Response

Discussion 1:

  The legality of bitcoin as well as other cryptocurrencies tends to be different in a substantial manner from one country to another in addition to being not defined or still changing within most of the countries. In addition, most of the countries have not classified the use of bitcoin to be illegal this is because its commodity or money status tends to vary with regulatory implications which are different. A few countries have permitted its trade as well as use explicitly while on the other hand, there are countries which have either restricted it or banned it (Prayogo, 2018).

           Most countries have had the cryptocurrencies to be considered as illegal within their states because they consider it as an act of laundering money in addition to being a media which is used by terrorist to finance their criminal activities hence promoting criminality. Other countries have made sure that it is banned completely. Countries such as South Africa consider crypto currency as a virtual currency which is known for not having regulatory framework or legal status hence making it an asset which is not tangible. Based on the transaction’s nature, the government of the federal in addition to the states, basically tend to have regulations which are considered to be varying at a great extent in addition to being responsible for governing the resolution of errors, inclusive of how payments can be reversed for the people using payroll cards, debit and credit cards, check as well as the transfers of funds (Ruslina, et.al, 2019, May).

References:

1.Prayogo, G. (2018). Bitcoin, regulation and the importance of national legal reform. Asian Journal of Law and Jurisprudence, 1(1), 1-9. Retrieved from

       https://www.researchgate.net/profile/Galang_Prayogo/publication/328064514_BITCOIN_REGULATION_AND_THE_IMPORTANCE_OF_NATIONAL_LEGAL_REFORM/links/5bb5af1b92851ca9ed37a90

TCOIN-REGULATION-AND-THE-IMPORTANCE-OF-NATIONAL-LEGAL-REFORM.pdf

2.Ruslina, E., Hernawan, D., & Rastuti, T. (2019, May). Legal Protection for Bitcoin Users in E-commerce Transactions. In Proceeding Interuniversity Forum for Strengthening Academic Competency (Vol. 1, No.

   1, pp. 311-315). Retrieved from http://proceedings.conference.unpas.ac.id/index.php/ifsac/article/view/179

Discussion 2:

Legal protections exist for Bitcoin users in the US and other countries

            Bitcoin was legalized in the US, the U.K, Canada, Japan and other growing nation in February 2020. Nevertheless, the emerging markets, the legal status of Bitcoin differs dramatically. In nations where Bitcoin is lawful, majority of the policies implemented to other properties are also implemented to Bitcoin. The vicinity wherein the general public are probably to enjoy troubles is the software of Bitcoin in Tax legal guidelines (Prayogo, 2018). In this situation, they generally handled as assets however no longer currency. Bitcoin isn't taken as a felony tender. Bitcoin is taken as IRS guidance for America Taxpayers. In this example, the corporation can trouble a note to provide information concerning the coping with of the digital currencies. The term typically used by the IRS for the cryptocurrency is a virtual forex. The IRS can monitor virtual foreign money transactions. This takes place where the taxpayers are required to declare if they have engaged in digital forex deals.

Bitcoin transaction takes place mostly under control of marketplace. This implies that there may be no centralized issuing authority. Further, the addresses linked with Bitcoin do not require social safety numbers or different people information along with quality financial institution accounts in the U.S.They are no longer required due to the fact they to begin with posed challenges approximately the utility of bitcoin for illegal pastime. Bitcoins generates a permanent public file of all transactions. That is effects in severe demanding situations for numerous people who are looking for anonymity (Prayogo, 2018). As soon as a person is connected to a cope with, he or she is linked to different transactions which might be making use of a similar cope with. Competing cryptocurrencies together with Zcash and Monero, now provide privacy safety. This guarantees there are not any unlawful sports completed within the bitcoin. Bitcoin can be transmitted from one state to every other with restrict.

Reference

Prayogo, G. (2018). Bitcoin, regulation and the importance of national legal reform. Asian Journal of Law and Jurisprudence, 1(1), 1-9.