The blockchain buzz is spreading across the globe. The adoption and research rate of ‘blockchain’ has grown vastly in a very short span of time. Blockchain technology will soon reshape the world around us with its outstanding features such as global accessibility, transparency, safety, and security.
Despite the fact that it has been around a decade when blockchain was first brought in the limelight, very few nations have started to investigate its huge potential. However, the adoption rate has encountered a colossal ascent ever since the beginning of 2018.
Utilization of this innovative technology can widely influence the lives of individuals, how they trade and how sectors such as governance, finance, education, etc. function. Its tremendous potential is the reason it is being embraced so rapidly by various nations.
Here are the top 3 blockchain friendly countries that have adopted blockchain till now:
Switzerland is a step ahead of all the other nations when it comes to adoption and implementation of blockchain and cryptocurrency related projects. Various blockchain companies have found Switzerland as one of the most accommodating nations, especially Canton of Zug, which is now renowned as the Crypto Valley. Facebook most recently registered ‘Libra Networks’, its secret digital assets project, in Switzerland (read more about the project here). The country has even made headlines for bringing about a regulatory framework for ICOs (Initial Coin Offerings).
Swiss bank, Hypothekarbank Lenzburg, recently announced that it soon will allow few selected blockchain and crypto asset related businesses to open accounts with the bank, which would make Switzerland even friendlier to the crypto sector. Cryptocurrency have officially earned the label of foreign currency in the country and no taxes related to capital gains are yet levied on most of the crypto traders in the country.
Estonia has been a relatively familiar face in the blockchain technology space since 2008. Blockchain has taken a major role in Estonia’s data registries, in fields such as the commercial code systems, judicial, security, legislative and health. The country is planning to extend the use of blockchain technology to other areas such as cybersecurity, data embassies and personal medicine.
Popularly known as the “blockchain island”, Malta has become the very first country to set up a decentralized bank and stock trade. Cryptocurrency, blockchain, and fintech related adoption has shown exponential growth on the island over the past few years. Malta is now willing to set up a formal regulatory framework for digital currencies, initial coin offerings and firms dealing with blockchain.
There are various other countries that are getting more and more involved in the sector and are themselves making tremendous efforts to grow further in this sphere. Additionally, there are numerous aspects related to blockchain and cryptocurrency adoption, such as regulation of cryptocurrency exchanges, ICOs, and adoption amongst the enterprise level companies and banking consortiums that these countries are working upon. The blockchain technology is currently booming and will soon impact various sectors.
Did you find the blog informative? Your opinion matters! Let us know about them in the comments below.