Legal Status of Virtual Currencies/ Cypto currencies by Gurmit Combo

 

Crypto currencies are highly volatile and risky investment options. They are not under legal tender in any jurisdiction unlike the conventional currencies issued by the monetary authority. The crypto currency are also not controlled or regulated and their price is determined by the supply and demand of their market.

Impact of the virtual currencies on the various economies and social processes in the modern world is becoming more significant day by day. In United States Crypto currency are considered legal; however there does not seem to be consistent legal approach to them. Laws change greatly state by state and federal laws are not in consensus as to what these virtual currencies actually are.

Crypto exchanges also face much uncertainty when it comes to regulation. US is beginning to take steps to create some kind of framing crypto regulation. US treasury has been outspoken regarding the regulation of crypto currencies to keep check on criminal activities.

The virtual currency is considered legal in EU but the rules for the exchanges vary across the member states. In EU crypto is subject to capital gain tax. Exchanges are required to register with their local financial authority and from there they can operate across the whole of EU. Also there is a directive for crypto exchanges in European nations to follow the anti money laundering regulations of the country.

In UK crypto is not considered to be legal tender, although crypto currency exchanges are legal. The potential taxability of crypto currency depends on the activities and parties involved and the gains and losses of crypto currency are subject to capital gains tax.

In India crypto currency is not regarded as legal currency even though block chain has been readily accepted by the Indian government. The apex bank of India, RBI has effectively banned Crypto and the currency has been facing the court battle against the apex bank.

The market of crypto currency is complicated and has to be fully understood before jumping the wagon. It is therefore imperative that you get enrolled in crypto currency trading course so that you can understand the ins and outs of the working mechanism of this highly volatile and speculative virtual currency market.

The professional courses help the individual thorough understanding of the crypto world. A good crypto currency course will be easy to understand and supported by visual resources. It covers an exact segment of the crypto currency field and explains in a nut shell the ins and outs of crypto in detail.

The course covers all the basics of the crypto currency, its types, block chain technology, trading; technical analysis of the virtual currencies, crypto currency mining and crypto currency trading.

The course teaches you all you need to know to get kick started in the crypto world, it teaches about crypto wallets, and how to set them up, about how to get bitcoins from ATMs or exchanges, terminology of the crypto world and technical analysis and chart patterns.

Crypto currency market is highly risky, speculative and volatile. It is therefore imperative that you venture into it after knowing each and every aspect of the virtual currency market.