Legalization of cryptocurrency worldwide
Since the popularization of cryptocoins in the financial ecosystem of India confusion reigns. But in 2019, the situation may change, because according to the latest documents, the Indian State Interdisciplinary Committee is considering a decision on the legalization of digital currencies. This is the right way, experts say, because now the cryptocurrency is in limbo: it is neither legal nor illegal in India.
An official interested in the committee’s work, anonymously gave an interview to the New Indian Express newspaper. According to him, 2 meetings have already been held on this issue. So far, they have agreed that a cryptocurrency cannot be defined as illegal. According to the authorities, it should be legalized, but with tight control. For now, he added, discussions are ongoing.
The confusion in the cryptosphere of India began from November 30, 2017. Then, against the background of the madness of traders, caused by the boom in Bitcoin prices, Finance Minister Arun Jaitly said that the state does not recognize cryptocurrency as a legal means of payment. In December, the government recommended its citizens not to invest in this industry. Officials believed that this was only a pyramid and investors would lose their money.
But from November 2018, the country’s attitude towards cryptocurrency began to change. In the document submitted by the state, it was stated that the authorities still doubt whether to ban it or regulate.
According to officials, in December 2018, several meetings were held to draft a bill to regulate the use of cryptomonet in India. There was considered the issue of promotion of the blockchain technology, as well as the chance of using coin on the official level.
This decision is made due to the fact that the G-20 countries have taken an important step to control cryptocurrency. According to their plans, this bill will allow countries to resist financial terrorism.
Legalization of cryptocurrency in the supermarket
Oasis Supermercados, a supermarket chain in the Brazilian city of Rio de Janeiro, has recently begun to accept cryptocurrency. Consumers can pay for their purchases with the following coins: BTC, BCH and LTC.
Since December 2018, the store has decided to add three more digital funds to its payments using paper currency, debit and credit cards. According to local media reports, the company will use Coinwise as processing support.
To avoid volatility, all payments are processed immediately after they are made. The customer pays a cryptocurrency, but the supermarket receives money in paper form, the withdrawal occurs about once every three days.
As in most places that already accept cryptocurrencies as payment, the owners of the supermarket chain are experienced traders. Owner Douglas Andrade and his brother, co-manager Thiago Andrade, took the idea from the video. They transferred him to a crypto-brokerage firm to find out whether their idea is feasible.
In their opinion, the use of digital currencies is very similar to the use of a simple credit card. According to the brothers, the payment process is very simple. The consumer only needs to say what kind of money he wants to pay for the purchase. Then it scans the QR code, and all done.