It is a universal fact that cryptocurrencies are becoming increasingly popular day by day. Although many investors have been disappointed with the recent crash in the market, but if you listen to the experts, you will know that such wild fluctuations are quite common. As the daily lives and business operations have shifted to cryptocurrencies, you can expect payments and trading to happen through digital currency.
Some countries using cryptocurrency have gained maximum popularity whereas some countries have banned the use of cryptocurrencies. For instance, the recent ban on digital tokens in China affected the crypto market. The battle of legalizing digital assets is not going to end soon. Countries like India have exhibited a positive attitude towards cryptocurrency use, but regulation is still a major concern.
There are many worldwide countries that have started to accept cryptocurrencies as their preferred payment method. Take a look at them one by one-
Japan is more popular as the hub of cryptocurrency trading in the Asian continent. Since the very beginning, Japan is known to advance its technological advancements. Thus, the county is one of the initial ones that adopted digital assets and their trading. However, cryptocurrencies are regarded as “digital assets” but not legal tenders.
- The United States
The United States has followed the trail of Japan and started accepting cryptocurrencies. Moreover, certain banks and credit card companies boosted the acceptance by allowing the users to complete transactions using certain cryptocurrencies like Bitcoins.
Elon Musk’s decision to accept Bitcoin as a mode of payment for Tesla accelerated the digital token use overnight. But the recent overturning of the decision due to the harmful impact of mining activities slowed down the progress to some extent. But the bugger global organizations lie Subway and Microsoft Store are accepting payments in Bitcoin.
Nigeria is presently at the top of the list of African nations using cryptocurrencies. The younger and tech-savvy generation is quite adept at sending money and paying through mobile applications. So they can use the various exchanges to trade cryptos and utilize the same for regular transactions.
The Bitcoin Era is the most popular cryptocurrency exchange that has been a significant reason for the massive popularity of digital assets in this country.
This South- Asian nation is growing financially in leaps and bounds, with a population of about 100 million. Trading and P2P payments have become the common ways of transaction apart from other utilities. Market research studies claim that the crypto traders in Vietnam raked $400 million as crypto earnings in the year 2020.
You must be surprised to see the country on the top cryptocurrency using nations list. But the truth is Philipines is the third highest in crypto adoption rate after Nigeria and Vietnam. Even the Philippines Central Bank allows the use of crypto exchanges as remittance and transfer companies.
Germany is among those countries that believe in accepting cryptocurrency and also continues further research on blockchain technology for more benefits. You should also learn that the nation has legalized the use of Bitcoins. If you see the major increase in the value of German coins in the global market, you will realize the influence of accepting cryptocurrency as a mainstream mode of transaction.
Next up on the list of countries adopting cryptocurrencies in Canada. In some cases, as Bitcoin is known to be used for money laundering purposes, alternatively, Canada
The legalization of cryptocurrency happened in France long back in 2014. people can trade digital assets and also use them for multiple purposes, including B2B and B2C transactions.
The effective adoption of cryptocurrency in Australia has made it possible to legalize trading n the country. The Government even declared that Bitcoins would be under the capital gain tax, and people could view the currency as properties.
Using cryptocurrencies is legal in this country. But there are no price control measures. And the use of Bitcoin is taxable too.
These were some most popular countries that have already started to adopt cryptocurrencies, leading to the massive popularity of cryptocurrencies worldwide.