Ever since the birth of Bitcoin in 2009, the popularity of this virtual currency has grown exponentially. Compared to 500 Bitcoin compatible ATMs in 2016, the number had reached more than 4,300 ATMs in 2019. This clearly shows Bitcoin’s high volume of commercialization, the rising interest of the public, and acceptance of regulators.
Without any doubt, this digital currency, which any financial institution or government does not cover, has come a long way and is increasingly becoming an essential part of the financial market. However, the mainstream acceptance of Bitcoin varies as some countries are more friendly towards this cryptocurrency than others.
Although Bitcoin and Blockchain, its underlying technology, can change the world for the better, some nations are still skeptical about cryptos. And it seems as if the world is divided into two when it comes to crypto adoption. On the one hand, we have countries that are still deciding what to do with cryptocurrency. While, on the other hand, some technologically advanced countries are friendly towards Bitcoin and have fully embraced the revolutionary blockchain technology.
As we know, Bitcoin (BTC) allows users to send and receive money from anywhere at any time without sharing their financial and personal data online. Some governments see this as a threat and decided either to impose an outright ban or regulate it. In contrast to these nations, some countries tested this innovative technology and accepted Bitcoin wholeheartedly. Here we’ll present you the top 5 Bitcoin-friendly countries in the world. The countries listed in this post are in no particular order.
1. Japan
Japan is one of the leading nations to adopt Bitcoin and establish rules for cryptocurrency exchanges to enhance their security. The country is also one of the pioneers to legalize cryptocurrency and give it its legal tender status in 2016 and exempting it from paying taxes in 2017. Arguably, Japan is the home to Satoshi Nakamoto, the creator of Bitcoin. The country remains at the forefront of the trade volumes of bitcoin and other crypto coins. Today, Bitcoin is a legal tender in Japan, and many blockchain consulting firms are also based in the country.
2. Switzerland
Switzerland is a crypto-nation that has not only adopted blockchain but also legalized Bitcoin. Today, the country is home to thousands of blockchain startups, and all crypto exchanges are legal here. Zug, also known as “Crypto Valley,” is particularly popular for such startups, and even shops here accept digital coins. At present, the country is home to some of the world’s most renowned crypto technology companies, such as ShapeShift and Tezos. The Swiss Federal Tax Administration (SFTA) has declared cryptocurrencies an asset. The government has specially constituted a task force to explore and expand crypto and blockchain implementations.
3. South Korea
South Korea is another Bitcoin-friendly country that ranks high in terms of trade volumes. The government is already home to big names in the tech industry like Samsung and LG and has now fully embraced Bitcoin as an investment and means of exchange. Numerous crypto-related startups have emerged in the country, such as Korbit, because the government doesn’t regulate the use of Bitcoin. South Korea’s willingness to adopt cryptocurrencies is also evident because it regularly hosts various conferences related to Bitcoin and blockchain.
4. Sweden
Sweden is among the early adopters of Bitcoin and a leader in the crypto world. In a view to eliminating cash, Sweden embraced this innovative technology in the early years of its launch. It is even one of the pioneering nations to authorize the trading of Bitcoin exchanges. The government of Sweden always remained positive towards cryptocurrencies, and even developers are working on blockchain smart contracts development for financial services domains. The Swedish Financial Supervisory Authority has already legitimized Bitcoin and other cryptocurrencies as a means of payment. There are plenteous Bitcoin startups in the country, including the Safello bitcoin exchange and Stockholm-based KnCMiner, a well-known mining hardware developer.
5. Slovenia
When some nations are still cynical about cryptos, Slovenia is taking the lead in exploring this revolutionary technology. This central European country is leading in the crypto innovation sphere with numerous crypto and blockchain startups. In Slovenia, almost every shopping center accepts Bitcoin and people easily transact with this digital coin. It is the first country that has created a vast Bitcoin statue in a roundabout at the city of Kranj.