New Delhi: Cryptocurrencies are the buzz word these days, crypto market is the new age. Every investor, new or seasoned, want to know about it and invest in it because of its money minting potential.
Starting with Crypto markets, it is more or less like a share market. The difference is – here the trading is done in digital currency and not shares. These digital currencies can’t be seen or touched but they have certain value attached to them.
Talking about Crypto currencies, Bitcoin, Ethereum, Ripple and DogeCoin are the most popular ones across the world. Bitcoin is seen as a substitute to Gold, while Ethereum is looked upon as a super computer. Then, there are meme coins as well. These include Dogecoin, Shiba Inu coin and others.
Bitcoin – the most popular cryptocurrency
Bitcoin is the world’s biggest cryptocurrency and most popular. When it comes to crytocurrency trade, one thing strikes the mind is Bitcoins.
Bitcoin dominates the world of cryptocurrency, attracting investors from around the world. However, the digital currency remains restricted in many countries as they consider too risky and too volatile for their citizens.
Most European countries allow it while many have outlawed it.
A look at nations, who allow it & those disallow it:
In most nations of the European Union, trading in Bitcoin is considered legal. While the EU has not cleared any legislation about Bitcoin’s status as a currency, it has clarified that VAT/GST does not apply in its conversion.
After US, European Union is the biggest market for Bitcoin trading. Its trading volume in Bitcoin on online exchanges is pegged at $204.1 million.
Currently, the best and the most popular exchanges for Bitcoin in the EU are Coinbase, Kraken, Binance and more.
United States gives it legal sanction and is probably the most favoured market for Bitcoin trading. Bitcoin got listed as a convertible decentralized cryptocurrency by the US Treasury in 2013.
USA is outshining the rest of the world in Bitcoin trading volumes on online exchanges at $1.5 billion. Coinbase and Finance, are the most popular Bitcoin exchanges in the US.
Bitcoin is legal in South Korea. However, cryptocurrency trading is restricted for minors as well as other outsiders. Adults in South Korea can transact on registered exchanges using their actual names and accounts at a bank in which the exchange also has an account, informs a portal.
Bitcoin transaction volume has increased massively in recent times in South Korea. The most notable Bitcoin exchanges are UPBit, Bithumb, Coinone.
In Japan also, Bitcoin has been accorded a legal status.
Japan’s Bitcoin trading volume on online exchanges is estimated at $6.6 million. Coinmama, CEX.io, Coincheck are very popular choices in Bitcoin exchanges.
Japanese rules however calls for businesses dealing in cryptocurrency to maintain records, implement security protocols and shield customers.
As of now, Bitcoin is not illegal in India. Also, the crypto currency market is not regulated here. Earlier this year, the government proposed a bill that proposed imposing a ban on all cryptocurrencies including Bitcoin and Dogecoin. However, there has been no further development on that.
India’s investment climate is not suited to cryptocurrencies yet or rather say no step has been taken in this direction, so far. Many cryptocurrency services and revolutionary technologies are finding it hard to run without a clear regulation.
With around $64 million trading volume for Bitcoin, India has a good user base. Best crypto exchanges here are WazirX, CoinDCX, Unocoin.
China is one country which doesn’t consider the cryptocurrencies a legal tender. It’s banking sector doesn’t acknowledge it or its services.
Meanwhile, the Chinese government has enacted a number of regulatory measures to clamp down on activities involving cryptocurrencies. In fact, this was one of the main reasons for bloodbath in cryto market. Almost all cryto currencies incurred huge losses due to Chinese crackdown on digital currency, mostly Bitcoin.