in a "damned if you do, damned if you don't" situation. Continuing to use non-renewable energy sources to mine will attract more concern about cryptocurrency's effect on the environment; switching to renewable energy sources means that other processes won't be able to make that switch themselves.

Sweden's argument echoes that made by the Chinese government when it banned cryptocurrency mining earlier this year. Although it's easy to question the legitimacy of China's claims, especially since it has continued work on its own digital currency, this statement shows that at least some Western regulators have similar concerns.

Nathaniel Mott is a freelance news and features writer for Tom's Hardware US, covering breaking news, security, and the silliest aspects of the tech industry. Tom's Hardware Tom's Hardware. Nathaniel Mott. Topics Cryptocurrency. See all comments 5. As hopeful as I am about this, at the same time, how do you enforce this? Crypto was designed to be decentralized. As I have been saying for years: every GW of renewable energy consumed by mining is one less GW that can be used to reduce the load on non-renewables.