WHAT IS CRYPTOCURRENCY?
A cryptocurrency is an electronic form of currency that uses cryptographic proof to validate transactions instead of using trust between two or more parties. The digital signatures that are created prove the validity of each transaction which is highly secure and made public for anyone to verify.Cryptocurrencies were initially developed with the creation of Bitcoin by the founder Satoshi Nakamoto. This was the first cryptocurrency that successfully used blockchain technology at scale.
IS CRYPTOCURRENCY LEGAL?
The United States
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013. 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 European Union
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
Canada
Canada maintains a generally bitcoin-friendly stance like its southern neighbor, the U.S. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA) for income tax purposes. This means any income from a transaction using Bitcoin is viewed as business income or a capital gain and must be reported as such
Australia
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.
El Salvador
El Salvador is the only country in the world that has declared bitcoin to be legal tender. In June 2021, the country’s Congress approved President Nayib Bukele to formally adopt bitcoin as a form of payment.
Other Countries Where Bitcoin Is Legal :
- Denmark
- France
- Germany
- Iceland
- Japan
- Mexico
- Spain
- United Kingdom
Countries With Absolute Bans:
- Algeria
- Bangladesh
- China
- Egypt
- Iraq
- Morocco
- Nepal
- Qatar
- Tunisia
WHY ARE THE WORLD’S SUPERSTARS PARTICULARLY INTERESTED IN CRYPTO?
EX: Reynolds Acknowledges Crypto
Speaking with Bloomberg Markets Emily Chang, Hollywood actor and MNTN chief creative officer Ryan Reynolds discussed his thoughts on cryptocurrencies.
When asked whether he owns any crypto himself, the Canadian actor gave a somewhat coy laugh, stopping short of confirming any personal holdings. “I don’t really want to comment on that, but I do see the value in the conversation, we’re having right now. I think companies are doing a good job of bringing it into a sort of safer more mainstream light” he replied.
He’s clearly been keeping an eye on the space, though: “It’s been emerging for a long time, so I’m not super surprised.”
“Despite not revealing himself as a cryptocurrency holder, Ryan Reynolds sees huge potential in the industry”
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