Russia, China and India are three of the world’s leading countries when it comes to cryptocurrency. All three have taken steps towards regulating the use of cryptocurrencies within their respective borders, but at different levels.
In Russia, cryptocurrency is not considered legal tender by any government body and there are no regulations or laws on its usage yet. However, several proposals have been put forward by lawmakers in recent years that suggest a more official framework for regulating the sector may be implemented soon. The Russian government has also expressed interest in launching its own national digital currency – the CryptoRuble – which could potentially open up new opportunities for investors and businesses operating in Russia.
China was one of the first countries to regulate virtual currencies like Bitcoin through its central bank back in 2013, banning banks from dealing with them directly . Since then Chinese authorities have stepped up their efforts to clamp down on crypto trading activities within mainland China , but they recently announced plans to launch a state-backed digital currency called DCEP (Digital Currency Electronic Payment). This move suggests that China might be opening up to cryptocurrency once again as an officially regulated financial instrument.
India is another country where cryptocurrencies remain largely unregulated despite strong public interest in investing and trading them. In 2018 the Indian government proposed a bill known as “Banning Cryptocurrencies & Regulation of Official Digital Currencies Bill” which would ban all private cryptocurrencies while allowing certain authorized entities such as banks and exchanges to offer services related to digital currencies issued by Central Banks or governments themselves. Although this bill has yet to become law, it signals India’s intent to take a firmer stance against private cryptocurrencies while embracing those backed by official institutions.
