It seems like every country is reviewing their stance about crypto, and it is interesting to see their actions and reactions to cryptocurrencies and different protocols. On this blog post, let’s do a short run-dawn of how the world is keeping up with crypto.
According to iMining CEO Khurram Shroff, the diversified location of Bitcoin mining facilities following China’s crackdown is great news for the rest of the world, including Canada. IMining recently moved its headquarters to Toronto, Canada. In addition the company will diversify its mining locations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries.
“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies,” said Shroff.
Kazakhstan bosses up: imposes crypto-mining taxation law in 2022
We have reported on LATOKEN Moments in June that the world’s largest mining pool in China is making its move to Kazakhstan. Well, Kazakhstan recently signed a new law that brings in billions of national currency – tenge – into its budget. The new law requires taxation for crypto mining businesses, and will take effect starting January 1st, 2022. Some local businesses have spoken out against the new law, because they think that it will make mining companies leave Kazakhstan and look for better places. Maybe, it was too soon for this Central Asian country to impose taxation. One might think that the smart move would be to open up and provide better solutions for mining companies, rather than thinking about short term tax gains.
Wyoming: Land of the Free
According to USNews, Wyoming is ranked 48 out of the 50 American States based on its economy. A true american wilderness became the first state to legally recognize a decentralized autonomous organization (DAO) in the United States.
Recently, American CryptoFed DAO received notice from the Wyoming Secretary of State’s Office recognizing it as a legal entity. Marian Orr, CEO of the American CryptoFed DAO, stated:
“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”
Wyoming has been one of the most crypto-friendly states in recent years. Perhaps it is because the state legislature sees how crypto and decentralized finance can sky-rocket the state’s economy 100x in the coming years.
From Russia with Love
Russian Central Bank recently warned against Bitcoin, and got backlash from Russian billionaire, Oleg Deripaska. He is the founder of Basic Element, a Russian industrial group focusing in areas such as aluminum, energy, construction, and agriculture. According to Forbes, his net worth is currently $4.7 billion.
Deripaska questioned when developments in fintech will “pierce a hole in this wall of superstition” of the Bank of Russia. He also questioned when Russian citizens will “receive a real financial instrument that ensures independence in foreign trade settlements.”
What is Next?
Overall, the best part of crypto is how quick and massive it can grow and change – and we can see it clearly in the recent news. It is exciting to see more and more countries are able to have a vision to implement and adopt crypto into their economy. They do have different approaches, however, the transition from traditional finance to crypto is inevitable, and the entire world knows it. It’s just a matter of time until we start calling cryptocurrencies “money.”
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