As Russian and Indian policies take shape, cryptocurrency regulation is a hot topic.


As Russian and Indian policies take shape, cryptocurrency regulation is a hot topic.

As Russian and Indian policies take shape, cryptocurrency regulation is a hot topic.

Over the next year, cryptocurrency regulation is going to be a hot subject among investors. According to recent reports, the government is finally taking an interest in space and will devote resources to developing regulating policies for it. The move has been anticipated for some time, and it sees the United States following in the footsteps of other global powers. Russia and India, without a doubt, will have a significant impact on incoming American policies. Both of these countries will have some influence on what Congress and President Joe Biden's administration come up with as they continue to design their own policies.

Crypto investors all over the world are waiting for more news from any of the three countries as the week progresses. Indeed, the United States, India, and Russia, respectively, have the world's greatest, sixth-largest, and eleventh-largest economies. As a result, any crypto regulations implemented by these countries will establish a precedent for the rest of the world. And, given China's draconian policies, crypto proponents are expecting for a slew of loose regulations from this triumvirate.

On the American front, things are still quiet. However, we do know that Vice President Joe Biden is working on a crypto executive order. The order might come as soon as this month, according to investors. Meanwhile, Congress will gather in the coming weeks to discuss digital assets. While we wait for the policies to be announced, it appears that other world powers are making progress with their own restrictions.

Russia Sees Crypto “Power Struggle,” India Walks Back Crypto Regulation Details

Just a day after releasing the terms of its crypto bill, India is making headlines once more, and investors aren't happy. Many investors believed that the country's plan to levy a 30% tax on crypto assets was terrible enough. The Indian government is now stressing that the fee does not make crypto trading lawful; rather, it claims that the tax will aid the country in tracking criminal blockchain activities.

Meanwhile, legislators have ratcheted up their anti-crypto rhetoric, declaring that Bitcoin  and Ethereum  will never be recognized as legal tender in the United States. It's also becoming clear that this bill contains some dubious provisions, like as one that gives the government the power to define what a non-fungible token (NFT) is.

There are clearly some speed bumps as things continue to form up in India. Things look to be happening similarly in Russia. Even in the face of initial adversity, things appeared to be going well; the Russian central bank, which recommended a full-fledged crypto prohibition, received pushback from President Vladimir Putin. Putin opposes a complete ban, citing Russia's energy supplies as a competitive advantage in the cryptocurrency mining business. He suggested that the central bank and the more upbeat finance ministry collaborate on less stringent policy. There is now a regulatory policy in place for the body to review.

There is, however, a problem in Russia's preparations. While Putin extols his country's power reserves and competitive edge, research suggests that this isn't the most accurate representation. Some Russian cities are experiencing power disruptions and shortages as a result of crypto mining. Citizens are mining cryptocurrency in their own houses, causing energy firms to struggle to satisfy demand. This development will almost certainly result in opposition to the proposed legislation.

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