The economic system of our world has constantly been put through change. Starting from the historical barter system to cashless repayment systems, the economic climate has undergone advanced changes. Currently, there is a very new substitute system of blockchain technology which has now reached its peak numerous countries introducing it into their repayment systems and putting their weight behind it by embracing this technology for the security of their native businesses.
The war over decentralized blockchain and centralized uses of technology that promote wealth inequality and authoritarian control of populations is also very real. Institutions and even major tech firms embrace “blockchain”, while “crypto” remains somewhat maligned.
Nowhere is this more common in how cryptocurrencies have been banned, ICOs have been outlawed and different countries have approached regulation of crypto and the move of fiat currency to the blockchain with different approaches, speeds and legalization. Crypto and the war on crypto’s very reputation can be an exemplary case of how our global economic order is monetized by the few, while exploiting the countless.
While cybersecurity, fraud and even crypto exchanges do get hacked, manipulation and felony activities exist everywhere.
While it’s a complex subject matter, it’s important to recognize which countries will be the most progressive based on the business opportunities of cryptocurrencies, crypto exchanges and decentralized community blockchains generally. It’s hard to split up blockchain adoption with openness to cryptocurrencies in the real world, so this list considers them one and the same.
Countries Which Have Embraced Blockchain Technology
- Malta – Malta is recognized as “blockchain island”, and also have taken legal steps showing it. Malta for example is the first place where a decentralized loan provider and stock market will likely happen. On July 4, 2018, that the Parliament of Malta approved a regulatory framework for blockchain technology, making Malta one of the very most ‘blockchain-friendly’ countries on the globe.
- Switzerland – Zug in Switzerland is recognized as “Crypto Valley”, that’s not by accident. Switzerland is actually a crypto-friendly nation due to both its establishment of an virtual money hub, “crypto valley,” in Zug and its own position as a tax-free haven for crypto shareholders. DFINITY have a team there in their try to marry Silicon and Crypto Valley to defend myself against Ethereum to create a next-gen world-computer.
- Estonia – Smaller countries have a distinct benefit to adapt speedily to a changing world, and Estonia is a perfect example with blockchain. Estonia has been making strides to encourage blockchain technology that interweaves with its current economic climate and citizens in a impressive way. After becoming the first country on the globe to determine e-residency, Estonia released that it would turn into a leading country in blockchain technology.
- Japan – Japan is definitely calendar months if not years before most places in Bitcoin and crypto adoption. Japan is one of the largest Bitcoin professionals and some of its shops already accept Bitcoin. Corresponding to a Nikkei article cited in a note by Masao Muraki, a worldwide financial strategist at Deutsche Loan company, around 40% of bitcoin trading in Q4 2017 was conducted in yen. It’s not by accident that the pseudonym of “Satoshi Nakamoto” is Japanese. Japan is a Bitcoin-native country unlike every other.
- China – Don’t let the crypto ban and crypto mining ban fool you, China has become the forward-thinking countries with regards to the Government’s own adoption via its Central Lender of fiat to blockchain. China is also known for having a large number of blockchain based startups. Bank consortiums in China are also needs to rally around blockchain. On top of this, Administration is very pro blockchain and AI; and actively supports its top cryptocurrency and smart deal platforms such as NEO, VeChain, Qtum, TRON yet others.
- Singapore – Singapore comes with an incredibly lot of successful blockchain startups many of whom are among the biggest cryptocurrencies by market cap. Its closeness to both China and Japan helps it be a distinctive place for a blockchain startup to own its HQ and to draw in top financial skill. Many top blockchain startups in Singapore achieve dynamic partnerships with famous brands the Chinese Federal government.
- Denmark – Denmark has an on again off again romance with cryptocurrencies. It has been probably one of the very most crypto-friendly countries worldwide, boasting an extremely attractive 0% tax on cryptocurrencies, yet Denmark’s biggest bankers banned investments in cryptocurrencies in past due May, 2018.
- South Korea – With such a density of cryptocurrency exchanges, South Korea is truly in a distinctive position. South Korea is a nexus of high education, fast internet rates of speed and technological innovation that few other countries can equate to. South Koreans themselves are being among the most intensifying in relation to cryptocurrency adoption and are ever more holding blockchain happenings including the fastly growing Korea blockchain week can attest to.
There are a great many other countries which should get honorable mentions for different facets. Russia for blockchain and cryptocurrency integration in education and College or university courses. The U.S. for cryptocurrency exchanges seeking brokerage and regulatory compliance to get bigger Wall St. type shareholders. Canada for blockchain adoption in government, health insurance and blockchain research and innovation in academia.
There are numerous aspects of cryptocurrency and blockchain adoption related to both startups, ICOs, cryptocurrency exchanges, and even adoption among enterprise level companies, banks and banking consortiums. Blockchain and cryptocurrencies are in their infancy, but those countries that spend money on being agile to them may benefit greatly economically and in business in so doing.
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