Argentina has banned cryptocurrency trading and India is mulling a 28% GST tax on digital currencies. As the world’s most popular blockchain technologies, Bitcoin and Ethereum have become globalized commodities with no national borders to restrict their movement. Although some of these cryptocurrencies are already deeply rooted in countries like Argentina, India could represent one more hurdle for crypto companies trying to make it big around the world.
The “cryptocurrency legal countries list 2022” is a list of countries that have either banned cryptocurrency trading or are considering doing so. The list includes the United States, China, and Argentina.
While the globe seems to be warming to crypto and all that it entails, other nations are attempting to drive their inhabitants farther away from it. Argentina and India are the most recent additions to this group of countries that have used extreme ways to force their citizens away from crypto.
Argentina has outlawed cryptocurrency.
Financial institutions have been told not to support any crypto-related transactions for their customers, according to guidelines issued by Argentina’s Central Bank.
This order also applies to any digital asset that is not regulated or recognized by the Central Bank.
The explanation given by the Central Bank for adopting such harsh measures was the same as every other government’s justifications for opposing crypto: volatility and crypto crimes.
The hazards connected with crypto, such as operational interruptions and money laundering to enable terrorism, as well as the absence of controls, are among the reasons why crypto has been prohibited in the nation, according to the Bank.
While other nations, such as India, have lifted such crypto restrictions in the past, it is unclear whether Argentina would follow suit for the time being.
India is raising taxes.
When it comes to cryptocurrencies, India has transformed from a nation that outlawed them a few years ago to a major hub.
According to the Chainalysis 2021 Global Crypto Adoption Index, India was the second most significant country in terms of crypto adoption.
However, the country’s crypto situation has remained in uncertainty since March 2022. Finance Minister Nirmala Sitharaman declared a 30% tax on crypto-related revenue, but said there will be no legislation on digital currency.
Following that declaration, CNBC-TV 18 recently reported that the country’s Goods and Service Tax (GST) Council is considering imposing a 28 percent tax on all cryptocurrency-related activity.
While no official confirmation has been received, investors in the nation are already disappointed since the country’s restrictions make it tough for a crypto company or trader to thrive.
Other governments, on the other hand, are welcoming cryptocurrency with open arms despite its little use.
El Salvador is the first country to accept cryptocurrency.
In September 2021, El Salvador became the first government in the earth to declare Bitcoin legal money, setting a precedent for other crypto-friendly countries.
El Salvador remained unconcerned despite pressure from the International Monetary Fund (IMF) to repeal the legislation and even threats of loan cancellation if it did not comply.
As a result of El Salvador’s example, Mexico is considering making Bitcoin legal money, with Senator Indira Kempis introducing a crypto bill shortly.
Following suit, the Swiss city of Lugano opted to declare Bitcoin legal money in order to streamline tax payments and everyday transactions.
To summarize, although the process is gradual, crypto is becoming mainstream, and with the help of nations like China, those who oppose it may reconsider their positions.
The “cryptocurrency in india” is a country that is currently debating on whether or not to impose a 28% GST tax on cryptocurrency trading. This decision could affect the crypto market as a whole.
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