Which countries support cryptocurrencies and how it affects the blockchain community?
Jun 14, 2020 08:20
2017 was an amazing year for cryptocurrencies. It has grown enormously in both value and popularity, and can no longer be called a fad. Bitcoin's first year trading was less than US $ 1,000, more precisely US $ 960, but its price peaked at more than US $ 20,000 as of December 2017 when writing this article.
But not all headlines this year were bitcoins. This is because Ethereum and many other altcoins have also achieved unprecedented growth this year. Cryptocurrency ICOs have become a major crowdfunding method for startups to raise capital for their projects. Virtual currencies, smart contracts, and blockchain-based applications seem to have been a hot topic all over the world.
Given the unprecedented amount of investment made this year, steps have been taken to regulate the industry. Countries around the world have various strategies for handling the market. In this article, I would like to consider some countries that accept virtual currencies. The order of countries described below does not rank the attitude toward virtual currencies. If you want to get more information on crypto then click here https://bitqt-app.com/
Tokyo is no longer a commercial center in Asia, but is a regional hub in cryptocurrency. As China and South Korea took hard steps against cryptocurrencies, Japan had the opportunity to become a breeding ground for the growth of crypto trading in Asia.
Through the PSA (Fund Settlement Law), the Japanese government has established a framework for legalizing the use of virtual currency for payment purposes. While China may have a monopoly on bitcoin mining, Japan is responsible for most of Asia's activities in trading and exchanging virtual currencies. The Financial Services Agency, the financial regulator of the Japanese government, has also recently licensed many virtual currency exchanges as well as virtual currencies traded on those platforms.
With the support of the government, virtual currency operation is very popular in Japan. It is also possible that many ICOs will choose Japan in the next few years. Japan is poised to become a major player in the market as many nations close their mouths and obscure their attitudes regarding cryptocurrencies. Government regulation is not necessarily a bad thing. The involvement of financial supervisors in Japan's virtual currency landscape can provide much needed incentives for entrepreneurs, developers and investors to shift their focus to the Japanese crypto market.
In Japan there are different types of crypto currencies which are allowed by the government for the purpose of trading.
Until mid-2016, the Canadian Central Bank strongly rejected the idea of developing its own virtual currency. In August 2017, Impak Coin became the first virtual currency in Canada to receive approval. This is a great reminder of the Canadian government's development of its attitude toward virtual currencies. To the south of the country, Canada's move strengthens its influence in North America's cryptocurrency landscape, as the U.S. government still takes a somewhat vague attitude about cryptocurrencies.
Overall, Canada is a friendly environment for crypto entrepreneurs Toronto and Vancouver.
These cryptocurrencies are expected to be released next year or later, and can be said to prove Canada's positive attitude toward cryptocurrencies.
European countries in general have a positive policy towards cryptocurrencies, and many are heavily involved in the development of blockchain solutions. Britain and France in particular are the leaders in this field.
The recognition of Bitcoin as a legitimate currency in Germany has important implications. Many countries do not openly ban cryptocurrencies, but take the stance that they are not very favorable. Bitcoin was recognized legally by the German government, and its legality was recognized, which greatly affected its value.
German tax law also has an advantage over Bitcoin. 25% of the tax is exempted on the profit of Bitcoin held for one year. Germany is also home to the world's largest Bitcoin marketplace. There, a plan was recently put together to bring Ethereum (the second most valuable cryptocurrency) transaction to the platform.
There are many other counties whose government allows trading of bitcoin. If you belong to these countries you need not to worry, you can easily make money in these countries by putting your cash in bitcoin.
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