- El Salvador
Even facing regular hiccups from time to time, the rate at which the crypto industry is growing is unimaginable. In the past year alone, adoption of cryptocurrency increased by 881%.
Crypto industry in different parts of the world can be understood from below:
The USA is the biggest hub of activities related to cryptocurrency. In 2020, alone in the USA $1.5 billion worth of Bitcoins were traded and also was the top country in Bitcoin trading for that year. The USA has also made progress in terms of laws related to cryptocurrency. 18 new laws were introduced this year in regards to Bitcoin and blockchain. The USA has provided crypto with a ground to expand. The US government is also being pressured to speed up the process of digital dollar, considering the progress made by other countries.
India is among the top 10 countries in the world in terms of adoption of crypto. In 2020, India witnessed the highest adoption of cryptocurrency. India is also on track of potentially launching the digital Rupee. India is also among the top countries in terms of crypto volume, and this continues to grow because of the tech-forward population.
The situation in China is highly complex. On one hand they launched their digital currency ‘Yuan’, to get ahead in the crypto market, on the other hand they have banned all the private cryptocurrencies. China is highly investing in the mining sector and has acquired thousands of mining equipment.
In terms of crypto adoption Europe is way ahead. Countries like Finland have had crypto tax laws in place for years now, and the French government, in order to support the growth of the crypto industry, approved a grant. Europe is all set to launch digital euro as it is currently in testing and development session. Europe can even become a bigger hub for crypto activity.
Recently El Salvador has made headlines by becoming the first country in the world to accept Bitcoin as a currency along with the Dollar. On June 8, 2021, a law was passed by the government in recognizing Bitcoin as a legal tender. This saw a significant increase in the crypto wallets and at present it is believed that there are more crypto wallets in the country than bank accounts. El Salvador has set a new precedent for crypto adoption at institutional level for the rest of the world.
In September 2021, Swiss Financial Market Supervisory Authority approved the first ever cryptocurrency fund. The country is also home to the famous ‘crypto valley’, a region in Switzerland that is known for its favorable crypto laws, and attracts crypto organizations. 11 such firms are operational in this valley, having a valuation of over $1 billion.
Swiss post, the national postal service of the country has also announced the launch of “Swiss crypto stamp”.
Despite the future of crypto is still unclear, these countries have shown good progress in spite of the challenges.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – geralt on Pixabay