Each of the countries around the world has significantly different regulations. This is why it isn’t easy to decide, which is the most crypto-friendly country.
According to Kosala Hemachandra, CEO and founder of MyEtherWallet, first, it must be defined what crypto-friendly means.
China among the least crypto-friendly countries
Some countries, like China, are considering issuing digital government currencies. It would encourage rapid adoption.
Over the years, China has proven to be one of the least crypto-friendly countries, something that we can see thanks to various restrictions and bans. Throughout 2020, China has stepped up its efforts to issue its central bank digital currency, the digital yuan. However, the country stated the asset differs from the crypto industry’s own decentralized and free digital assets.
In some places, especially those where fiat currencies are unstable or highly inflationary, regulations may be against cryptocurrencies. Still, there is wide use of client-side cryptocurrency solutions, Hemachandra continued. Venezuela, for example, suffers from unprecedented inflation. In response, crypto assets have gained popularity in the region.
The US is unique regarding the sympathy towards cryptocurrencies
The United States has a unique situation where each state has different laws and regulations. Meanwhile, they are also under the purview of the federal government. In the US, sympathy towards cryptocurrencies can vary significantly from state to state, the founder of MyEtherWallet said. This concept is often brought to the fore when cryptocurrency platforms in the United States launch new products or services, which originated first in certain states and later in others.
The global landscape and the spirit of cryptocurrencies, however, also play an important role in the matter. Finding the most crypto-friendly geographic region is not necessarily the most useful framework. Every cryptocurrency service provider should aspire to be used globally. As businesses in the space, what we can do is stay focused on making cryptocurrencies safer and easier to use, so that adoption is encouraged and geographic boundaries matter less and less, he said.
The crypto space has grown a lot in 2020. The countries like Peru, India, Indonesia, and Nigeria have experienced the highest Crypto usage increase, Besides, this year has seen an increase in both the rise in the price of Bitcoin and the boom in decentralized finance. During this period in the evolution of the blockchain industry, the United States has continued to seek regulation of the technology.
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