Course: Data Science & Big Data Analytics Discussion: While there are many benefits to the use of cryptocurrency, there is also much skepticism from the general public. Much of this concern cen
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Post 1:
6 hours ago
Poorna
Week 11 Discussion
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Bitcoin regulations
Bitcoin is one of the forms of cryptocurrencies that are traded through the internet and are unregulated by the banks as well as the government. Therefore, it is very vital for one to understand the ethical and legal responsibilities relating to the monetary exchange of bitcoins. Many of the countries have been struggling on how to regulate the use of bitcoins as well as setting up the legal protections that should be adhered to in the use of bitcoins (Parveen & Alajmi, 2019). However, the government of the united states has made a great stride in setting up some regulations that regulate and dictate the use of bitcoins across the united states.
The government of the U.S positive approach to the use of bitcoins though there are only a few rules that have been introduced in regulating the use of bitcoins. These rules don’t cover the whole of the U.S, but every state has formulated its regulations for protecting bitcoin users Ponsford, (2015). With regards to the state-level user regulations, one of the measures that have been taken is issuing customer advisories on matters relating to the use of bitcoins. Moreover, according to Ponsford (2015), it is required for the companies that are engaging in the virtual currency business activities as well as anyone who stores, buys, transfers, sell or exchange bitcoins for having a BitLicense thus rooting out any illegal activities.
However, not all countries have embraced the use of bitcoins as legal tender as they the cryptocurrency as a threat. Nevertheless, some other countries like Canada have developed laws as well as imposed taxes in the transactions involving bitcoins as well as other cryptocurrencies. Moreover, some other countries that have embraced the use of bitcoins have developed regulations that are aimed at protecting consumers against money laundering (Parveen & Alajmi, 2019). Even though formulating legal protection on the users of bitcoin has proven to be hard for most governments and most countries lack regulations governing the use of bitcoins.
References
Parveen, R., & Alajmi, A. (2019, February 08). An overview of bitcoin's legal and technical challenges. Retrieved March 17, 2021, from https://www.abacademies.org/articles/an-overview-of-bitcoins-legal-and-technical-challenges-7863.html
Ponsford, M. P. (2015). A comparative analysis of bitcoin and other decentralised virtual currencies: legal regulation in the People's Republic of China, Canada, and the United States. HKJ Legal Stud., 9, 29.
Post 2:
1 day ago
Vikas
Week 11 Discussion
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Bitcoin in the course of the most recent couple of years has picked up in prominence. Organizations are beginning to acknowledge Bitcoin as a legitimate delicate, which opens the gap on how Bitcoin will be managed and burdened. There have been scarcely any distributions discharged on the future guideline of Bitcoin outside of budgetary establishment's conclusions on the digital currency. Because of Bitcoin's non-managed state, people feel hesitant to receive the digital currency as a delicate of decision. Because of its initial relationship with crime, the disgrace encompassing Bitcoin has been negative. In any case, there have been certain utilization cases showed utilizing Bitcoin. Different pro athletics groups have started embracing bitcoin so as to pull in another group to games. Extravagance vehicle makers have begun to acknowledge the cash for buying vehicles. In spite of the fact that the doubters keep on minimizing Bitcoin because of its unregulated nature, organizations despite everything appear to float it (Ficcaglia, 2017).
As per research different nations all through Europe have started assigning Bitcoin action as a wrongdoing as it isn't available. The activity of having Bitcoin isn't the issue, yet using it for buys in a setting that would normally be burdened can be viewed as a wrongdoing, and no insurance is granted. A few nations in the EU have gone similarly as recommending that digital money compromises sway, undermining the legislature where Bitcoin is being utilized. This assignment gives the legislature the position to characterize clients of this digital money as fear-based oppressors. Germany and France have started chats with other G20 individuals about drafting an underlying proposition to control the utilization of digital currency. In the US, Bitcoin is right now treated as property and not as cash, permitting Bitcoin to be utilized to buy things nearly as a trade type circumstance. Bitcoin named property doesn't hold a similar assessment punishment as though it were named cash. In any case, as Bitcoin turns out to be more important and exchanged for items, guidelines to incorporate tax collection are unavoidable (Prayogo, 2018).
References
Ficcaglia, G. V. (2017). Heads or Tails: How Europe Will Become the Global Hub for Bitcoin Business If the United States Does Not Reexamine Its Currenct Regulation of Virtual Currency. Suffolk Transnat'l L. Rev., 40, 103.
Prayogo, G. (2018). Bitcoin, regulation and the importance of national legal reform. Asian Journal of Law and Jurisprudence, 1(1), 1-9.
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