Crypto enthusiasts see 2020 as a crypto year; they say that 2020 is going to be a big year for crypto.

Of course, one can predict the future of crypto by watching innovations happening in the latest technologies and the movement of many developed countries towards cryptocurrencies and blockchain. 

Crypto in 2020 in the US

Recently, Virtual Currency Tax Fairness Act of 2020 is introduced in the U.S. House by a U.S. Representative that will exempt small cryptocurrency transactions from tax. Talking about crypto in the House of The representative of the world’s superpower country is of paramount importance which makes predictions of crypto more valid. 

China is Struggling for Crypto Regularization

One of the world’s giant economies China is also struggling in the race of crypto regularization. Recently, a leading social media platform in China banned well known Chinese crypto exchange Binance and cryptocurrency Tron due to violation of its rules. Chinese Standing Committee of 13th National People’s Congress stated that a new law for the regulation of cryptographic technology will come into effect on Jan 01, 2020. In the light of President Xi Jinping’s calls, the law attempts to set a regulatory framework for blockchain applications for accelerating the adoption of blockchain technology in the country.

Cryptocurrency is allowed in Canada

Moreover, Canada is a country where crypto is regularized, allows citizens to use cryptocurrencies, and Bitcoin is legal there. According to a Financial Consumer Agency of Canada: 

“You can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges called digital currency or cryptocurrency exchanges.”

Venezuela and Its Cryptocurrency – El Petro

Besides, Venezuela a South American Country in the verge of crises, is furthering its operations for its oil-backed cryptocurrency El Petro. President Nicolas Maduro, a few days ago, while delivering his annual speech to the ruling Constituent Assembly ordered that airlines flying from the country’s capital Caracas must pay fuel using El Petro. This shows the country’s efforts for the regularization of crypto. 

The list of the countries regularizing crypto is long, and experts believe in a couple of years more countries are going be part of that list. On the regularization of crypto, one of the writers of Cointelegraph Kiselevich said that â€œIt looks like a trend that might be followed by a lot of countries later.”