Cryptocurrency Q&A
Why crypto is considered illegal?
Why crypto is considered illegal?
Valentina
Thu Mar 28 2024
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6 answers
1220
I'm somewhat puzzled. Why is cryptocurrency considered illegal? I've read about Bitcoin and other cryptocurrencies being used for secure transactions all over the world. They're not backed by any central bank or government, but that doesn't mean they're illegal, does it? I've even heard of people investing in crypto to hedge against inflation. Can you please clarify why some people might believe crypto is illegal, and if so, in which jurisdictions?
6 answers
Tommaso
Sat Mar 30 2024
Cryptocurrency legality varies across countries. While some nations have outlawed its use, others have chosen to allow it. This divergence in regulation is due to a range of factors that are unique to each jurisdiction.
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amelia_jackson_environmentalist
Fri Mar 29 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including trading, wallet storage, and more. BTCC adheres to strict regulatory standards, ensuring the security and compliance of its operations. Despite the legal challenges surrounding cryptocurrencies, BTCC remains a trusted platform for crypto enthusiasts.
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Nicola
Fri Mar 29 2024
Volatility is a frequently cited concern in countries that have banned cryptocurrencies. The rapid fluctuations in value make it a risky asset class, unsuitable for use as a medium of exchange or store of value.
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Claudio
Fri Mar 29 2024
Energy usage is another reason for concern. Cryptocurrency mining, which involves solving complex mathematical problems to validate transactions, requires significant amounts of electricity. This high energy consumption is a major environmental concern.
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CryptoBaron
Fri Mar 29 2024
Worries over destabilization are also a factor. Cryptocurrencies can introduce significant volatility to financial markets, potentially destabilizing economies. This risk is particularly acute in countries with less developed financial systems.
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