The G-20 forum is an international platform where bankers from 20 member regions come together to discuss global economic policies and reforms. Cryptocurrencies are the biggest topic of debate of late in various global economic forums and member regions of the G-20 too, are discussing about cryptocurrencies.
Founded in 1999, the G-20 regions include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
Here’s a quick analysis of how each of the 20 member regions feels about cryptocurrencies, as observed by Reddit user u/mathiaes.
Argentina:
The government of Argentina hasn’t been too keen on regulating the cryptocurrencies till now. However, the citizens have been quite enthusiastic and crypto trade is flourishing in the nation. Given the fact that international governments are going strict on cryptocurrencies - it is expected that this international pressure may coax the government of Argentina to form some cryptocurrency regulations. However, there is no sign that the nation will come up with a hostile set of laws.
Australia:
One of the most accepting and lenient nations when it comes to cryptocurrency laws and regulations, Australia has set up tax laws and usage guidelines regarding cryptos. The government has a very progressive approach and a number of major players in the nation have begun to accept crypto-payments!
Brazil:
Brazil hasn’t been as open or accepting of cryptocurrencies as fellow G-20 member from South America, Argentina. The Brazilian government has been discouraging cryptocurrency trade in the nation and has been warning users against investing in cryptos. Accounts of some Brazil-based crypto brokers too, have been shut down.
Canada:
Canada has been quite neutral when it comes to cryptocurrencies. While there are no strict regulations in place, the country is soon expected to set up stricter tax regulations. However, Canada has issued a ‘guide on digital currencies’ for the residents. The government is concerned with cryptocurrency frauds and is working towards eliminating fraud.
China:
The most hostile nation in the list of G-20 nations when it comes to the topic of cryptocurrencies. China has imposed a number of strict regulations and has banned all cryptocurrency exchanges from setting up shop in the nation. The country has also imposed a number of strict regulations on cryptocurrency mining in the nation. Despite their hostile stance on Cryptocurrencies, China has been quite supportive of the blockchain technology.
European Union:
The European Union (EU) has mixed reactions on cryptocurrencies when it comes to member nations. However, as a whole, the EU agrees that there needs to be a VAT system in place for cryptocurrency taxation. Regulations regarding investor protection, market integrity and financial stability are also likely to be set up by the EU in the near future. However, for the moment there is no hostility in sight, just a regulated tax structure.
France:
The government of France isn’t too keen on cryptocurrencies, but ICOs seem to be public enemy number one for now. The government has been cracking down on a number of ICOs and has set up strict regulations in place. Certain websites have been discouraged in the country for misleading the consumers. France has consumer protection as their primary priority.
Germany:
Germany has set up interesting tax laws for cryptocurrencies. Basically, when used as a means of payment token, there is no tax on cryptos. All costs associated with mining are considered as a ‘deductible expense’ as per German laws. Germany’s taxation structure has been widely appreciated by cryptocurrency traders and investors around the world. Germany is an accepting nation and looks like there will be no hostility in the near future as well !
India:
India has had mixed reactions about cryptocurrencies. The government is still trying to figure out tax-related laws while cryptocurrency exchanges are being raided in the nation. Certain high net-worth investors are being summoned by the tax authorities in the country. However, despite an uncertain approach towards cryptocurrencies, the Indian Prime Minister has been appreciative of the blockchain technology. Cryptocurrencies are not illegal in India, but they are not a ‘legal tender’ as well.
Indonesia:
While not as harsh as China, Indonesia hasn’t been supportive of cryptocurrency trade in the nation. Banking authorities and government of Indonesia have issued multiple warnings on the subject of cryptocurrencies. Despite these warnings, however, there have been no regulations or tax laws set up against cryptocurrencies.
Japan:
The country with the highest adoption rate, cryptocurrencies have almost become a mainstream form of payment in Japan. Recognized by banks as well as the government, cryptocurrency trade and usage is flourishing in Japan. The governments have been supportive and have set up a proper tax system in place.
Mexico:
While Mexico hasn’t been hostile, the country does want some regulations in place when it comes to cryptocurrency trade in the nation. Laws against money laundering and cryptocurrency fraud have been set up in the country. The government is also likely to impose regulations on ICOs in the near future.
Russia:
Russia is accepting of cryptocurrencies, but also wants to impose regulations upon them. The country is expected to set up these cryptocurrency regulations and legalize cryptos in the nation by July. Russia is expected to go strict on ICOs in the near future.
Saudi Arabia:
One of the rare-few nations to back Venezuela’s Petro cryptocurrency, Saudi Arabia hasn’t really been hostile (as expected by many). The nation has been considering a ban on ICOs, but other than that there seems to be no sign of any regulations on cryptocurrencies. The central bank of Saudi Arabia, as well as a number of other banks and financial institutions in the nation, have been teaming up with Ripple for international payments.
South Africa:
Cryptocurrencies have become quite the craze in many African nations due to the lack of a proper financial system. While this is not the case with South Africa, there’s still an active interest in crypto-trade in the nation. As of now, there are no regulations regarding cryptocurrencies in the country, but expect some regulations over the course of the year.
South Korea:
Another nation which is quite accepting and open about cryptocurrencies, South Korea has a significant portion of its population investing into the crypto trade. However, there is a strict ban on ICOs in the nation (which the country is considering to relax eventually). The government is quite concerned when it comes to protecting citizens against crypto-related fraud.
Turkey:
Current expectations indicate that Turkey may soon introduce a national cryptocurrency. However, it is unlikely to be anything similar to Venezuela’s Petro. As of now, these are the only crypto related updates from the nation which has otherwise shown a mixed reaction to this fin-tech revolution.
United Kingdom:
While the British Prime Minister has been talking about strict regulations on cryptocurrencies, there have been no laws or regulations controlling cryptocurrencies as of now. However, it is expected that these regulations will be set up shortly. The Royal Bank of England, as well as a number of other banking authorities in the region, are understanding the cryptocurrency technology with murmurs of an official token in the near future. However, it may take a few years before this leads to anything significant.