Bitcoin has always been a controversial topic since its launch in the market in 2009. While widely criticized for its volatility, nefarious transactions, and exuberant consumption of electricity to mine a single Bitcoin, it is seen as a safe harbor to dock your ship during the time of economic storm.
But as more people turn towards Cryptocurrencies, the regulatory issues have manifested in the form of restrictions in the usage. Every nation holds a different perspective when it comes down to dealing with Cryptocurrencies.
The Legal status of Bitcoin and Altcoins varies depending on which country you live in. For instance, countries like America and the United Kingdom have adopted Cryptocurrencies. At the same time, countries like Egypt, Ecuador, and Nepal are against the adoption.
While each country takes a slightly different approach, we have come up with a list of the top best and worst countries for Cryptocurrencies.
There are as many sets of Cryptocurrency regulations as there are countries. This is even true for the European countries that are known for their harmonious nature with each other. And in the United States, the regulation of Cryptocurrencies depends on each state.
Seeing just how volatile rules and regulations are, you should always research your local laws regarding Cryptocurrency transactions and investments.
In the list of the best countries for Cryptocurrencies, you will find, mostly, the first world nations and the nations that are working really hard to develop their economy.
If you belong to any of the best countries mentioned below, you can use crypto genisus to trade and invest in Cryptocurrencies.
That being said, let’s start with our list.
When we are talking about Cryptocurrency adopted nations, how can we not start our list with the USA? As we know, the USA is among the few nations that accept new things. This even stands true for Cryptocurrencies. While we are talking about investing and making a profit out of Cryptocurrencies, many Americans have already made millions out of the Crypto trade market.
If you had asked us last year about this list, India would not have been added to the list. Thanks to the Indian government passing their judgment in favor of Cryptocurrencies this year, India has now become a new investor-hub for Cryptocurrencies.
China has always been an on-off switch. One year, it allows the regulation; the next, it bans all Crypto-related activity. Currently, it regulates Cryptocurrency. However, if you are a citizen of China, invest only after going through the current rules and regulations.
Venezuela is among only a few nations that have adopted Cryptocurrencies. In fact, they were so flabbergasted by the concept that they even introduced their own Cryptocurrencies, Petro, in the market.
Although many countries have adopted Cryptocurrencies, there are still many that share a fraught relationship with Cryptocurrencies.
Bolivia has completely banned the usage of any Cryptocurrencies since 2014. The Bolivian government passed a resolution that all the currency except their national currency would be banned.
Egypt is a country with the primary religion being Islam. In 2018, they issued a religious decree classifying Bitcoin Transaction as ‘Haram’, something prohibited under Islam. When this was not enough to stop Crypto transactions, Egypt tightened its banking system to prevent Crypto trading.