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US and China – single coin, different view

US and China – single coin, different view

April 18, 2018 7:15 am,

We have all observed the rise in cryptocurrency all over the world but there are still some countries that are reluctant to legalize it. Despite that, it has gained high-class popularity and is now being called a movement that cannot be stopped. The world may as well call it a revolution. If we look into the world’s greatest economy, the United States (US), the government has taken into consideration that cryptocurrency is a property but is unwilling to take further actions into legalizing it. But if we take a look at China, she is one of the largest countries in the world and having an almost monarch-democratic political system, she is willing to expand the Research and Development further and plans to launch its own national cryptocurrency.

In the US, different states have different and their own regulations regarding the crypto assets. Like in Wyoming, one of the laws states that the cryptocurrency is merely a utility token and it exempts it from property tax. On the other hand, Tennessee gives it a legal recognition to blockchain smart contracts. The US is facing many complications regarding the legalization of cryptocurrency as there is a difference of opinions and understandings. Some states enable cryptocurrency to be used for tax payments but with the foundation of converting it into USD within 24 hours.

Looking at the other side of the globe, in China, the People’s Bank of China (PBOC) has planned for its own national cryptocurrency. There are many ongoing debates and conferences held to finalize this. Currently, the central banks are expecting the governments to improve their supervision over the digital currencies. As there is increased use of cryptocurrency, that means that the safety and security of personal data should be at topmost priority. China has understood the value of blockchains despite the criminal use of the virtual world. To overpower this situation, China would launch its own digital currency so that it could have a control over the unofficial ones.