These 6 Countries Are Leading The Way Towards The Adoption Of Bitcoin Worldwide
Revolutions are a tricky business. Some like the American or French ones are fought for years, blood is spilled but victory against injustice is achieved. Then there is the Indian revolution fought over decades to overthrow a colonial yoke. Satoshi and the Blockchain were going to be the leaders of a revolution to dislodge supposed tyranny of the traditional financial industry.
While this might be an overdramatization, it is embedded in truth. Now, a decade later, people are increasingly looking at this alternative. In fact, the popularity of Bitcoin and the whole cryptocurrency “fad” can be seen with the specific examples of the countries noted below.
Repeated polls and studies have consistently ranked the Dutch as the most inquisitive when it comes to finding out about the online asset alternatives. The Netherlands far outstrips any nation in terms of both awareness and interest in how the industry is shaping up. It has, arguably one of the largest concentration of companies per capita, that provides goods and services in exchange for crypto assets.
In fact, they seem to adore cryptocurrencies so much that the historical city of Arnhem( infamous for its role in the failed Operation Market Garden during World War 2) is nicknamed the Bitcoin City.
When most of the world was still trying to understand what to make of blockchain, Estonia was quick to grasp the opportunity. It welcomed bitcoin much earlier than other countries, and with open arms. Estonia has several businesses that accept bitcoins as alternate currency and has one of the largest numbers of bitcoin ATMs, outside the US.
The fact that both the general populace and the Estonian government have been so positive about the blockchain makes the country a favoured destination for crypto startups.
Like Estonia, Belarus is another bitcoin-friendly east European nation. Again, recognising the positive impact of the cryptocurrency, the government quickly drew up legislation. In 2017, Alexander Lukashenko, the president of Belarus, went on to announce that cryptocurrencies were legal.
To spur on the industry, his government has exempted any startups trading, mining, or initial coin offerings in the cryptosphere from capital gains for the next five years
Zug, the home of the ‘crypto valley’is in Switzerland. The city in particular and the country in general have been supportive of the idea of bitcoin from the beginning. While there are no direct sops offered to encourage direct investment, the fact that the banking system allows for anyone working there to receive their pay in cryptocurrencies, is most certainly a boost to the industry.
Satoshi Nakamoto is believed to be Japanese; mainly due to the pseudonym. However, there is more to Japan than that. The island nation took the lead when it became the first nation to confer legal tender status on BTC. It then followed this up with more promotional policies like tax exemptions and having clear regulations for the crypto market.
By far, the leader in the adoption of the blockchain. During these tumultuous times in the east European nation, it is estimated that more than 10 percent of the country owns bitcoin and other altcoins. It is reported that approximately $2 million worth of crypto is in circulation within the Ukrainian economy. The country has also announced their plans to completely legalise crypto assets, in the next few years.
Due to this, a virtual monument has been installed in Kiev, the capital city, in honour of Satoshi Nakamoto.
So while the war is not won, the revolution is far from over. With more and more governments seeing the benefits of a crypto-based economic system, the transition will be an interesting one.