Five Countries in Crypto

As cryptocurrencies begin to rise, we are seeing what many have been waiting a long time for - adoption. Since El Salvador famously became the first nation in the world to officially accept bitcoin as a form of payment other countries have begun moving in the same direction. As of April 2022, these are the most exciting countries for crypto:

Brazil

Brazil - Rio De Janeiro, Brazil’s iconic seaside city of nearly 7 million people, announced in late March 2021 that they would allow citizens to use cryptocurrencies on a local scale and as payment for taxes. It isn’t mentioned which coins would be accepted, but we can assume bitcoin is an obvious choice. There is also talk that the city will look to develop a Central Bank Digital Currency (“CBDC”) to act as the official token backed by Brazil. Following in the footsteps of other countries such as China and the United States, a CBDC would open the doors for new methods of exchange in international business. 

El Salvador

El Salvador - The first of its kind, El Salvador is well-known for their bitcoin adoption as the first country to fully back the network. Beyond just accepting the payment system with their Chivo wallets, the country also said that foreigners who have spent a total of 3 bitcoin in the country would earn permanent residence; but the offer is more than just a nice vacation home in Central America. By inviting active crypto traders to live in El Salvador permanently, the country plans to use the invested bitcoin to become a business hub for cryptocurrencies with no capital gains taxes on cryptocurrencies. The intended effect is to improve a small economy with new revenue sources. 

Ukraine

Ukraine - Shortly before Russia invaded Ukraine in February 2022, both countries distinctly proceeded with bitcoin legalization. Though Russia was first, it is Ukraine’s use of blockchain which has become most prominent. Ukraine, led by President Zelensky, has received a massive amount of donations in the form of digital assets which have helped the country survive extreme violence. CryptoPunks, Bitcoin, and Ethereum are all examples of tokens that have been sent to the country, marking the first time that crypto has played a significant role in war. The support for Ukraine has been so strong in fact, that Etherscan even provides the wallet address for donations. 

South Korea

South Korea - President-Elect Yoon Suk-Yeol has made it clear that he is pro-crypto after his narrow election victory in March 2022. Following high unemployment under President Moon’s term, President-Elect Yoon has expectations for blockchain technology and the new industry it can create. The nation is already a digital powerhouse with the resources necessary to produce and maintain digital assets. The NFT markets in South Korea also have potential to boom as collections from K-pop and E-sports begin to flood in.

United Kingdom

United Kingdom - With the largest international reach on this list, the United Kingdom is setting the stage for a serious foray into decentralized banking which will have far lasting effects. The U.K. announced recently that they are creating a Financial Market Infrastructure Sandbox which would allow businesses to test Decentralized Financial services in a controlled environment to make sure that they will be safe, efficient, and beneficial to the public. These sorts of ambitions are great for stablecoins which offer high rewards for staking and lending protocols on platforms such as AAVE. The U.K. is also looking into NFTs which the Royal Mint will be responsible for. How this NFT is meant to be used hasn’t been fully explained yet, but the U.K. says the NFT will be available in summer 2022. 

This is only the beginning of mainstream adoption for cryptocurrencies around the world. Expect this list to grow with more countries turning their attention towards blockchain technology including wild plans for Satoshi Island and Bitcoin City.