Bitcoin has been controversial since its inception in 2009, as have the subsequent cryptocurrencies that followed in its wake. While widely criticized for its volatility, its use in transactions, and its excessive use of electricity to undermine it, Bitcoin is being seen by some, especially in the developing world, as a safe haven during economic storms.
The Kosovo Parliament is expected to adopt a law on digital currencies within this year. The new project aims to regulate the use of cryptocurrencies in the domestic and international market. The law also aims to resolve the issue of taxation of this currency.
On the other hand, the Central Bank of Kosovo also demands that this industry for financial gain, which operates illegally in Kosovo, be regulated once and for all.
The use of cryptocurrency is a well-known phenomenon in Kosovo. The leader of PDK, Memli Krasniqi has stated that about 300 thousand euros of his property are in digital currency.
The main base of this illegal industry is in the north of Kosovo, therefore work is being done to accelerate the creation of the law in question.
The legal status of Bitcoin and other altcoins (alternative Bitcoin currencies) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing. While most countries do not make the use of Bitcoin themselves illegal, its status as a means of payment or as a commodity varies with various regulatory implications.
Some countries have imposed restrictions on how Bitcoin can be used, with banks banning its customers from conducting cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies with heavy penalties for anyone making crypto transactions. Learn more about these laws here.
Source: Euronews.next, Euronews Albania
