Rise in Cryptocurrency Adoption: Analysis of Recent Developments
Some of the recent developments around the globe are suggesting that acceptance of cryptocurrency is on the rise. We are not only talking about a wider set of people and investors who are embracing the idea of digital coins, but more importantly, the discussion is about the growing acceptance of cryptocurrency among governments and regulatory agencies. It is indeed heartening to witness this new wave of a shift in the attitude of federal agencies and Central banks who are now mulling the prospects of adopting digital coins to increase their revenue and boost operational efficiencies.
South Korea and France: Leading the Way
Take, for instance, South Korea which has set the example of becoming one of the world’s first countries to come up with a comprehensive law on the cryptocurrency. Given the countries affinity towards digital coins, it hardly comes as a surprise, but the real reason behind this move is the growing impact of coronavirus on its economic condition. In fact, the largest city in the country, Seoul, has its own cryptocurrency by the name of S-coin, which amply reflects the positive attitude and enthusiasm of South Korean people towards digital currencies.
Another significant development has come from France, where the Court has categorized Bitcoin loans in the segment of consumer loans. This has far greater implications as this suggests the whole scenario is suggestive of the open-minded attitude judiciary has adopted towards Bitcoin and other digital currencies. Along the same lines, a court in Australia has ruled that a cryptocurrency exchange account can be used as collateral for recovering the legal costs associated with the defendant. In its ruling, the judge said that cryptocurrency is a very well-known form of investment and recognized worldwide. Therefore, it can be easily used as collateral for paying all the money associated with the legal cost of the defendant.
India and Germany: More headroom for Crypto
Even more significant news has come from India, where the apex court of the country, the Supreme Court of India, has quashed the ban imposed by India’s Central Bank, Reserve Bank of India on all the banks prohibiting dealing them with any firm having business in the domain of cryptocurrency. The Court reversed the ban and this comes across as a landmark judgment that is being celebrated across the country by crypto enthusiasts and followers. Just so you know, in the month of April 2018, Reserve Bank of India came up with a directive prohibiting all the banks from dealing with cryptocurrency organizations. The judiciary said that this blanket ban imposed by the Reserve Bank of India was disproportionate in its intensity and scope.
Germany has also jumped into the fray and has come out with legislation for the crypto organizations. The country stated that Bitcoin and other crypto service providers need to take permission from the federal financial agency to operate and provide services to its potential customers and investors. The Financial Supervisory Authority of the country is the apex body empowered to take all the finance-related decisions and recently, it has shut down a number of unauthorized Bitcoin ATMs operating in the country under the name of “Shitcoins Club.” According to the directive issued by the authority, all the matters related to digital currencies have now been covered under the German Banking Act and henceforth, any new service provider must take permission from the regulatory agencies to start operating in the crypto domain
Global Deliberations
On the Global Economic Forum, we are also witnessing the topic of cryptocurrency coming into the discussion time and again. The finance ministers of G20 have taken this issue in the recently held meeting even as FATF is organizing meetings with the financial regulators across the globe to discuss the issue of digital coins. In its plenary session (which concluded on February 21st), more than 800 member delegates from across 205 countries around the world took part in discussions about cryptocurrency and the possible regulatory frameworks to regulate digital coins under some commonly suggested framework.
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Conclusion
It is quite easy to fathom the reason behind the growing acceptance of cryptocurrency even among the regulatory agencies and federal governments across the globe. Transactions involving digital coins are fast, more affordable, and come without any interference from the third party. Further, based on the strong foundational principle of blockchain, the safety and security aspects of digital transactions are very safe and secure. All these benefits have long attracted the masses and now it seems, governments are becoming equally enthusiastic about the prospects of adopting digital coins.
