The world of cryptocurrency is expanding all over the world. Regulations also vary from country to country. The guidelines were set up to try to monitor cryptocurrency diversity around the world. The scenario is constantly evolving and it is quite challenging to keep up with the new standards in different regions.
To help you explore the various legal situations and activities related to digital currency, this guide will expand your horizons. You can now easily figure out how different countries interact with currency and trade regulation. Keep reading.
Countries that use cryptocurrencies more
As the epic bitcoin and its rivals continue to improve, the cryptocurrency market is now worth more than $ 2.22 trillion worldwide – and that number will continue to grow. All things considered, only a small fraction of Americans have any functional and personal involvement in this industry.
The United States is the world headquarters of Bitcoin
Today, Bitcoin is the brightest digital money. According to a report, Bitcoin grew 113% in the first quarter of 2021 This is a big deal for investors worldwide The United States has fully embraced the idea of Bitcoin and other cryptocurrencies – although there are reports that some government agencies are trying to reduce the use of cryptocurrencies for illegal transactions.
This country stands out
Nigeria is currently the leader of cryptocurrency. According to a recent 2020 survey, more than 32% of respondents in Nigeria have used or owned some form of cryptocurrency. By testing, it is only 6% in America.
As directed by Bitcoin.com, Nigerian culture and situation are reinforcing this trend. A big influence for this is poverty. Of Nigeria’s 200 million population, 87 million are suffering from this condition. Exchange through crypto is modest. Another reason behind this trend is the ease of operation – transactions are often done over the phone.
According to Statista, here are the top crypto countries that use the most cryptocurrencies:
- Nigeria – 32%
- Vietnam – 21%
- Philippines – 20%
- Turkey – 16%
- Peru – 16%
- Switzerland – 11%
- India – 9%
- United States – 6%
- Germany – 5%
- Japan – 4%
Countries that ban or restrict Bitcoin and other crypto
Since 2009, there has been a bit of controversy behind Bitcoin, just as other cryptocurrencies existed later.
The legal status of cryptocurrencies fluctuates from one country to another. Some countries continue to adjust regulations for the use of these digital currencies
Below are some of the countries that currently restrict Bitcoin and other cryptocurrencies:
In 2021, China has become more serious about cryptocurrency, expanding more forcefully. Chinese authorities have warned its citizens to avoid digital currency assets. And just like money transactions in China and abroad, the country has cracked down on mining.
Algeria has so far blocked the use of digital currency following a financial law issue in 2018 – making it illegal to buy, sell, use or hold virtual money.
Dar al-Ifta is an important Islamic advisory body in Egypt. In 2018, the company announced that Bitcoin is “haram”, which is not allowed under Islamic law.
Although digital money is not banned in Russia, there are ongoing protests against its use.
In July 2020, Russia passed the first law governing cryptocurrencies, allocating digital currency as a “taxable asset.”
Although many people go to Turkey for cryptocurrency because the country’s currency has become more valuable. However, there are different rules for how cryptocurrencies should be used in Turkey.
Other countries include:
- Northern Macedonia
The more popular the cryptocurrency, the more countries will adapt to innovation. However, the law may vary from country to country. This is necessary to control illegal transactions. Please visit OSOM Insights Learn more about cryptocurrency.