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These are the most Bitcoin-friendly countries in the world
As the world’s first digital currency, it could be claimed that Bitcoin ushered in a new age. It’s not just a case of digital money being an ideal fit for a digital world. The decentralized nature of Bitcoin and the major altcoins means that they are not tied to any central bank and are truly international in nature.
Global currencies that remain the same regardless of where you are and that have no interest in national borders sounds like something from the Utopian novels of H.G. Wells in the early 20th century. As adoption has grown, so the options for online traders have similarly expanded, with platforms like Bitcoin Revolution arriving on the scene, which service traders across five different continents. It’s a great step forward in global trading, but of course, nothing is ever quite as straightforward in real life as it is in a book.
Attitudes towards crypto
The European Union and USA are seen as “cautiously positive” towards crypto, with the latter still trying to reach a final decision on how to categorize it. This presents something of a challenge for those who find themselves wading through the constantly evolving tax rules. In Russia, on the other hand, crypto is unregulated and may not be used to pay for goods and services, while in China it is banned entirely.
Some nations, however, have welcomed digital currency with welcome arms, and their identities might come as something of a surprise. Here are three of the most Bitcoin friendly nations across the different continents of the globe.
Until a decade or so ago, the island nation in the Mediterranean was known for tourism and little else. However, its tax-friendly and progressive economic stance has seen it transform into something of a technical hub, and dozens of businesses in sectors including crypto and igaming have set up shop there. The government is led by Prime Minister Joseph Muscat, who hit the headlines last year after describing crypto as the future of money in an address to the United Nations. While cryptocurrencies are not categorized as legal tender, the government recognizes them as a “medium of exchange.”
Like Malta, Bermuda enjoys sunshine, golden beaches and liberal taxation policies. It is already a popular venue for offshore banking and company registrations. Now, the tiny nation aims to become a center for cryptocurrency, too, and is pursuing that aim with crypto-friendly policies. It seems to be working – just last year, crypto exchange Binance chose Bermuda as the location for its new $10 million compliance center.
It’s not just small island nations that are welcoming crypto. Singapore is an international financial powerhouse and has a population of more than five million. Singapore’s progressive attitude is demonstrated by the generally positive attitude of its major banks towards digital currency and trading. However, it is worth noting that the Singapore government is still discussing crypto regulation, so the nation’s stance and attitude is one to watch over the coming months.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.