The views of the Presidents of different countries of the world about the digital assets are quite diverse. While some approve and support the arrival of new technologies, others are strongly against the cryptocurrencies market. There are still those who don’t know what it is about. Check out below the view of some Presidents on digital assets:
Jair Bolsonaro – Brazil
“I don’t know what is bitcoin”. The President of Brazil, Jair Bolsonaro, admitted not knowing what digital assets were in an interview to a TV show. Based on that statement, he joins the presidents who do not know what the digital assets are. Although Bolsonaro had later on clarified in the show that “bitcoin is a virtual currency”, in the past the President has made other controversial comments about the cryptocurrencies. Currently, the cryptoassets do not have a specific law or regulation in Brazil.
According to the Brazilian Central Bank, the companies of the blockchain and encryption sector are not licensed or regulated. On the other hand, the Brazilian Securities Commission (CVM) states that the cryptocurrencies are not considered financial assets, and the investment funds cannot purchase them directly. Brazil has a fundamental role in the encryption market in Latin America. The country stands out as one that mostly adopts the blockchain in the business sector.
Donald Trump – United States
Recently, the President of the United States, Donald Trump, highlighted his opinion about the bitcoin on a tweet that caused much controversy. “I’m not a fan of the bitcoin and other cryptocurrencies which are not cash, and whose values are highly volatile. Cryptographic assets not regulated can facilitate the illegal behavior, including drug trafficking and other illegal activities”, said Trump.
In the US, digital assets are not illegal, but its regulation varies according to each state. According to the Financial Crimes Enforcement Network (FinCen), the exchanges are transmitters of money, subject to its jurisdiction.
Emmanuel Macron – France
For the President of France, it is important that the European Union increases the use of data technologies, such as the blockchain, in the agricultural sector. This was highlighted by Macron in March, during the inauguration of the 56th Edition of the International Agriculture Fair in Paris. “Let’s transform Europe at the forefront of agricultural data, developing tools that enable tracking every product from the production of raw materials, to the packaging. Innovation is right ahead and it should be used in the agricultural world”.
Although the President’s position regarding the blockchain technology is very positive, the cryptocurrencies do not have such a good reputation and are described there as “potentially catastrophic”. The country does not have a regulatory framework, but the gains in digital currencies are taxed.
Xi Jinping – China
The President of China believes in the potential of the cryptocurrencies. “A new generation of technologies, such as artificial intelligence, mobile communication, internet of things and blockchain are showing amazing advances”, he said. After the comments, many expected that his attitude could encourage the current regulation in the country, as the digital assets are still considered illegal.
Initial offerings (ICO) were banned in September 2017. Currently, the country is looking for mechanisms to adopt a regulatory framework for the cryptocurrencies. However, the Government has considered banning the mining of bitcoin. More recently, the Bank of China announced plans to launch its own national cryptocurrency.
Vladimir Putin – Russia
Earlier this year, President Vladimir Putin urged the Russian Government to work with the Duma to implement federal laws related to the management and use of the cryptocurrencies. Putin requested the regulation to be ready for July. However, there are still no news on the subject. The cryptocurrencies do not have legal-tender status in the country, and mining is a commercial activity for which corresponding taxes apply. In addition, the tokens are considered property.
Alexander Lukashenko – Belarus
According to information of Diario Bitcoin, Belarus plans to become the first country in the world to perform bitcoin mining with nuclear energy. President Alexander Lukashenkoos released the news in April, together with the announcement of a new nuclear power plant in the country. Currently, Belarus is one of the few countries on this list in which the cryptocurrencies have legal status. The crypto activities are regulated. However, the revenues from mining operations and encryption are not yet taxed.
