Accumulating cryptocurrencies is all the rage right now; it is, in a way easy money. Though the return on investments on any cryptocurrency can be huge there are equally enormous losses that can be experienced. With the crypto trade picking up pace every day, there are millions of people joining the race to collect and cash in their profits as soon as they can. Though the blockchain-based cryptocurrency is a global phenomenon, many countries still have their doubts about this technology.
Many people who possess crypto assets are still handicapped by the laws surrounding cryptocurrencies in their country. Countries like India and China have strictly banned the use of cryptocurrencies and do not accept any form of transactions. However, many other countries do not look at crypto as a threat and have opened their doors for trade, transactions, and other exchanges.
In this post, we will look at some of the few cryptocurrency-friendly countries.
Cryptocurrency Friendly Countries
Switzerland might be one of the most prosperous countries in the world. With no indulgences in war over the last century the country is well known for its political neutrality and banking privacy. Though it is in the European hemisphere, Switzerland is not a member of the eurozone and is still exercising its independent currency.
All the major cryptocurrency businesses have been set up in the Swiss town of Zug. Zug is famously known as the “Crypto Valley” of Europe and has been passing progressive laws related to blockchain and cryptocurrencies. One could say it is the most Bitcoin-friendly country in the world.
Denmark is one of the most developed countries in the world when it comes to technology and living standards. They have been trying to achieve a cashless economy for a long time now, while promoting digital currency. Bitcoin and other cryptocurrencies are being used as a means of exchange and are a very popular alternative for the central banking monopoly. Denmark is still home to major cryptocurrency and blockchain startups and is looking forward to expanding on this frontier.
Just behind Denmark, Sweden has set out to eliminate cash and is shifting completely to digital currency. The Swedish Financial Supervisory Authority (Finansinspektionen) have recognized cryptocurrency as a great innovative step and ever since have declared Bitcoin along with other cryptocurrencies as an acceptable medium of payment. Businesses in Sweden have to get licenses in accordance with the AML/CTF and KYC regulations to actively use any cryptocurrency. Being home to one of the largest crypto exchanges, the Stockholm-based KnCMiner has been a pioneer for cutting edge mining since 2013, making it a top cryptocurrency-friendly country in the World.
4. United Kingdom
The UK has been a leading hub for innovation, science, and technology. The country is crypto-friendly and has a large number of startups, exchanges, and BTMs. The country sees this new payment method as inevitable and has openly accepted its use and trade over the years. For the past decade, they have been planning a mass-scale of digital currency. One can easily grab a pint of beer at the local pub with a bitcoin or any other cryptocurrency.
5. The Netherlands
The Netherlands might be one of the most unique countries on our list. This country proudly boasts about its very own “Bitcoin City” which is Arnhem that allows over 100 merchants to trade and accept any and all cryptocurrencies. One can rent a bike, purchase coffee, or even withdraw fiat currency in exchange of Bitcoins in this tech-savvy city. The Netherlands is indeed a futuristic place, where there is even a Bitcoin Embassy.
Canada is a home for a large number of Bitcoin startups, ATMs, exchanges, and mining facilities. The country boasts two cities that are “Bitcoin Hubs” in the western and eastern parts namely Toronto and Vancouver. Bitcoin is properly regulated under the anti-money laundering and counter-terrorist financing laws in Canada, making it an innovative capital and a major blockchain-friendly country.
The Northern European country is a technological marvel and has been regulating and accepting everything technology has to offer. With a small population of 1.3 million, the country is a decently prosperous nation and is rated 4th in economic freedom in Europe. The country is also a notable leader in e-commerce and e-government. The country is a technologically advanced nation that accepts all cryptocurrency exchanges and is soon looking to launch their own currency, Estcoin.
Major banks in Australia have been a little hostile when it comes to cryptocurrencies like Bitcoin, but over the last few months the country has removed its “double taxation” on bitcoin and similar cryptos. Bitcoin and certain other cryptocurrencies seem to be unregulated in the country according to the governor of the Reserve Bank of Australia. Bitcoin still remains a property and is being used in some cities for minor transactions. In the near distant future Australia is looking forward to regulating and curating cryptocurrencies.
9. The United States of America
It goes without saying that the US is one of the largest hosts for cryptocurrency exchanges in the world. Silicon Valley is home to almost 70% of the major cryptocurrency exchanges in the world. With plenty of new startups coming their way, it is indeed the hub for this modern currency. Moreover, the US has a large number of cryptocurrency ATMs and exchanges that accept and trade Bitcoins apart from many other currencies. The US has earned the reputation of being in the forefront of the digital currency space since the inception of blockchain.
Germany is one of the leading economies in the world at the moment. Being the biggest hub for engineering and innovation, this country is the third-largest exporter of goods. With a vibrant economy and a highly skilled labour force, Germany is indeed a vibrant nation of innovation, technology and medicine. However, the country has had a love-hate relationship with cryptocurrency.
Though the country accepts crypto as a valid currency, the government is still figuring out how to regulate this new tech. Berlin was one of the first cities to open their doors to cryptocurrency and has been named the “Bitcoin Capital of Europe”.
Since its inception in 2009, Bitcoin and other cryptocurrencies are working towards becoming the first global currency. The rate at which countries, governments, and banks are accepting it has been positive for many smaller nations looking for further development. It isn’t a matter of if, but only when.