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LIST OF COUNTRIES THAT ACCEPT BITCOIN AND OTHER CRYPTOCURRENCIES

Tech Planet Author 4 days ago Follow


In September 2021, El Salvador officially recognized Bitcoin as a legal tender
and required all local businesses to accept Bitcoin payments. The government
released a Bitcoin wallet to accelerate adoption and proposed a $30 bonus in BTC
and a gas fee discount. It was the first-ever case of making a cryptocurrency a
legal tender. Bitcoin and other cryptocurrencies have different statuses all
over the world. While most countries accept and allow cryptocurrency use, some
countries and particular cities have specific regulations for and use of
cryptocurrencies. We describe the most exciting and inspiring cases.




BITCOIN AS A LEGAL TENDER

The legal tender status means the cryptocurrency obtains the same adoption and
usage as national currencies. All businesses are required to accept BTC payments
just like local currency payments.

Developing countries with high inflation and unstable economies mostly turn to
adopt cryptocurrencies at the government level since such activity may bring
more economic independence to post-colonial regions, create an attractive
investment climate, and benefit from geographical and resource features to mine
Bitcoin. Currently, two countries officially recognize Bitcoin as a legal
tender, El Salvador and the Central African Republic, and several others are
making steps towards its adoption.


CENTRAL AFRICAN REPUBLIC

The country became the second to approve Bitcoin as a legal tender in April
2022. The government sees Bitcoin adoption as a step towards the independence of
the French-based CFA used as a local currency. However, by 2020 only 10% of the
CAR population had internet access, which is the main requirement to deal with
Bitcoin transactions. Critics consider Bitcoin payments economy-damaging and a
vast opportunity for money laundering. Nonetheless, the government released a
plan to allow people to invest in mining and other industries in Bitcoin with
affordable conditions.




MEXICO

Thanks to Senator Indira Kempis, the country is considering recognizing Bitcoin
as a legal tender. There are three possible ways of adopting Bitcoin in Mexico:
adding Bitcoin to the national treasury, creating a financial bond instrument
backed by BTC, and mining BTC. Unfortunately, the plan was banned by the Central
Bank of Mexico and the financial regulator. Still, Senator Kempis aims to
support the bill through the democratic process.


FIJI

The island country's new prime minister, Sitiveni Rabuka, is pro-Bitcoin and is
actively considering BTC as a legal tender. The island can use its resources for
BTC mining, being volcano-based, and benefit from Bitcoin remittances.

 


CRYPTO CAPITALS


ZUG, SWITZERLAND

The small town is considered a Crypto Valley and Europe's crypto capital. Zug is
the home to over 400 Swiss crypto startups, nearly half of all crypto startups
in Switzerland.

The Canton of Zug has been accepting payments for government services in Bitcoin
since 2016. In September 2020, Zug citizens, both individual and business, got
an opportunity to pay taxes in Bitcoin and Ethereum, which were then converted
to Swiss francs.



The region attracts crypto businesses through its low-tax policies and
progressive approach to crypto adoption.


DUBAI, UAE

The city is one of the most influential crypto hubs, hosting numerous industry
events and crypto companies. Dubai aims to become the world's crypto capital,
encouraging businesses to enter its jurisdiction by providing low-tax policies
and business-friendly regulations.

In February 2023, Dubai's Virtual Assets Regulatory Authority released a
rulebook to regulate crypto companies in the state, requiring them to get a
license. It broke the ice since crypto companies had an uncertain status. With
regulations, crypto activity in the state has become clear and prevented scam
projects.


SINGAPORE, SINGAPORE

Singapore was one of the first countries to adopt a regulatory framework for
cryptocurrencies, making it a tax haven for businesses and providing growth
opportunities. All payment-related services are governed by a single
legislation, allowing for unhampered blockchain technological innovations while
the government addresses crypto-related risks. The gambling industry is subject
to separate regulations.

Singapore recognizes cryptocurrencies as legal assets that are used like any
other asset. The government aims for Singapore to be a hub for crypto businesses
and ideas but not for speculation and trading. Therefore, institutional
investors are more welcome than retail ones.

 


GOVERNMENT METAVERSE AND BLOCKCHAIN


SEOUL, SOUTH KOREA

In January 2023, the city government released the Seoul Metaverse platform,
which allows citizens to access municipal administrative services such as
education, economy, and tax affairs via the Metaverse. The platform is the
first-ever municipal administration in the Metaverse, intending to create an
accessible, equal, and inclusive space for all citizens to obtain administrative
services 24/7, visit the mayor's cabinet, attend student gatherings, virtually
tour the city library, and more.


TUVALU

This tiny island is facing the effects of climate change and is at risk of
disappearing into the sea in about 100 years.

The government has decided to use blockchain technology to preserve the history
and independence of the Tuvalu nation. They are moving towards a paperless
administration and a cashless system so that all data will be stored on the
blockchain, ensuring nothing will be lost except the island itself. Implementing
blockchain will help unite the nation and preserve its history wherever the
people are based.

 


IN CONCLUSION

The SpectroCoin team is inspired by the examples of cryptocurrency and
blockchain implementation in various countries and cities and the range of
problems the technology can solve. We hope the industry will continue to make
significant strides in development and unlock new potential use cases.

CRYPTO BLOCKCHAIN CRYPTOCURRENCY BITCOIN ETHEREUM NFT ETH BTC DEFI

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