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Author Topic: Most supportive cryptocurrency countries.  (Read 2573 times)
etraderhart
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October 19, 2017, 08:32:29 PM
 #1

Ok. So for the past two months, everyday, I have been reading cryptocurrency news from all around the world. (mostly from news.bitcoin and cointelegraph) and I has summed up my top three over-all supportive and progressive crypto-communities (not just the legal factor). [Feel free to disagree with me or correct my words]

not in any order

DISCLAIMER
*My reasons came from a compilation of news articles, but the list is purely opinionated.

1. Russia
The conflicting interest b/w Putin and the Central Bank has been slowing up the pace for progress; however, recent news suggest that the guidelines for bitcoin and digital currency will be made both beneficial to the government and the local users. I think Russia will be one of the centers of the blockchain technology in the future. Not to mention that Putin and Buterin have already discussed ways for the Ethereum platform to work well for the government.

2. Scandinavian countries
Not only Russia, but countries in Northern Europe have also integrated the blockchain technology in their university programs. Not only that, but some have now allowed Bitcoin to be a method of payment for tuition fees. Aside from this, countries such as Denmark, Norway, Sweden, and Switzerland are gearing towards a 'cashless' society, and digital currencies are helping them do so.

3. Japan
Of course Japan is in my list. What better way to say it, but Japan is the first to make Bitcoin a legal tender. What makes Japan enter the list is because they didn't end there. As soon as they've allowed Bitcoin to become a mode of payment, authorities then also placed their attention to the miners and ICOs. Leaving no factor behind. As of now, you can even pay utility bills with Bitcoin, and the government is supporting small households to mine digital currencies.


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October 19, 2017, 09:23:39 PM
 #2

Ok. So for the past two months, everyday, I have been reading cryptocurrency news from all around the world. (mostly from news.bitcoin and cointelegraph) and I has summed up my top three most supportive and progressive crypto-communities. [Feel free to disagree with me or correct my words]

not in any order

DISCLAIMER
*My reasons came from a compilation of news articles, but the list is purely opinionated.

1. Russia
The conflicting interest b/w Putin and the Central Bank has been slowing up the pace for progress; however, recent news suggest that the guidelines for bitcoin and digital currency will be made both beneficial to the government and the local users. I think Russia will be one of the centers of the blockchain technology in the future. Not to mention that Putin and Buterin have already discussed ways for the Ethereum platform to work well for the government.

2. Scandinavian countries
Not only Russia, but countries in Northern Europe have also integrated the blockchain technology in their university programs. Not only that, but some have now allowed Bitcoin to be a method of payment for tuition fees. Aside from this, countries such as Denmark, Norway, Sweden, and Switzerland are gearing towards a 'cashless' society, and digital currencies are helping them do so.

3. Japan
Of course Japan is in my list. What better way to say it, but Japan is the first to make Bitcoin a legal tender. What makes Japan enter the list is because they didn't end there. As soon as they've allowed Bitcoin to become a mode of payment, authorities then also placed their attention to the miners and ICOs. Leaving no factor behind. As of now, you can even pay utility bills with Bitcoin, and the government is supporting small households to mine digital currencies.

I'm not sure that Russia belongs on the list. Like China, they have flip-flopped on cryptocurrencies for years. The Prosecutor General actually said in 2014 that using Bitcoin was illegal, because it functioned as a "money substitute." This stance was never enforced and indeed seems to evolved into a more progressive stance. However, they have continued to block access to cryptocurrency sites/exchanges, and released a new list of banned domains just a couple months ago.

The government has also made conflicting statements (and there are conflicting rumors). On one hand, the Finance Minister says it makes no sense to ban cryptocurrencies. On the other hand, there are rumors floating around about the "Crypto-Ruble" and that once it is launched, mining other cryptocurrencies will be considered illegal. I wouldn't include Russia simply because we have no idea what their regulations will end up looking like.

Japan, Norway, Sweden and Switzerland are definitely all taking progressives stances and are encouraging innovation and adoption.



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October 19, 2017, 09:52:50 PM
 #3

The number one on my list is Japan i think is the most supportive country when it comes to cryptocurrency. You can even travel there using your bitcoins and so much more as many merchants there are accepts bitcoin as a mode of payment. Next is Nigeria. Cryptocurrency is unstoppable there. There are over 100,000 merchants there are accepting Bitcoin. Next is Korea. Korea is a cryptocurrency powerhouse country because of the huge volume of transactions there for cryptocurrency. China is the biggest Bitcoin miners. But due to conflicts between cryptocurrency and the government. Their influence on crypto market became weaker and weaker.


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October 19, 2017, 11:25:28 PM
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I am really surprised to see that you have not any of the offshore gambling countries on your list?

While the countries you have mentioned already declared it or will declare it as legal, it's better if you are located within a country that have never mentioned bitcoin in its laws. And if something is not mentioned as illegal, it's legal.

If it will be declared as legal, then it's very likely that they will tax the revenues, but in the tax heaven offshore locations you have to pay no or only a very low tax.

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October 19, 2017, 11:43:03 PM
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I am really surprised to see that you have not any of the offshore gambling countries on your list?

While the countries you have mentioned already declared it or will declare it as legal, it's better if you are located within a country that have never mentioned bitcoin in its laws. And if something is not mentioned as illegal, it's legal.

If it will be declared as legal, then it's very likely that they will tax the revenues, but in the tax heaven offshore locations you have to pay no or only a very low tax.

I understand what you mean, and I agree with what you've said; but legality isn't the only factor I was looking into. I had to include the number of individuals involved in their crypto community, the transaction volume, the governmental support and ability to create a legal framework, the accessibility of cryptocurrencies and exchange platforms, the readiness of the locals in general, literate knowledge of the blockchain, and others.

After all, I only wanted to share my thoughts on the which has more 'support' compared to the rest of the world, which means, they need to have a great number of cryptocurrency activities.  Smiley
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October 20, 2017, 12:42:25 AM
 #6

Definitely not Russia and I wouldn't nominate anywhere in Scandinavia either. They've had some very silly tax treatments along with exchange banking problems. And others I've heard nothing about.

Japan is the only country that's truly cemented crypto's legitimacy. I'd say Switzerland is the runner up. There are a lot of companies based there now and some cantons accept it for tax and fine payments.

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October 20, 2017, 05:26:51 AM
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I am really surprised to see that you have not any of the offshore gambling countries on your list?

While the countries you have mentioned already declared it or will declare it as legal, it's better if you are located within a country that have never mentioned bitcoin in its laws. And if something is not mentioned as illegal, it's legal.

If it will be declared as legal, then it's very likely that they will tax the revenues, but in the tax heaven offshore locations you have to pay no or only a very low tax.

I disagree. While I am a fan of this approach, because this usually means Bitcoin use comes with no regulations, it also means the door to a ban is open. It just means the certain country is still at the starting point; every country that has taken a stance for or against Bitcoin used to not have one. While it's certainly possible that a country will let the use of cryptocurrency unregulated indefinitely, it's extremely unlikely, especially if you consider its booming popularity. Having laws in place give some sense of security, since it will be harder to reverse laws than to make a new one. It's always harder to deal with somebody who's sitting on a fence because you don't know what will set them off to pick a side.

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October 20, 2017, 07:11:27 AM
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Japan is first on my list. As it continues to make a mark in bitcoin community as they come for a new brand of mining rigs that might soon be used and beneficial to us, giving competitors to lessen cost and more improvements to its electricity and efficiency.

As everyone have bad things to say about Russia for I don’t think anot about they’re stands on bitcoin but on personal level. I know that they have planned to used nuclear plant and convert to a mining farm, is that enough for you guys.

Don’t mixed your personal vendetta towards one nation to reality for it won’t be accurate but biased.
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October 20, 2017, 07:20:15 AM
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I am curious how things are in this countries. From the internet, I have read that Zug, Switzerland is named as Crypto Valley, how does it compare with Japan. Since I don't know any crypto enthusiasts from these communities, I would really appreciate if I could learn further here.

Also, I found that countries like the UK and Singapore are shaping their landscape to develop crypto/blockchain, how does it measure against Japan?

Grateful for any insights, or materials to research further!
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October 20, 2017, 07:29:11 AM
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Russia? I really can't understand what they are up to bitcoin/crypto currency before but after launching their own cryptocurrency they started their own cryptocurrency http://www.express.co.uk/finance/city/867686/Vladimir-Putin-green-light-for-Russian-cryptocurrency-CryptoRuble-fight-bitcoin but I won't put them on my list as the "MOST" supportive country for crypto. Because if they want to support, they will and not will make their own.



Scandinavian countries, they are far from Japan's adoption I will exchange this spot with South Korea.



Japan, without a doubt this is one of the most supportive country with crypto. You should take a look also with some other countries for different continents.

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October 20, 2017, 08:26:04 AM
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Russia is supportive? The only reason why I would agree is that they're planning on creating their own. I doubt they would be kind to Bitcoin and other altcoins, based from what they have been saying.
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October 20, 2017, 09:06:18 AM
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Japan is first on my list. As it continues to make a mark in bitcoin community as they come for a new brand of mining rigs that might soon be used and beneficial to us, giving competitors to lessen cost and more improvements to its electricity and efficiency.

As everyone have bad things to say about Russia for I don’t think anot about they’re stands on bitcoin but on personal level. I know that they have planned to used nuclear plant and convert to a mining farm, is that enough for you guys.

Don’t mixed your personal vendetta towards one nation to reality for it won’t be accurate but biased.

Indeed it will be Japan at the top list because they have all reasons that they should earn all credits about the positive impact that bitcoin contributed in the world economy because if the results become opposite after introducing the bitcoin it will be criticism would be their consequence. Russia and other nation may create their own version of bitcoin for their self interest or what ever they have planned but still it will not take away the pride that already achieved by Japan.   

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October 20, 2017, 10:05:51 AM
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Ok. So for the past two months, everyday, I have been reading cryptocurrency news from all around the world. (mostly from news.bitcoin and cointelegraph) and I has summed up my top three most supportive and progressive crypto-communities. [Feel free to disagree with me or correct my words]

not in any order

DISCLAIMER
*My reasons came from a compilation of news articles, but the list is purely opinionated.

1. Russia
The conflicting interest b/w Putin and the Central Bank has been slowing up the pace for progress; however, recent news suggest that the guidelines for bitcoin and digital currency will be made both beneficial to the government and the local users. I think Russia will be one of the centers of the blockchain technology in the future. Not to mention that Putin and Buterin have already discussed ways for the Ethereum platform to work well for the government.

2. Scandinavian countries
Not only Russia, but countries in Northern Europe have also integrated the blockchain technology in their university programs. Not only that, but some have now allowed Bitcoin to be a method of payment for tuition fees. Aside from this, countries such as Denmark, Norway, Sweden, and Switzerland are gearing towards a 'cashless' society, and digital currencies are helping them do so.

3. Japan
Of course Japan is in my list. What better way to say it, but Japan is the first to make Bitcoin a legal tender. What makes Japan enter the list is because they didn't end there. As soon as they've allowed Bitcoin to become a mode of payment, authorities then also placed their attention to the miners and ICOs. Leaving no factor behind. As of now, you can even pay utility bills with Bitcoin, and the government is supporting small households to mine digital currencies.



Are you from the moon fell? Russia will never be one of the centers of the blockchain technology. Bitcoin is a territory of freedom. The blockchain technology is impossible to falsify the results. Russia is a totalitarian state. Who is interested to know the truth? I'm sure that Russian government will try to ban bitcoin. They will be under the guise of blockchain technology to implement a controlled technology.

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October 20, 2017, 10:33:56 AM
 #14

Japan has a very positive attitude towards bitcoin and crypto. Japan and southern asiatic countries are very free countries in terms of crypto money. Especially Hong Kong and  Singapore Crypto is worth the money.



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October 20, 2017, 11:38:42 AM
 #15

Quote
I'm not sure that Russia belongs on the list. Like China, they have flip-flopped on cryptocurrencies for years. The Prosecutor General actually said in 2014 that using Bitcoin was illegal, because it functioned as a "money substitute." This stance was never enforced and indeed seems to evolved into a more progressive stance. However, they have continued to block access to cryptocurrency sites/exchanges, and released a new list of banned domains just a couple months ago.

The government has also made conflicting statements (and there are conflicting rumors). On one hand, the Finance Minister says it makes no sense to ban cryptocurrencies. On the other hand, there are rumors floating around about the "Crypto-Ruble" and that once it is launched, mining other cryptocurrencies will be considered illegal. I wouldn't include Russia simply because we have no idea what their regulations will end up looking like.

Japan, Norway, Sweden and Switzerland are definitely all taking progressives stances and are encouraging innovation and adoption.


I fully agree. Russia could not decide whether they would be really supportive of Bitcoin and the cryptocurrency movement in general or they would be following the ban path pioneered by China. Maybe by next year we can be able to know what can be its final decision. Right now, we are hoping that there can be a strong lobby from the many Russians who are now into the cryptocurrency market for the government to instead formulate regulations rather than an outright ban.

As far as the top supportive countries for Bitcoin, it should really be Japan at the top and we all know why. I think it is Japan that lead the way on how to work with Bitcoin and make things to the benefits of the country's economy. Other countries who are afraid that they can be gobbled up by Bitcoin should look at the model set up by Japan.

Right now, in Asia, we also have South Korea (though there is an ICO ban in there), Taiwan, Thailand, the Philippines and maybe also Malaysia, Cambodia and Vietnam as countries that can soon be loving Bitcoin. I am also excited of what the continent of Africa can be able to contribute for the progress of Bitcoin (it can be a good medium of exchange in places where conflicts are existing).


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October 20, 2017, 12:03:27 PM
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There's so much hate on Russia.  Embarrassed
While they did say that they'd be making their own cryptocurrency, I don't think they'll be banning Bitcoin alongside.

I've been to Russia just last month, and they accommodate Bitcoin pretty well. There was a restaurant in Moscow that had altoins for a theme, and ordinary citizens seem to know a lot more than trading, they actually know the system behind cryptocurrency.
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October 20, 2017, 10:11:18 PM
 #17

Japan has a very positive attitude towards bitcoin and crypto. Japan and southern asiatic countries are very free countries in terms of crypto money. Especially Hong Kong and  Singapore Crypto is worth the money.

They should be the top 1 as the most supportive country for cryptocurrencies. They are supporting mostly bitcoin and for alternative, Monacoin.

There's so much hate on Russia.  Embarrassed
I don't know what's the reason behind it, just imagine Vitalik is a Russian. Cheesy How big is the influence of Russia.

While they did say that they'd be making their own cryptocurrency, I don't think they'll be banning Bitcoin alongside.

They won't ban it, they know what's the potential of bitcoin and even they'll make their own.

I've been to Russia just last month, and they accommodate Bitcoin pretty well. There was a restaurant in Moscow that had altoins for a theme, and ordinary citizens seem to know a lot more than trading, they actually know the system behind cryptocurrency.

I didn't know about this, so they are exactly supportive that's why etraderhart included them.

countryfree
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October 20, 2017, 10:41:49 PM
 #18

What are you looking for?

Do you expect to see plenty of shops and restaurants which accept BTC?
Do you plan to start some BTC business and you don't want to be taxed?
Do you want to buy drugs and sex with BTC?

Each problem has its own solution.
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October 20, 2017, 11:00:27 PM
 #19

Quite a number of things have to be reviewed in order to avoid scandals and scams and my take is that's why some of the countries, especially in europe are working cautiously......
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October 20, 2017, 11:24:48 PM
 #20

I think we need to articulate exactly what we mean by supportive.  If we mean supportive in terms of exchanges and actual adoption in ordinary commerce, I agree that Japan is the clear leader.  If we mean supportive in terms of ICOs, I prefer those countries that at a minimum will allow you to bind a regulatory authority ab initio to the legality of an offering (so if you can get a blessing in advance and the regulator is bound, you are good).  That right now means Switzerland and a few other places (perhaps Gibraltar).  If we mean supportive of mining, then obviously we need to look at cheap electricity and necessary infrastructure, and to me that is still China.
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