What are the world’s most crypto-friendly countries? Like everything else in the world, cryptocurrencies and Bitcoin are also subject to laws and regulations. There are places in the world where purchasing Bitcoin is easy and there are locales where it is forbidden.
While you can purchase Bitcoin using your debit or credit card, you still must pay some attention to your local regulations. The good news is there are countries where crypto is favoured.
Seven Crypto-Friendly Countries Where Spending Bitcoin Is A Part of Daily Life
In these countries, crypto is already a part of daily life to some extent. Here are some nations that love cryptocurrencies.
Switzerland, famous for its chocolates and Snow White Alpen landscapes, is home to the Crypto Valley located in the region of Compton. Many cryptocurrency companies call this area their home including Shiftshift and Xapo. The local government is supportive of crypto efforts and residents in the area can even pay their utility bills in Bitcoin. Switzerland, which is a member of the European Schengen free travel area, is ranked at the top spot amongst ten European countries by BlockShow for cryptocurrency purposes.
Bitcoin is said to be developed by an anonymous person who goes by the pseudonym ‘Satoshi Nakamoto’. In Japan, there is wide acceptance of the digital tender at shops, large departmental stores, restaurants, and, cafes. The Japanese government has established tax rules related to the cryptocurrency, but these laws do not seek to halt the growth of Bitcoin and other coins in the country. Some companies even offer Bitcoin to their employees as a part of their monthly payment. Japan often leads crypto trading volumes because some markets there charge zero commissions.
Slovenia’s capital Ljubljana has a shopping centre named Bitcoin City, which contains 500 establishments, all of which accept BTC and use the underlying technology. Enigma, a Slovenia based company released an application called Elipay in 2018, which allows for Bitcoin acceptance both online and offline. There are more than 240 locations in the Slovenian capital that accept payments through this application, including at the Bitcoin City.
This euro-zone island boasts of a salubrious environment for crypto enthusiasts. The government of Malta is in favour of cryptocurrencies and its parliament has already passed laws in 2018, which form the backbone of blockchain technology. The Maltese government has said that they want to make the country a blockchain island.
The Lion City has passed several laws that regulate cryptocurrencies in the country. Bitcoin and its sister cryptos are considered to be goods, and not money, by the Singaporean government. Companies working with crypto thus only need to pay only a 7% tax.
6. The Netherlands
Amsterdam, The capital of the Netherlands, is home to many crypto startups such as BitFury and BitPlay. Many retail establishments accept cryptocurrencies in the city. The Dutch capital also hosts the famous Bitcoin Boulevard, a street where all shops accept the apex cryptocurrency. The Bitcoin Embassy in the city is known for its promotion of the digital currency.
7. Czech Republic
A tourist Mecca, Prague is also a place where visitors can pay for a hotel or apartment with Bitcoin. The capital is the second city where an apartment was sold using Bitcoin in 2017. Many retail establishments also welcome the use of the cryptocurrency for payments.
Where Will You Spend Your Bitcoin?
Now that you know how to purchase Bitcoin with ease, where will you spend it? Would you consider spending it in a country where the currency is already a part of the day-to-day life, or would you like to promote it elsewhere where people are yet to adopt the digital currency in their diurnal activities? As the popularity of Bitcoin and altcoins rises, more and more countries are likely to join the list of cryptocurrency-friendly countries.