Crypto Coins Are Moving Towards Becoming “Official” Money

Countries  with cryptocurrencies

The breakthroughs it has made are not new, but the legal practices that have been decided in the past days reveal that international politics and the economy are making cryptocurrencies increasingly essential. With the penetration of the cashless society understanding, the digitalization of needs and therefore demands day by day, it has been understood that
blockchain technology
and crypto coins are the first option that can be used in some issues that have come to the surface politically and economically. Recently, especially in the globally spreading epidemics and geopolitical upheavals, the importance of blockchain technology and crypto coins has been strengthened and studies have been accelerated.

Countries are stepping into cryptocurrency regulations

As of March 2020, countries with an effective structure in the crypto money wing have taken serious steps for various  regulations. In this context, firstly, the US Treasury Department held a crypto money meeting under the leadership of Treasury Secretary Steven Mnuchin and emphasized that the US should not lag behind other countries in this area. The U.S., which has shown a reluctant attitude, has loosened its attitude to some extent and stated that it is open to innovations. In this case, it can be considered that China is also a major contribution. The economic and technological breakthroughs of the two competing countries may enable them to play a leading role in the struggle they have entered into the global sense.

Another piece of positive news came from India. The Reserve Bank of India announced a decision in 2018 banning banks’ cooperation with cryptocurrency exchanges. After 2 years, the Supreme Court of India invalidated the decision and delighted the crypto money investor. Although the Reserve Bank of India has appealed the decision, the Supreme Court has rarely changed its decision. Crypto money exchanges in the country, following the decision, began to make transactions in fiat currencies. India’s move is among the topics discussed that can increase the rate of crypto money transactions in the country. After this step, India is expected to clearly define crypto coins.

In South Korea, the use of crypto has now gained legal status. According to the bill approved by the National Assembly, anyone who wants to transact with their identity will be legally processed. The bill is expected to be implemented next year. It is estimated that the activity, which is legal throughout South Korea, will increase the number of transactions within the framework drawn and the public will react positively to crypto coins.

France, on the other hand, has officially signed a decision worth precedent. A decision was taken from the case of two crypto money exchanges that will positively affect the crypto money sector. According to the court decision, bitcoin was defined as a commodity. This leads
to the conclusion that
 bitcoin is treated like money. In this way, giving credit, making transactions and using it as a means of exchange is considered as a decision that will increase the volume in the market.

Many countries, which weigh crypto coins on a delicate scale, have started to fill their bags with blockchain technology and crypto coins to get rid of many international deadlocks at the end of the day. The central banks of many countries, which have taken steps to digitize even fiat currencies, have expanded their research area on cryptocurrencies. It is thought that crypto coins, which are in the process of retreating due to economic reasons and technical indicators, can make progress after these breakthroughs thanks to the positive effect of investor behavior. 

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