Most crypto-friendly economies in the world

Cryptock

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Quote from: Zilon on August 11, 2022, 05:00:50 PM

Quote from: Despairo on July 17, 2022, 04:43:18 AM

The data they collected seems like a joke, how can El Salvador and Central African Republic who accept Bitcoin as a legal tender aren't a crypto friendly lol. The fact they're encourage more Bitcoin adoption since their government already suggest people to use Bitcoin and their wallet, also all businessman already accept Bitcoin as an alternative payment. If those both countries aren't friendly to crypto, there's no way in the hell they will accept as legal tender.

United States is about 467 times bigger than El Salvador which implies no matter how strict the regulations in the united states becomes on Bitcoin and other crypto currencies it is impossible for El Salvador to overtake them in Bitcoin trading volume despite their adoption and hodlings, El Salvador is the smallest country in Central America and is smaller than the state of Massachusetts. They can't even top the chat of crypto-friendly countries For CAR they are among the poorest countries in Africa and obviously can't fit in the list

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Zilon

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Quote from: Despairo on July 17, 2022, 04:43:18 AM

The data they collected seems like a joke, how can El Salvador and Central African Republic who accept Bitcoin as a legal tender aren't a crypto friendly lol. The fact they're encourage more Bitcoin adoption since their government already suggest people to use Bitcoin and their wallet, also all businessman already accept Bitcoin as an alternative payment. If those both countries aren't friendly to crypto, there's no way in the hell they will accept as legal tender.

United States is about 467 times bigger than El Salvador which implies no matter how strict the regulations in the united states becomes on Bitcoin and other crypto currencies it is impossible for El Salvador to overtake them in Bitcoin trading volume despite their adoption and hodlings, El Salvador is the smallest country in Central America and is smaller than the state of Massachusetts. They can't even top the chat of crypto-friendly countries For CAR they are among the poorest countries in Africa and obviously can't fit in the list

jostorres

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Quote from: Kadal Ijo on August 10, 2022, 02:24:12 AM

The presence of cryptocurrencies is a good solution for global and financial transaction systems, we are not worried to store assets and transactions because blockchain technology is fast and safe, especially to send bitcoin with large amounts now the transaction fee is no more than $ 3, even cheaper than If we send Ethereum or other Altcoins.

That is something we would definitely care about because having cheaper transactions, but that is not the topic here. The topic here is a horrible list that is a purely fake one that shows which nations are the most crypto friendly ones.

The list is a fake horrible one because the only nation, the first nation that turned bitcoin from a cryptocurrency into a legal tender is not even on the list of "most crypto friendly nations" and just that alone shows how wrong the list is. I am not saying that some of them do not deserve to be there, but nations like Brazil, Turkey, India, and most importantly El Salvador should be there based on how friendly they are.

Wong Gendheng

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CryPTPCurrencies have been proven to help many things, the economy increases and many new millionaires from the creative industry Cryptocurrencies, with this fact that of course the state must care to immediately legalize cryptocurrencies so as to improve the welfare of citizens.

Cryptomultiplier

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Ever heard of Liberland? They are a very small nation just between Croatia and Serbia?
The fact that their official currency is bitcoin is what blew my mind, also Puerto Rico. I learnt recently they support using bitcoin to purchase assets like a fully furnished home. Can you believe that?

https://www.simplilearn.com/things-you-didnt-know-about-bitcoin-article

Mate2237

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My problem with this countries is that, they are only bitcoin friendly, in other words they are only aware of the currency but the uses of the currency is still very low. I do not think people are using bitcoin to buy what they want. That is, the uses of bitcoin is still limited in the countries the OP listed above. No country in the world has used bitcoin maximum to the core but only few users and even these few users can not use btc to buy the daily purchase stuff in their localities. Mostly food items and clothing items. Or use it to pay transport to whenever you go out from your house.

coupable

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Quote from: coupable on August 07, 2022, 03:19:37 PM

In El Salvador in particular, the country encouraged the use of bitcoin by launching a bitcoin wallet application, and everyone who downloaded the application received a $30 reward. In one study comparing the number of residents who downloaded the wallet and did not continue using it after receiving the reward, and those who continued to use the wallet, the difference was too large to say that El Salvador is a crypto-friendly country in the practical sense.
I do not have accurate information, but I do not expect the situation to be any better in the Central African Republic .

They decided to take a strange path. They accepted bitcoin as a means of payment, but launched the state-owned shitcoin, Sango Coin. Reminds me of Venezuela with their Petro. Such countries will not have a particularly strong influence on the bitcoin exosystem, well, except for additional speculation, and the adoption itself promotes this much less. In my opinion, 10,000 new ATMs somewhere in America or Europe, for adoption, will have a greater effect than the recognition of bitcoin as a means of payment in 5 other countries such as the Central African Republic.

The most noticeable thing in the matter of adoption is that the countries that announce adoption are a country that is very close to collapse with an economy damaged by the failed policies of successive governments. The adoption of Bitcoin is like a dance of a slaughtered rooster as a last attempt to contain the bad situation and avoid the people's reaction. Despite this, these countries do not allow the use of Bitcoin outside the scope of financial supervision, while the philosophy on which Bitcoin is based is to free people financially from the power of banks and governments.

Kadal Ijo

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The presence of cryptocurrencies is a good solution for global and financial transaction systems, we are not worried to store assets and transactions because blockchain technology is fast and safe, especially to send bitcoin with large amounts now the transaction fee is no more than $ 3, even cheaper than If we send Ethereum or other Altcoins.

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Quote from: Cryptock on August 07, 2022, 06:45:59 PM

Developed countries are progressing because they want people to progress and people pay taxes and help the country to progress...
And both help each other in uplift and progress.
My country in not a crypto friendly - and they there is only 3% of total population who is aware of crypto.

They are also the first ones to realize that there are a lot of money going inside crypto world since they are big nations.
I mean USA can't just say "we ignore all people who go into crypto", that would be tens of billions of dollars going out of circulation and going into crypto and if they do not make any money from it, then it will create a lot of trouble for them as well.

Best thing to do would be making sure that they tax it and follow it carefully, and IRS getting their money. If they do that (which they are doing now) that would allow the nation to not have any loss in tax income, and since they are filled with people who are super rich, it makes sense to tax them for another thing.

suzanne5223

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Quote from: bestcoins1 on August 08, 2022, 07:30:09 AM

Quote from: lkNiknezhad on August 08, 2022, 04:36:34 AM

My feeling is that Portugal is probably one of the most crypto-friendly countries in the world. And the Portuguese Tax Authority (PTA) does not consider capital gains generated from the sale of cryptocurrencies to be taxable

Now try to check in several other countries apart from Portugal. I'm sure there are other countries that are crypto friendly and don't tax the sale of cryptocurrencies. Because the rules regarding taxation are definitely different in every country that has not adopted Bitcoin like El Salvador and the Central African Republic, because that is something that is already different from what happened in Portugal.

Although the tax implementation of the Portuguese may affect sellers at some point when they are selling at a lost price but it somehow encourages long-term holding.
Having said that, I believe Portugal should remove from the list of crypto-friendly economy countries list because they recently banned crypto-related exchange within their country due to the fear of illicit transactions in crypto.

ChiBitCTy

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Really not much of a surprise looking at this list of leading countries, which also happen to be on the leader board for most progressive nations on the planet (which is a good thing!).. kind of surprised to see the US loose it’s lead, as I don’t feel like I hear much about state regulations differing from state to state here, but perhaps I need to do a little more digging when it comes to educating myself about that.

Cryptock

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Quote from: bestcoins1 on August 08, 2022, 07:30:09 AM

Quote from: lkNiknezhad on August 08, 2022, 04:36:34 AM

My feeling is that Portugal is probably one of the most crypto-friendly countries in the world. And the Portuguese Tax Authority (PTA) does not consider capital gains generated from the sale of cryptocurrencies to be taxable

Now try to check in several other countries apart from Portugal. I'm sure there are other countries that are crypto friendly and don't tax the sale of cryptocurrencies. Because the rules regarding taxation are definitely different in every country that has not adopted Bitcoin like El Salvador and the Central African Republic, because that is something that is already different from what happened in Portugal.

I see there are a lot of countries which are letting safe trading and people are happy too because they are legally allowed in their country.
This helps them play with relaxed mind and they have authorities to support them. Life is beautiful in developed countries.

bestcoins1

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Quote from: lkNiknezhad on August 08, 2022, 04:36:34 AM

My feeling is that Portugal is probably one of the most crypto-friendly countries in the world. And the Portuguese Tax Authority (PTA) does not consider capital gains generated from the sale of cryptocurrencies to be taxable

Now try to check in several other countries apart from Portugal. I'm sure there are other countries that are crypto friendly and don't tax the sale of cryptocurrencies. Because the rules regarding taxation are definitely different in every country that has not adopted Bitcoin like El Salvador and the Central African Republic, because that is something that is already different from what happened in Portugal.

lkNiknezhad

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My feeling is that Portugal is probably one of the most crypto-friendly countries in the world. And the Portuguese Tax Authority (PTA) does not consider capital gains generated from the sale of cryptocurrencies to be taxable

Cryptock

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Quote from: arallmuus on August 07, 2022, 03:35:06 PM

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That is why El Salvador will not be in such ratings, because all of its adoption is only on paper, but in reality no one needs it. The Salvadorans do not see any practical benefit from this adoption.

Yeah its pretty much nothing more than a president that is keep on hyping this all over the twitter but its a start, a small start towards the global adoption whatsoever that they dreamed of but its just a bad one in reality because their country is literally not prepared for it. Anyway, imagine Germany suddenly announced that they are accepting bitcoin / crypto as one of its legal tender then it will be completely a different story compared to what El Salvador did.

Developed countries are progressing because they want people to progress and people pay taxes and help the country to progress...
And both help each other in uplift and progress.
My country in not a crypto friendly - and they there is only 3% of total population who is aware of crypto.

arallmuus

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That is why El Salvador will not be in such ratings, because all of its adoption is only on paper, but in reality no one needs it. The Salvadorans do not see any practical benefit from this adoption.

Yeah its pretty much nothing more than a president that is keep on hyping this all over the twitter but its a start, a small start towards the global adoption whatsoever that they dreamed of but its just a bad one in reality because their country is literally not prepared for it. Anyway, imagine Germany suddenly announced that they are accepting bitcoin / crypto as one of its legal tender then it will be completely a different story compared to what El Salvador did.

coupable

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I sincerely don’t understand why El Salvador should be added to the Most crypto-friendly economies ranking? Or maybe the Central African Republic? In El Salvador, almost no one is interested in bitcoin. Its real use comes down to admiration on the internet, in style: look how great it is that El Salvador has adopted bitcoin as a means of payment. And what is the result? What as a practical application?

I agree with you very well regarding the above two examples. Legalizing Bitcoin as a recognized payment method does not mean that this has a direct consequence in reality. Originally, these are poor countries and the rate of schooling is very low, so how do you expect the general public to use advanced technology?
In El Salvador in particular, the country encouraged the use of bitcoin by launching a bitcoin wallet application, and everyone who downloaded the application received a $30 reward. In one study comparing the number of residents who downloaded the wallet and did not continue using it after receiving the reward, and those who continued to use the wallet, the difference was too large to say that El Salvador is a crypto-friendly country in the practical sense.
I do not have accurate information, but I do not expect the situation to be any better in the Central African Republic .

m2017

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Coincub collected diverse statistical information about many countries, but something was not indicated in their report. In my opinion, this spreadsheet/picture doesn't contain the most important thing that can be useful for every reader of this forum: what kind of tax must be paid on the sale of cryptocurrency in one or another country from the list.

savetheFORUM

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This rating is complex, and not only based on taxation. These ratings are based on such factors as the volume of trade and mining, the development of the legislative framework, institutions, the financial sector and central banks in the country.

To rank it with economical power and governmental prowess doesn't really make sense to me. I mean think about it, we are not seeing El Saldavor, the nation that made it a legal tender. I am not saying that you should ignore all the names there, some nations there are definitely good and there is no denying that. But at the same time, we should realize that many names are missing as well.

Nobody says that these names are bad, these names are good of course but at the very least we should know how it could miss some of the most important ones. India, El Salvador, Turkey, Nigeria all these are greatly friendly but not huge economically hence why they were left out.

TimeTeller

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Quote from: TheWolf666 on August 05, 2022, 03:37:22 AM

Dubai in UAE is the best place, 0% taxation for companies.
Guess why it is not in the list!
France number 5 with 60% taxes on gains? That must be a joke.

This rating is complex, and not only based on taxation. These ratings are based on such factors as the volume of trade and mining, the development of the legislative framework, institutions, the financial sector and central banks in the country.

This is written in the article, as part of the explanation of the methodology:
-
https://coincub.com/ranking/the-coincub-q2-global-crypto-ranking-categories-2022/#sp_h_148310

We can understand the reasoning of this list if we read the explanation of why such rating.
This is not only about taxation but as we can see, they have several factors that they rated.
But I noticed, in the list, we can see that these countries are countries that have good economies.
Which translates that progressive countries are more open with crypto market.

Topic: Most crypto-friendly economies in the world (Read 714 times)