Bitcoin is leading the digital economy.
Adoption of cryptocurrencies continues in a variety of markets.
Some industries show great potential for expansion after the adoption of bitcoins, but companies often do not support this process due to the lack of favorable conditions.
For example, bitcoin and retail seem to be very much in line, but the percentage of bitcoin payments in this sector does not exceed 2% at the moment.
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| Top 10 countries that support bitcoin … get to know it |
Cryptocurrencies have an advantage over traditional currencies when users are looking for faster transactions and anonymity along with providing transparency.
Many countries in the world can take advantage of and benefit from cryptocurrencies.
Some countries see cryptocurrencies as a threat to their operational banking systems and associate them with illegal activities such as money laundering.
Bitcoin is currently banned in China, Russia, Vietnam and some Latin American countries.
However, there are some countries that open their arms to bitcoin and are considered one of the best countries to adopt Bitcoin.
1. Malta:
Often also called "blockchain island," it doesn't have any crypto laws yet, but it does have a government-approved national strategy to promote bitcoin and blockchain.
Maltese officials see decentralization and other unique features of crypto as promising for the Maltese economy, unlike several other countries.
The largest cryptocurrency trading platforms such as: Binance, OKEx, and ZB.com headquartered in Malta.
It happened because the legislative framework for such companies already exists along with the plan to create a regulated registration of crypto service providers.
2. Switzerland:
Switzerland is another destination for cryptocurrency-related companies.
Among the famous examples of crypto companies there we find both Spaceshift and..
The country of Switzerland has been called The “Crypto Valley” thanks to its laws and progressive attitudes towards Bitcoin.
Citizens can pay their utility bills using crypto and store Bitcoin in crypto banks such ASR OU andu OU, which the government gave the green light to in August 2019.
3. United States of America:
The United States of America consists of 50 states, each of which has a policy towards Bitcoin, so the country cannot be considered a friend of bitcoin as a whole.
Bitcoin is legal and accepted throughout the US states, with no states banning it.
According to the current legislation, bitcoin is taxed as property in all states, although the situation is somewhat more complicated.
Some states such as New York, Rhode Island and Arizona are known as “hostile” to crypto, there are comfortable areas for bitcoin trading and mining such as: Ohio, Wyoming, New Hampshire, Washington, D.C.
This is especially true for Wyoming which “raced to fill the crypto vacuum in the USA”.
4. Australia:
Australia is known for its open approach to technical trends.
When cryptocurrencies boomed in 2017, the country's government immediately legalized them.
Bitcoin regulations are well defined.
It is treated as property and is subject to capital gains tax.
In Australia there are many shops and restaurants that accept bitcoin as a method of payment, the most important of which Isulll.
5. Singapore:
When it comes to blockchain and crypto technology, Singapore is steadily making its way towards it.
Singapore has an IT infrastructure and is the fourth leading country in the world to protect intellectual property rights.
The state government is constantly striving for innovation, it is no wonder that the state has quickly adopted blockchain.
Bitcoin and other cryptocurrencies are perceived as commodities, so any owner has to pay a 7% tax while using the currency for purchase.
6. Slovenia:
Did you know that the small country of Slovenia offers a lot of retail sites that accept bitcoins,and in this it surpasses the entire USA
Slovenia has an impressive record, as income from crypto trading is not subject to income tax.
Government officials warmly welcome crypto, smoothly integrating it into the Slovenian economy.
You can visit a shopping center called RIA in the Slovenian capital of”Ljubljana”.
If you go to the city of “Cranie”, there you will find the world's first public monument to bitcoin.
Slovenia is the home of the startup "l CL “which makes crypto transactions much easier by launching its own "Elipay” system.
7. Estonia:
Estonia is one of the countries that employs technology in various fields.
Estonia implemented electronic voting in 2005, years before it was done by any other government.
The country was planning to introduce its cryptocurrency “Estcoin” but parties in the European Union stopped the initiative.
However, this has not deterred Estonia from further experimenting with blockchain technology and integrating it into the healthcare and banking system.
8. Germany:
Germany treats bitcoin as a legitimate, tax-free digital currency when it comes to private transactions.
In 2020, German banks will be authorized to sell and store cryptocurrency.
40 German banks apply for a license related to digital currencies (Bitcoin, Ethereum and Ripple) التفاصيل details here
This is a clear signal that Germany is moving in a positive direction towards Bitcoin.
9. Japan:
Japan accounts for 10% of the traffic coming to crypto platforms worldwide.
Not to mention that the founder of bitcoin, has a Japanese name “Satoshi Nakamoto”, although it is a pseudonym.
Japan is also the birthplace of the world's first cryptocurrency trading platform, the RIA platform.Gox.
Income tax is levied only on individuals who earn more than JPY 20 million annually or make profits from bitcoin trading of more than JPY 200 thousand.
Those who do not make large profits do not have to pay any fees.
Bitcoin is treated as Real Money in Japan, so keeping it is also a tax-free activity.
This list is not exhaustive, as many countries are changing their attitudes for the better and showing their loyalty to bitcoin.
Among the examples, we find Bermuda, Belarus and Georgia.
The above-mentioned list was selected on the basis of large financial systems and is characterized as generally more stable.
10. El Salvador:
Update: in early June 2021, El Salvador officially approved bitcoin as a legal and official tender that can be handled alongside the US dollar:
Learn details of El Salvador's proposal for bitcoin as legal tender
It can be said that El Salvador is among the most bitcoin-supporting countries in the above list, having taken a unique and first-of-its-kind step towards Bitcoin.