How Are Major Economies Regulating Cryptocurrency?
NDTV
Trading In cryptocurrency is extremely unpredictable and it is not clear how this industry will affect the existing financial system.
As India gears up to regulate cryptocurrency trade, fear is growing about the possible fallout of the move on this burgeoning and volatile industry. The government has decided to introduce legislation in the Winter Session of Parliament, set to begin on November 29, to restrict and regulate the crypto trade in the country. When the news broke, earlier this week, the crypto market saw a steep crash, but it has stabilised since. So, it's a good time to reflect on how this highly speculative industry is regulated around the world.
United States
The US has a dual system of governance, like India, under which laws vary from state to state. Each American state has its own laws to regulate cryptocurrencies but largely at the country-level, the sentiment is positive towards the trading community. In any case, the US is known to support business opportunities, and so a ban on crypto trading is highly unlikely unless this industry throws up unmanageable risks to the existing financial system.
United Kingdom
