Not all governments welcome the existence of crypto money including Bitcoin. The latest is a rumor from Ray Dalio, founder of the Brigewater Association, which says financial regulators will kill Bitcoin cs.
The United States Increases Monitoring of Bitcoin
One of them is the United States (US) which is known to increase surveillance on the movement of crypto currencies which are considered wild, speculative and attract attention.
Even the US is preparing rules for this industry. The chairman of the Securities and Exchange Supervisory Commission in the US said his party was working overtime to create a number of rules to protect investors from investing in digital assets and coins.
China and Iran
Then two countries, China from Iran, are tightening the rules regarding cryptocurrency mining, especially for Bitcoin. Prohibition limits the activities of crypto-asset miners, there are also issues regarding monetary authorities to wasteful energy from mining activities.
The ban turned out to make the miners migrate. According to data from the University of Cambridge, they likely went to the US.
The US is the second largest mining destination in the world, there were 17 percent of the world’s miners in April. This number increased from September 2020 as much as 151%.
The increase in the number of mining is also felt by the founder of Blockcap and Core Scientific, Darin Feinstein. He sees serious mining infrastructure growth in the US.
“We’ve seen a massive increase in mining operations looking to move to North America, mostly in the US,” he said.
India Also Rejects Bitcoin
There is also India which rejects Bitcoin. The country has long been said to be blocking the existence of Bitcoin.
In March, the Indian government required Indian companies to disclose digital currency transactions on their balance sheets. The regulation has been approved by India’s Ministry of Corporate Affairs (MCA).
The policy is said to be expected to make investors and the government more transparent.
“This is a big step to regulate crypto assets in India and will bring a lot of transparency in the reporting or filing of crypto investments. This move will improve the institutionalization of crypto assets in India and will take the Indian crypto industry to the next phase of growth,” said Shivam Thakral, CEO of BuyUcoin. as reported by India Today, Friday (17/9/2021).
Previously India also proposed making a law banning cryptocurrencies. Including to impose fines on anyone who conducts trade transactions and who owns it as a digital asset.