Cryptocurrencies are not government-insured, as are bank deposits in the United States. This means that cryptocurrencies stored online do not have the same protection as money deposited into a bank account. If you store cryptocurrency in a wallet or digital wallet provided by a company and the business ceases operations or suffers a computer attack, the government may not be able to trade and help you recover the money as is possible with money held in banks or credit unions. One of the big problems of the cryptocurrency market is that they have a great variation in their price (also known as volatility) and therefore the massive acceptance of users who use them as a payment method has not yet seen a big increase (as if the price of them had done so). One of the projects born with the aim of providing all the benefits of security and decentralization of the world of crypto-currencies with the price stability of fiat currencies is Terra (LUNA). The Bangladesh Bank has warned against carrying out transactions with crypto-currencies. In December 2021, the Paraguayan Senate passed a law to regulate cryptocurrency activities in the country. The proposal was presented by the Senator of the Authentic Radical Liberal Party Fernando Silva Facetti in collaboration with his party colleague Juan Bartolomé Ramírez and Antonio Apuril de Hagamos. Although transactions with cryptocurrencies are anonymous, transactions can be published in a public accounting record such as a Bitcoin blockchain. A blockchain is a public list of records that indicates when someone makes a transaction with cryptocurrencies. Depending on the cryptocurrency, the information added to the blockchain may include data such as the amount of the transaction. The information can also include the wallet or wallet addresses of the sender and recipient – a long series of numbers and letters linked to a wallet or digital wallet where cryptocurrencies are stored.
The data, the amount of the transaction and the addresses of the wallet or wallet could be used to identify the people who use it. Colombia`s Financial Supervisory Authority approved a regulatory sandbox through External Circular 016 of 2021. The goal is to experiment and study the regulation of cryptocurrencies. In addition, it has issued guidelines that the public sector should adopt. Hi Yary, thank you very much for your comment. If you are interested in investing in cryptocurrency, I recommend you visit this article www.iebschool.com/blog/debate-criptodivisas-moneda-futuro-fraude-presente-finanzas/ will help you better define the impact of cryptocurrencies. And if you want to be up to date with all the related content we publish, I recommend subscribing to the blog. Politeness formulas. “Despite the fact that there is still no cryptocurrency regulation or central regulator, a tax audit has been exercised.
From Decree 796/2021, companies that carry out transactions with crypto-currencies will be taxed by bank credits and direct debits. In this way, it does not fall directly on the final buyer, but on the collection accounts of the wallets that carry out the operation,” they comment from Worldsys. Hi Miguel, thank you very much for your comment. To your question, I inform you that in IEBS we offer courses such as webinars or seminars that deal with these topics, you can see it here www.iebschool.com/eventos/ you can also consult our Master in Blockchain and Fintech to deepen as much as possible the crypto-currencies. www.iebschool.com/programas/master-fintech-blockchain-banca-digital/ greetings! Report fraud and other suspicious activity related to cryptocurrencies or other digital assets: Before investing in cryptocurrencies, conduct an online search by entering the name of the company or person and the name of the cryptocurrency and adding words such as “verification”,”fraud” or “complaint”. If you are searching in Spanish, replace these words with “comentario”, “estafa” or “queja”. Read the opinions of others. And learn more about other common investment scams.
Nevertheless, several companies dedicated to the cryptocurrency sector, such as Uphold[9] or Binance[10], prohibit the purchase of bitcoins and other cryptocurrencies via debit or credit cards issued within the Ecuadorian financial system. My advice on the cryptocurrencies you choose always sells cheap by selling expensive. Hello Ariel, thank you very much for your comment. We are glad that you are interested in our content. I encourage you to subscribe to the blog so that you don`t miss any article in which we talk about cryptocurrencies. Greetings Hello I am new to this world of cryptocurrencies and I want to start investing in medium and long term projects, could you advise me? I have savings and I want to put them into a project that really has a foundation. On the other hand, how I do it to understand white papers when I start reading them, everything seems to be important, but I really don`t know what are the factors that can give me peace of mind if the project is good or not. The central bank of this country has insisted on pointing out that transactions involving cryptocurrencies carry risks given their volatility, lack of guarantees and even the risk of money laundering. With this in mind, at the end of December 2021, the BCRA launched an investigation into companies that offer exceptional returns on crypto assets and cryptocurrencies and that it deems inappropriate with the parameters of financial transactions. In short, cryptocurrencies are limited entries in a database that no one can change unless certain conditions are met. The reasons for the ban are several, but mainly two.
One of them is the lack of institutional regulatory frameworks that deal with the commercialization of digital assets. The other has to do with the risks associated with cryptocurrency trading and pyramid scams that have occurred in the country, such as Bitcoin Cash and Pay Diamond. The operation of Doge is based on Litecoin and works in the same way as other cryptocurrencies, where miners must perform mathematical tests in order to be able to approve a block in the chain. From the beginning, the country does not recognize cryptocurrencies (such as Bitcoin or Ethereum) as legal tender and therefore has no liberating power, that is, transactions between people similar to those with the Mexican peso cannot be carried out. On September 4, 2017, the People`s Bank of China banned companies in the country from placing cryptocurrencies as a method of self-financing. [6] I am in Ecuador please need cryptocurrency investment information However, the law also does not restrict service providers with cryptocurrencies. These can be a vulnerable activity as long as they register with the tax administration system and report to the Financial Intelligence Unit to prevent money-laundering. This South American country is another country that records the highest penetration and use of crypto assets in its population.