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The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. [1] Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications.
Before crypto regulations, there were cryptocurrencies, which are digital currencies largely managed without the regulations and protections of a central bank or government. Crypto works like this:
A cryptocurrency, crypto-currency, or colloquially, crypto, is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Technically, cryptocurrency is a not currency, but a digital form of token coins or scrip, as cryptocurrencies do not comply with the four fundamental functions of money according to economic theory. A cryptocurrency wallet can be used to store the public and private keys which can be used to receive or spend the cryptocurrency.
A federal appeals court says the U.S. Securities and Exchange Commission needs to better explain why it turned down a request from Coinbase to develop regulations to cover the booming crypto asset ...
Appearing on CoinDesk TV, Summer K. Mersinger discussed why the need to regulate crypto will require working closely with other agencies. Regulating Crypto Not a ‘One-Agency Solution,’ CFTC ...
Commercial cryptography, which protects information that is not a state secret. The law also states that there should be a "mechanism of both in-process and ex-post supervision on commercial cryptography, which combines routine supervision with random inspection" (implying that the Chinese government should get access to encrypted servers). [26]
Government agencies are moving to crush crypto as a hive of 'fraud and scams.' Congress should stay out of their way, and investors should take note. Column: The government crackdown on crypto is ...