Crypto News Flash: It’s A Lot Further Along Than You May Think
Just a few short years ago, crypto was something that was only used by techies or to buy illicit goods. Crypto mining was something only computer science majors did, and no one would have dreamed of investing in coins themselves.
Crypto was created to be part of the counterculture. To be a decentralized, unregulated way to buy, sell and trade. It was hard for ordinary people to figure out, too – after all, blockchain was something no one had ever thought of at the time.
Fast forward to the present, and you can now buy Bitcoin and other cryptocurrency on mainstream investment apps. We’ve come a long way – but you might still be surprised just how much some countries have embraced the change. Here are a few examples.
The United Kingdom
The UK Government announced in April 2022 that they want to make the country a global hub for crypto technology and investment. They even published an outline of their plan to make that happen on their website. You can read more about it here.
Perhaps this is one way that the UK can re-enter the global financial arena after the fallout from Brexit.
The United States
The USA has largely stayed out of the evolution of cryptocurrencies so far, but that all changed when President Biden announced that the USA was focused on supporting crypto innovation and development.
The government plan also includes plans to improve protection for consumers, and improving crypto infrastructure, among other measures. While some might say that goes against the decentralized roots of crypto, there’s no denying that when the government of the world’s most powerful economies acknowledge crypto’s importance, it’s here to stay.
No one could ever have imagined that El Salvador would be a global leader in crypto adoption, but that’s exactly what they became when they were the first company to accept Bitcoin as legal tender.
The country made the move in September 2021, and so far, it appears that its currency innovation is going well. Like any new system, there have been some bumps in the road, but it has turned the country into a top destination for tech tourists.
In 2020 the “Honduras Prospera,” special economic zone was created and today allows companies and individuals to use Bitcoin (and other cryptocurrencies) as legal tender.
Bitcoin bonds and crypto-innovation top the list of what government officials are looking to roll out in the near term ushering this special zone of the tiny island of Roatan into the cutting edge space of financial innovation.
Portugal might not be the first place you think of when you think of crypto, but it’s attracting a lot of crypto investors as residents because of its favorable tax laws.
Under Portuguese law, gains from investing in crypto in your personal capacity are not subject to income tax. So crypto investors get to keep all their earnings from buying and selling coin. The government is also very supportive of crypto technology and makes it easier for entrepreneurs in the field to work and do business.
It’s not just an idyllic island paradise. It’s also a leader in the crypto world. That’s because Bermuda has made it legal to pay your taxes in crypto.
There are a few conditions and requirements that have to be met, but this system has been in place since 2019 and seems to be working well for the island nation.
While Germany isn’t quite as relaxed about taxing crypto gains as Portugal is, they do allow investors who keep their investments for longer than 18 months to keep their gains tax-free.
So, while this is not good news for traders who like to buy and sell frequently, it is very beneficial to patient, long-term investors.
Malta is well known in general as a tech, business-friendly country, and it has embraced cryptocurrency too. It’s a favourite destination for miners and traders, and thanks to its investor-friendly residency and immigration laws, many choose to make their home there.
There are some people in Malta and Europe who say that there is too little regulation in the country, but so far, there has been no move to change that.
More Will Follow
The fact is the world is a very different place now than it was when crypto was first invented. We do more online than ever before, and there’s no sign that it will change any time soon.
More countries are starting to accept that crypto is a fact of modern life and they are changing their laws and regulations to accommodate crypto trading and investment. So, while there might be countries like China and Turkey that have banned or restricted crypto, there are many more that are recognizing that this is the currency of the future.
It’s only a matter of time before we see more ways to use crypto in the real world and more businesses and even countries recognizing it as legal tender. Crypto has been around since 2008, and while many believed it would be a failed experiment by now, it has gone from strength to strength.
Today’s market cap of Bitcoin (the #1 cryptocurrency in existence) would have it tied with Berkshire Hathaway for the 7th position if it were a blue chip stock and not a cryptocurrency. That’s impressive. It’s also interesting to note that this exploding value has occurred over just the past 10 years and during this time and Bitcoin has been the #1 performing asset by 1000%.
So the question is not “Will crypto last?” It’s “How soon before before mainstream adoption blankets the planet?”
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