Crypto Centralization & Bitcoin Bans: Asia
Last week I published a story that focused on a future that cryptocurrency fans, by and large, don’t want to acknowledge. That is, a future full of government regulation and oversight of their coin trading activities, legit or illicit. As Bitcoin’s value rockets past the once unthinkable $100,000 per coin price, China is suddenly not alone in wanting to issue a death knell to Bitcoin and other decentralized forms of money. China is, however, one of the few countries on earth that can take the drastic actions it recently took in banning cryptocurrency trading and mining, without instigating domestic protests and chaos. Passing similar legislation in Europe, the US or Canada? Good luck.
That being said, no emerging and thriving market live long without intervening government regulation and taxation. There is a movement afoot. Countries that have issued their own centralized cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia, Russia and El Salvador. The United States, the UK, Japan, Brazil, Mexico, Argentina, Kazakhstan, Sweden and more are looking to launch their own, centralized cryptocurrencies. Those countries where crypto is now banned or not recognized, as of this writing, include India, Russia, China, Bangladesh, Algeria, Bolivia and Morocco.
This is a big, developing story. Where do the leading countries of the world really sit with crypto? I am going to try to break the answer down by regions: the Asia Continent, Europe and the Americas, over the next few weeks. Let’s start with:
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