Topic: Best Crypto friendly country? (Read 824 times)

I think some of the countries you have mentioned are countries that have no plan on regulating crypto at all. I k is there are countries that don't care about crypto stand in there region so they are countries not crypto regulated. There are many african and North american countries that are crypto friendly especially those ones that find a big opportunity in crypto without depending on fiat currency.

First of all that is a very serious question and as you can see they give you some well-known suggestions, but then it is an investigation that you should do yourself, even El Salvador, it should not only be the first one that one should mention, for simply having the bitcoin as a payment currency, so, is to analyze the economic and social environment of each country and based on that you should forge your decision.

Anyway, one should have the "courage" to make any country friendly, mind you, you have to respect the laws of each country, but bitcoin must have in its users the thought "let's make this country become friendly with bitcoin".

Those countries already have the title to be a bitcoin friendly country so for them, there is no need to rush and maybe some of them are planning to not make btc a legal tender at all because the perks that they have now are still close to it and there will be no big differences at all. On some countries where bitcoin is not yet a legal tender, they even have bitcoin atm's now and there are shops on them which accepts crypto payments.

It will surely be allowed by your government as long as cryptos are recognized and not banned. They can also shop online if there are no shops like that on their country. See? There is no real need for making crypto as a legal tender.

Rather than crypto friendly countries, it is good to find the crypto user friendly countries. As of now most of the African countries surrounding Nigeria have the restrictions on cryptocurrency usage from the government, yet it is easy to make transactions on your needs. In most cases people who have to carry a large volume of cash for purchase from other countries prefer to take cryptocurrency.

People from African countries reach Dubai for purchase and nowadays many are used to cryptocurrency which is really a change of minds making cryptocurrency an user friendly system amidst government restrictions.

I know African countries will be the best cryptocurrency-friendly environment since that region has the highest rate of unbanked citizens who will embrace crypto as the best alternative and with low or zero tax on cryptcurrency related transactions. Unlike other developed countries that already have a well-developed tax returns mechanism.

Nigeria and some parts of Africa are cryptocurrency friendly despite it has not been adopted by the government.  But the rate citizens show interest in cryptocurrencya is very high, they make use cryptocurrency within themselves whether the government likes it or not, Africa countries should on the lost.

Please can you share a link to any new as regards to Hondura's Bitcoin adoption, even though it is not made public yet by the government. Am curious to know the level of development within that country, I have picked an interest in global Bitcoin adoption lately and my interest borders around countries that adopt Bitcoin as a legal tender and what their intentions to boost using Bitcoin and most of them e.g El Salvador have boosted the tourism industry with the help of Bitcoin adoption.

The current era has seen the highest development among cryptocurrencies. The whole world knows about it. Considering its payment convenience and cost aspect, many have chosen it as their preferred payment method. I would like to mention here the names of some countries that are crypto friendly with the use of crypto. They are El Salvador, Portugal, Germany, Luxembourg, Estonia, Singapore, Malta, Canada.

They have no sympathy for crypto, so why would they accept it? This is crazy. With that tax rate, they will cause more investors to seek tax evasion rather than comply, which will backfire and create gaps in their tax income.
Indian investors will use DEX and p2p trading rather than trading on centralized exchanges. Hope that other countries don't do the same thing as the Indian government.

Crypto-friendly countries have the opportunity like El Salvador and the Central African Republic to adopt Bitcoin as a legal tender. It is possible that crypto-friendly countries do not want to be too quick to announce the legal status of the tender before all the preparations are really ready.
I think developed countries like Germany and other developed countries understand so much about the future of Bitcoin that one day I feel sure they will make Bitcoin a legal means of payment.

Based from the list, I only know El Salvador having bitcoin as legal tender. As the OP is asking which countries are having btc as legal tender also. Others may have loose regulations when it comes to crypto but the OP should look into these countries closely if he is planning to visit in one of them. They have their own protocols when it comes to crypto and you also don't know how wide is the coverage of the crypto usage among its merchants.

I conducted a search on your topic and the countries that came out of my search was;
   . Singapore
   . Switzerland
   . Netherlands
   . El Salvador
   . Vanuatu
As an avid crypto trader/investor, the above listed country are the crypto-friendly countries that could be perfect for you as they embrace the inherent volatility of cryptocurrencies. Those five countries have a good reputation being the most crypto-friendly country.
 More information is contained here: https://learn.bybit.com/investing/most-crypto-friendly-countries/

What I mean by a crypto friendly country is one where I can use cryptocurrencies freely. Where there will be no negative behavior on crypto. Where crypto will always be viewed positively. From that point of view, I think El Salvador as the most crypto-friendly country, besides some other new countries have been added but they can't be called friendly yet. Maybe their position will change in future.

Only El Salvador and the Central African Republic have legalized Bitcoin as a legal payment. Germany, Singapore and other countries that fall into the category of Bitcoin-friendly countries, but have not legalized Bitcoin like the two countries (El Salvador and the Central African Republic).

The Central African Republic as a mineral-rich country is the second country to legalize Bitcoin even though their economy is in a complicated situation due to civil conflict. But they adopted Bitcoin which was announced on April 27th.
Meanwhile, Singapore is also reportedly experiencing some difficulties after Hodlnaut halted withdrawals amid liquidity problems and they have also laid off a number of workers. Hodlnaut is a crypto lending company in Singapore.

Please choose, El Salvador or Central African Republic.

30% tax is tantamount to robbing crypto users and this is a huge tax. India really doesn't support crypto completely. even the central bank of india wants to ban cryptocurrencies which was presented at the parliamentary meeting. Reserve Bank of India (RBI) is of the view that Cryptocurrencies should be banned as it has a destabilizing effect of cryptocurrencies on the monetary and fiscal stability of the country. Nirmala Sitharma's statement regarding the adoption of cryptocurrencies and platforms that allow for innovation on it in the country of bollywood.

30%? You are talking about the government of India, they accept bitcoin but then tax upto 30% on people who earn in crypto. 30% is too high and shows that the Indian government is not very sympathetic to cryptocurrencies. They are just trying to discourage investors from using cryptocurrencies rather than encouraging them.

According to what I know if you are looking for a comfortable place to live and not taxed on crypto income, namely:

1. El Salvador: Being the first country to adopt Bitcoin as a legal tender, of course El Salvador will exempt crypto taxes for its residents.

2. Belarus: In 2018, Belarus has legalized all crypto-related activities and exempted its perpetrators, individuals and businesses, from taxes for five years. That means, from 2018 to 2023, there will be no taxes at all for players in this industry. This is done to support the digital economy in the country.

3. Germany: While cryptocurrencies are not completely tax-free, Germany has interesting regulations that allow investors to avoid taxes. In Germany, crypto assets are not seen as capital assets, so, if residents hold crypto for more than one year, then they will be one hundred percent tax-free.

4. Portugal: Portugal is also the best place to get tax freedom on crypto assets. As of 2018, crypto transactions and investment activities for individual investors will not be taxed at all. And for business people in this industry, there are still tax rules.

5. Puerto Rico: Not part of the US, Puerto Rico does not follow federal tax laws, but instead has its own laws for crypto tax matters. Residents in Puerto Rico only pay much lower income taxes than the US federal income tax rate.

Perhaps here are 5 of the parts of the country that are very crypto-friendly and tax-safe.

Sorry to call your attention and as well trying to go deep into this or deviating from this topic..
I will simply elaborate why all is happening at a time. About last years the Nigerian Government launches e-Naira.
eNaira is a Central bank digital currency (CBDC) issued and regulated by the Central Bank of Nigeria. Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash.

Source


Before then youth already gotten used with bitcoin transaction and banks were dealing directly to personal accounts; that is to say, transactions around us with trading initiating payments from exchange to directly to our local accounts. At this points the government at their own selfless and selfish gain restricted transaction associated with local bank accounts but do not place a total ban in the country to deal with bitcoin, anyone can transact, buy goods with bitcoin and even most of mall and gas stations accepts bitcoin and many more. So this why we said is a free country and is tax free.

Days ago i boarded a vehicle and paid with bitcoin, i was so surprised seeing a Bolt driver saying " Boss you fit pay me with bitcoin if you get am for your wallet". Now what triggers this was as a result i wanted to pay him with Naira and at this point i brought out my phone to make a local bank transfer to  him immediately he sighted directly to phone and saw the Trustapp and Binance App, he asked if i trade bitcoin and i said yes. He responded 'WOW"! then next he said 'boss me 2 dey receive bitcoin as payment for my services o'. I just said send me your address lemme pay you.

That was how it goes!

The imposition of taxes on commodity assets will indeed provide a plus for the development of the country and increase other income so that the country will benefit more. there will be pros and cons about taxing crypto and this has become a common thing, depending on how the taxation system and the amount of fees are applied. The government should also receive input from the public on the proper way to collect taxes.

Another positive side for the imposition of taxes on crypto will increase the legality of crypto as a recognized and legal commodity asset to be traded in the eyes of the law. The development of taxes may adjust the use of society in the future so that tax collection regulations will be more flexible and not burdensome to one of the parties affected by the tax.

As said taxation is the revenue that helps in nation building, but the government should know how this can be done without affecting its citizens. There are countries that used to tax income in cryptocurrency, and there is no tax on capital gains as well as on trading. This way taxation makes people use cryptocurrency commonly than the countries that tax cryptocurrencies more than 30%