Top Cryptocurrency-friendly Countries in the World.

While some countries are skeptical about adopting cryptocurrency as a means of payment for transactions, some other countries have accepted and are testing its nature. These countries have their respective population differences, internet connectivity, and eccentricity etc. Howbeit, the countries listed below have shown goodwill to accept Bitcoin’s ingenious technology, whether it’s for the government, the populace or both.

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Here is a list of some of the top Bitcoin-friendly countries in the world (in no particular order):

• The United States

The United States is host to the highest number of Bitcoin transactions and cryptocurrency users in the world, supported by Silicon Valley, which is a base to so many blockchain-based startups, cryptocurrency and also the largest collection of Bitcoin ATMs the world over. From the beginning, the United States has been one of those leading in the digital currency.
Also, because of its stand as a worldwide financial superpower, many countries depend on the guidance of the United States as regards the regulatory perspicuity and the legal status of cryptocurrency. Being at the forefront of digital currency, the United States incontestably be a testing ground for regulatory policies affecting cryptocurrency in the coming years, as other countries observe to know how best to approach cryptocurrency.

• Estonia

The government of this small Baltic country of Estonia has embraced technology and has shown enthusiasm in implementing technological innovations such as blockchain technology for services like banking, healthcare and surprisingly, governance by making it possible for its citizens to be called “e-Residents”. Estonia made the declaration that it would become a country at the forefront of blockchain innovation, after being the first country to create “e-Residency”. The first government agency to incorporate blockchain into their system is the eHealth foundation of Estonia. Presently, the Estonian blockchain team has digitized and recorded medical records into the blockchain they developed. Estonia is also one of the first countries to implement a blockchain-powered e-voting platform that enables prospective shareholders to get a spot on NASDAQ’s Tallinn Stock Exchange.

• South Korea

Home to tech giants like LG and Samsung, South Korea has a robust tech-industry. They also have one of the highest mobile payment rates and penetrations of Smartphones in the world. So South Korea accepting Bitcoin for investments and transactions does not come as a surprise.
South Korea has no laws or policies guiding the regulation of Bitcoin use, it has afforded startups the opportunity to spring up. Like “Korbit”, a service that uses, accepts, and buys Bitcoins; they also focus on cross-border payments and remittances.
South Korea is also known for regularly hosting Bitcoin conferences and has also created a conducive clime for the Bitcoin community locally.

• Denmark

Asides belonging to the group of being one of the most developed countries with regards to technology and living standards, Denmark is also making moves to replace cash with 100% digital currency. However, it is known if Bitcoin would be an alternative to the banking monopoly or just a means of exchange or both. Danish Central Bank said Bitcoin was not a currency, declaring that there would be no regulating of the use of Bitcoins in the country. Denmark has seen the spring up of some startups and exchanges like CCEDK. The CCEDK CEO, Ronny Boesing believes freedom and responsibility can co-exist and that the easy access to crypto makes it their responsibility to make the currency widely accepted. He also is of the opinion that with Denmark’s ranking as the happiest country in the world, and that the freedom cryptocurrency enjoyed in the country, was one of many reasons to live happily there.

• Canada

Vancouver and Toronto can be called the Bitcoin hubs in Canada. Canada is also home to so many Bitcoin ATMs and startups. There is a provision for the regulation of Bitcoin under the anti-money laundering and counter-terrorist financing laws in Canada, and this was after a long deliberation at the Senate of Canada.
The cryptocurrency community in Canada is robust and has also encouraged startups such as the Vanbex Group, Decentral and quite a lot of accepting merchants.

• United Kingdom

There is the presence of numerous blockchain and Bitcoin-related startups, Bitcoin ATMs and a community that is active. This indeed makes the United Kingdom a Bitcoin-friendly country. The country sees the need for new solutions for payments and is preparing itself in readiness for the adoption of digital currency on a large scale. The Bank of England has been observing the Bitcoin technology and has asked the public to send ideas as to the monetary system’s improvement. UK’s Barclays bank has concluded that there is the need for financial institutions to embrace Bitcoin and digital currencies generally because the technologies behind them could spell a revolution for finance.

• Russia

Masterchain, a new blockchain ledger has been created by VTB Group, Sherbank and other big lenders to Russia. The blockchain ledger is intended to make transaction processes through the central bank, faster. It is no news that one of the contributors to Russia’s economy is the use of cryptocurrencies and blockchain: A great fan of Ethereum is Russia’s President, Vladimir Putin thinks the digital economy is a part of the country’s economy and as such, should not be treated as an entirely separate industry. He is of the opinion that the digital economy may be the foundation for new business models

• Switzerland

So many major blockchain companies have established their headquarters in the “Crypto Valley” Zug, Switzerland. This is due to Switzerland’s Bitcoin-friendly environment and its total support for blockchain. One major Swiss company that has been studying and researching blockchain and its effect on government and businesses globally is “Six Securities”.
Switzerland has less stringent regulatory laws and policies for blockchain startups and is also making moves to implement digital identities on the Ethereum blockchain for residents of Zug.
These are some Bitcoin-friendly countries, they all have different features that make them so; ranging from technology penetrations to regulations.