Cryptocurrency and blockchain technology continues to be a global phenomenon, with adoption and utilization cases emerging in almost every corner of the globe. Digital technology has become so popular that it is now a major talking point not only in the financial sector but also in politics and governance. The seven “-stan” countries of Central and South Asia — Pakistan, Kazakhstan, Afghanistan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan — haven’t shied away from the sweeping digital technology phenomenon. Whether it be revitalizing Afghanistan’s healthcare sector with blockchain adoption or introducing a waiver for crypto mining in Kazakhstan, digital technology utilization appears …

Upon its inception, Bitcoin was envisioned as a borderless currency that could be used by its owners without being affected by the regulatory impositions of any centralized agency or government body. And while this idea in itself is quite grand, the fact of the matter is that today's crypto owners (across the globe) are subject to varying tax restrictions on their digital holdings by local regulatory bodies. Also, over the course of the past few months, a number of tax agencies around the globe, (such as the United States Internal Revenue Service) have been in the process of creating new …

On Aug. 14, at least two American states introduced regulatory actions targeting the crypto space. First, Maryland’s attorney general announced that the state is participating in Operation Cryptosweep, a joint initiative of state and provincial securities regulators in the U.S. and Canada, wherein they launch probes into potentially fraudulent or noncompliant crypto investment programs. Then, the state of Nevada unveiled new requirements for crypto ATM owners, obliging them to obtain a transmission license. The first location granted by the license will cost business owners as much as $10,000, while every additional kiosk requires an extra $5,000 (however, bond requirements cannot …

As the global investor community starts to become increasingly aware of what crypto has to offer, it appears as though this burgeoning asset class is becoming more and more accepted. This is probably best highlighted by the fact that after experiencing bearish conditions all through 2018 (with Bitcoin even stooping at one point to around the $3K mark), the digital currency market as a whole was able to swiftly regain its former momentum and make an impressive comeback. Since 2016, a number of countries have either banned digital currencies altogether (such as China, Pakistan and Egypt) or have placed various …

The Liberal Party of Australia recently proposed a draft bill clarifying that purchases of over 10,000 Australian dollars (around $6,750) in cash would not be legal. According to the government, this step will dissuade tax evasion and encourage a transition to a cashless society. According to the document, transactions equal to or exceeding the stated amount should be carried out using an electronic payment system or by checks. Those payments also must be reported by an entity under Anti-Money Laundering (AML) and counter-terrorism legislation. In this case, cryptocurrencies are considered as “payments that the entity must report in accordance with …

States, provinces and municipalities could use cryptocurrencies to fund projects and programs. Municipal cryptocurrencies — that is, cryptocurrencies launched by cities — could offer citizens a new way to invest in a certain location and even buy goods while helping governments to fund projects. Campbell Harvey from Duke University told Cointelegraph that municipal cryptocurrencies could provide a mechanism to fund certain projects. According to Harvey: “I think of it as, say, we need to build a new soccer field, given that we now have more boys and girls teams and the old field just can't handle it. So, we need …

A move by the Iranian government to cut off the power supply to local Bitcoin (BTC) miners grabbed headlines in June amid a soaring price gain by the preeminent cryptocurrency. As Bitcoin surged to prices not seen since 2017, a rising hash rate mirrored renewed interest in the cryptocurrency. By July 1, the Bitcoin mining hash rate surpassed 69 quintillion hashes per second. Nevertheless, the action by Iranian officials is a stark reminder that regulatory moves can still hold sway over the use of cryptocurrencies around the world. The Bitcoin mining space has marched on over the last two years …

This month alone, at least three separate countries have reported on their prospective central bank-issued digital currencies (CBDCs): The Republic of the Marshall Islands (RMI) announced the creation of a specially dedicated nonprofit organization to support its digital currency that is already being developed. Meanwhile, the central bank of Russia said it was considering its own cryptocurrency (albeit not in the near future), while the National Bank of Ukraine released a report on the matter. The concept of CBDCs has been steadily drawing the attention of numerous jurisdictions worldwide, but will it prove to be an efficient solution? It is …

Last week, Russian officials revealed plans to build a major financial center on an island in the Far East, which would cater to cryptocurrencies, among other things. Notably, the creation of special economic zones for crypto has been an enduring idea both in Russia — similar proposals have been previously made in regard to Crimea, a territory that is claimed by Russia — and the rest of the world. Here’s the list of countries that have been establishing special hubs for cryptocurrencies and blockchain on their soil. Bolshoi Ussuriyskiy offshore crypto zone and similar concepts in Russia The news that …