It is a well known fact that cryptocurrencies are on the rise. With our daily life as well as our business operations shifting to a digital model, we are also expecting payment and trading through the digital currency. While countries that use cryptocurrencies have gained immense popularity, some countries have banned cryptocurrency trading, for example, China with the recent ban on cryptocurrencies.
The battle to legalize cryptocurrency is not going to end soon. Countries like India have shown a positive attitude towards cryptocurrencies yet regulating it is still a major concern. Do you know which countries accept cryptocurrencies? Let’s look at the countries that use cryptocurrency the most.
Japan is known as the hub of cryptocurrency trading across Asia. Japan has always been at the forefront of technological progress. Therefore, Japan is one of the earliest countries to adopt cryptocurrency and its business. However, it announced the Payment Services Act to rule on cryptocurrencies and their use for trading purposes.
United States of America
Following Japan’s mark, the United States is one of the cryptocurrency accepting countries. In addition, Mastercard and the Bank of New York Mellon increased this acceptance by allowing users to transact in certain cryptocurrencies. How can we not mention Aon Musk’s decision to accept bitcoin as a mode of payment for Tesla? But, he recently reversed his decision to damage the environment due to bitcoin mining activities. Apart from this, companies like Subway, Microsoft Store etc. have started accepting payment in bitcoin.
According to the Statista Global Consumer Survey reported by the World Economic Forum, Nigeria is one of the top most users of cryptocurrencies. The primary reason behind most adoption of cryptocurrency is the high cost traditionally associated with sending money across borders. Therefore, Nigeria has started using cryptocurrency as it provides convenience.
German is one of the countries that accept cryptocurrency as well as is constantly involved in building cutting-edge blockchain solutions. You should know that this country has legalized bitcoin. Furthermore, Germany’s acceptance of cryptocurrencies is one of the factors that has increased the value of coins in the global market.
Next on the list of countries accepting cryptocurrency in Canada. However, you cannot use cryptocurrency for money laundering purposes in this country. This country recognizes bitcoin exchanges as a money service business.
It can be surprising to see this country in the list of countries using cryptocurrency. The same survey that mentioned Nigeria as one of the top countries using cryptocurrency the most, reported the Philippines as the third highest in the number of crypto users by country after Vietnam. The Philippines’ Central Bank has allowed the use of crypto exchanges as remittance and transfer companies.
France legalized the use of cryptocurrency way back in 2014. It provided authority to people who enjoy trading in cryptocurrency and use it for multiple purposes.
Australia is one of the countries that have adopted cryptocurrency effectively. Trading in cryptocurrency is legalized in this country. Did you know that the government declared bitcoin will be subjected to capital gains tax and people would view this currency as a property?
Peru is a country that has an increasing number of cryptocurrency users. This was reported by the Statista Global Consumer Survey and other countries like Argentina, Chile, Brazil, etc. are also following this lead.
Using bitcoin and other cryptocurrencies is very much legal in Singapore. However, the prices aren’t controlled by the government. Further, for some cases, the use of bitcoin is taxable too.