Embracing Cryptocurrencies Wholeheartedly: Here’s 7 Bitcoin Friendly Countries to Visit
When bitcoin was first released in 2009, the idea of having a digital currency that wasn’t controlled by any government or financial institution seemed like just a tale to many. Yes, there are a few early adopters that saw it as a budding idea, investing in the digital currency when it was valued at just a few cents.
But look where bitcoin is today. Look at the number of companies and nations accepting it. Look at the number of altcoins in the market that have been built using bitcoin’s source code. One can clearly see that what Satoshi Nakamoto envisioned has come to be a reality!
Now, even with the huge success of bitcoin, the pioneer of cryptocurrencies, there are still countries that haven’t made a decision to accept it fully as a medium of trade. But hey, there are many nations that have realized what digital currencies have to offer, allowing blockchain and cryptocurrency based firms to set up shop in their backyard.
Top Bitcoin-Friendly Countries
Here are top 10 countries that have proven to be bitcoin-friendly (not in any particular order).
In August 2017, the Australian parliament passed a crucial bill that gave legal status to cryptocurrency exchanges. Following the government’s decision, cities in the country began a massive campaign to adopt cryptocurrencies and their underlying technology – blockchain. Agnes Water, the coastal city of Australia, was perhaps the most notable, proclaiming itself as the pioneer ‘digital currency city’ in a bid to attract tourists with digital knowledge to boost their tourism industry. Well, it worked!
Today, over 30 local companies, which include restaurants, tour operators and big hotels, accept cryptocurrencies as payments, including bitcoin.
If you’ve been a keen follower of cryptocurrencies, and particularly bitcoin, you must have read that Satoshi Nakamoto, the founder of bitcoin, is rumored to have been from Japan. Well, no one is certain of this, but we can’t ignore the fact that the country was the first to legalize cryptocurrencies, giving it a legal tender in 2016. A year later (2017), Japan even went ahead and exempted taxes from cryptocurrency dealings, making it a crypto-friendly nation.
Malta has been making headlines recently, and for a good reason. The country has opened up to cryptocurrency and blockchain-based firms, allowing them to set up their offices in the country and operate hassle-free. This has seen big names such as Binance, Bittrex, and ZB announcing that they would move to Malta.
To drive the point home, the Prime Minister of Malta, Joseph Muscat, spoke at the U.N assembly in September, hailing cryptocurrencies, calling them the ‘inevitable future of money.’
Along with Japan, the South Korean Market is one of the most crucial ones when it comes to cryptocurrency trading. Actually, a high number of bitcoin daily trading volume on exchanges are from the country.
Judging from the high number of cryptocurrency exchanges that operate from South Korea and the country’s regulations when it comes to cryptocurrencies, there’s no doubt that it’s one of the most crypto-friendly nations in the world.
Some people may not know this, but Estonia is one of the countries that embraced cryptocurrencies, including bitcoin, very early. The country boasts a good number of bitcoin ATMS and startups that either accept bitcoin payments or trade the digital asset.
Belarus discovered the huge potential cryptocurrencies have and how much startups could benefit from the crypto space in December 2017, when the country’s president Alexander Lukashenko, made headlines legalizing bitcoin and other cryptocurrencies, including ICOs.
Encouraging many more firms to set up shop in Belarus, Lukashenko also declared that capital gains in any cryptocurrency, including mining and trading, would be exempted from taxation beginning January 1, 2023.
According to Google data, South Africa happens to be one of the countries with the highest number of searches for the term ‘bitcoin.’ In 2017, it was evident that the country’s interest in bitcoin was growing tremendously as Localbitcoins transactions increased considerably, including other exchange houses.
And there’s more! With the growing increase of cryptocurrency use, the South African Revenue Service announced plans to begin digital currency transactions, with Fines4U, an Alberton-based traffic ticket administrator staring to accept fines payments in bitcoin.