Luring cryptocurrency companies to boost the country's economy

Image source: pixabay - Up-Free

The Bitcoin race is gaining heat, despite recent stagnation in Bitcoin prices. Long-term outlook for countries with interest in cryptocurrencies are welcoming companies to set up their headquarters in their country. Tax rebates and other incentives, Bermuda, Gibraltar, Liechtenstein, and Malta are competing with France to lure crypto entrepreneurs. Source: Bitcoinist - Julio Gil-Pulgar.

In Malta, the government passed three laws on July 4 so companies can easily issue new cryptocurrencies and trade existing ones. In Bermuda this year, the legislature passed a law that lets start-ups doing initial coin offerings apply to the minister of finance for speedy approval.
Source: nytimes - Nathaniel Popper

Bermuda has been a leading player, roping in Zhao Changpeng, chief executive of the Binance cryptocurrency exchange, to open up compliance operations in Bermuda and invest $15 million. Fast approval for Initial Coin Offerings (ICOs) as well as open doors to cryptocurrency exchanges have put them at the top of the game.

Will McDonough, the founder of a new cryptocurrency called iCash, designed to be the method of payment for an online gambling site, would have an office and a head of operations in Bermuda, which the island requires of all companies. Source: nytimes - Nathaniel Popper.

Gibraltar and Liechtenstein, the Alpine nation between Austria and Switzerland, are also attracting crypto companies. Gibraltar is looking at the possibility to add blockchain into its online gambling industry while Liechtenstein has plans to allow companies to sell tokens.

Image source: pixabay - Pexels

Prague, Czech Republic, currently holds the record for being the country with the most number of BTC-vendors listed, as reported on Forbes - Alexandra Talty. Not far behind on the list include: Buenos Aires in Argentina, San Francisco, Madrid Spain and New York City.

[Prague] has a high density of businesses in rural areas as well, with Žatec home to over 50 BTC-accepting businesses, [whereas] South America in general is a Bitcoin-heavy continent, with cities like Bogotá, Colombia; Caracas, Venezula; and São Paulo, Brazil featuring over 30 BTC-accepting businesses.
Source: Forbes - Alexandra Talty

Iran might become the first country to adopt Bitcoin as a legal tender. An article on ethereumworldnews - Jose Antonio Lanz explained how Bitcoin, a decentralized payment system, is neutral and borderless and how possibly free Iran from a foreign government-controlled economy. This could financial render sanctions less powerful as the economy builds on a relatively 'neutral' currency.

Image source: pixabay - sharonang

On the extreme end of the spectrum, China is banning all cryptocurrency exchanges and killing Bitcoin trading in the country.

China banned initial coin offerings (ICOs) last September as well as direct trading between RMB and virtual currency. While some exchanges and ICOs have been able to relocate to crypto-friendly countries and continue their business, not being able to trade fiat for crypto has been a massive blow to most Chinese traders.
Source: bgr - Chris Smith

One way or another, Bitcoin-friendly countries form a conglomerate of the future, where trading become borderless that could improve overall trading for the country if implemented. I am unsure of the long-term repercussions the Bitcoin race has to a country. But in a simple logical sense, adopting innovation and new technologies has never failed in moving our world towards a brighter future.

-tysler