Blockchain and Cryptocurrency continued to disrupt the traditional Financial Technologies and Services in 2019. This sent a strong message to the institutions and lawmakers to change their ways of thinking. Once they have experienced this Blockchain phenomenon, now there are better Legal aspects of Cryptocurrency in 2020.
Now, owning a Cryptocurrency like Bitcoin is a norm and investors are continuously exploring new opportunities with Blockchain Technology. Great profits can be earned through the best bitcoin exchanges and you need to be vigilant enough to grab the revenue opportunities.
Now, if we come to the Legal Aspects of Cryptocurrency, Japan, China, Hong Kong, Singapore was doing well in matters related to this. Some European Countries were endorsing Blockchain but showed concern for financial aspects. France and Germany now allow citizens to perform financial transactions using cryptocurrency coin so the great future prospect lies here.
European Union is working towards giving Cryptocurrency a Legal Framework. They will be focusing in 2020 how they can regulate this market and the most benefit out of this for the citizens as well as this innovative digital currency. There is much talk on the regulations, not blindly calling it illegal, so we need to understand this point.
Australia is now on its way to give shape to the roadmap to endorsing Blockchain Technology. Department of Industry, Innovation, and Science has stated that it will finalize its National Blockchain Roadmap by 2021. This will pave the way for blockchain and cryptocurrency to disrupt the traditional financial markets. Innovation has been the key aspect and each one of us knows that sooner or later, we have to endorse this economy.
Another amazing news came in from Illinois USA that they have passed the Blockchain Technology Act. This will allow the citizens of State to Form Legal Contracts using Blockchain Technology. So, they will be completely free to do any business with a legal cover.
Private firms are also exploring the potential of Blockchain and there is a continuous paradigm shift in how people now perceive this. Firstly, it was known to some and has gradually now shaken up the investors.
Recent US-Iran Conflict proved that Bitcoin can sustain when other financial and stock markets collapse or decline. The investors knew that the traditional stock markets will be collapsing so they moved towards cryptocurrency. Due to limited supply, the prices surged and everyone benefitted.
Blockchain technology has empowered the Digital World by providing a secure mode of Investment and a way to earn profits. The lawmakers need to understand that there is no need to completely ban crypto assets. And major countries are having a positive attitude towards this. Facebook’s Libra is proof that this is a credible technology for financial payments.
There is a need to regulate and most of the governments are trying to do just that. All the crypto assets holders are very much optimistic about the legal aspects in 2020 and more people will be becoming part of this ecosystem.