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Crypto hubs: The countries are in the race to become Crypto-hubs 

  • Cryptocurrency is a digital currency with the help of cryptography and the well-known cryptocurrency is bitcoin. 
  • Despite many issues, the countries have been at the top of the list of crypto-hubs. 
  • Countries have been adopting cryptocurrency, which in return is developing the crypto-economy of the country.  

The Cryptocurrency

Cryptocurrency is a digital currency also known as digital tokens. It is only done through the method of cryptography. This digital currency allows the person to make online payments directly to the people. Cryptocurrency is a digital payment that does not rely on banks for transaction verification. It receives the name because of the use of encryption for transaction verification. Moreover, it uses advanced coding for transmitting and data storage thatlooks after security and safety. 

The very first cryptocurrency was Bitcoin introduced in the year 2009 but is still one of the most favorite coins among theusers. Additionally,there are some other currencies developed after it, such as Ethereum, founded in 2015, which is also a blockchain platform with its own crypto-currency.   

The crypto-friendly countries 

In the recent years, blockchain technology and cryptocurrency is propelling immensely. After the pandemic situation, the online payment mode became very friendly and easy to adapt. In the same manner, there are many things that have become a boon, f one of which is cryptocurrency. 

Many countries have adopted cryptocurrency and now have become the crypto-hub. Despite of the prevailing issues, many of the countries have reached the top list of the leading blockchain countries.  

Japan, in April 2023 becamethe first country to passthe law of legal method of payment, which eventually led to the proliferation of bitcoin-accepting businesses. In blockchain technology, Japan has become the leader in exploring its potential uses. It has become a crypto-friendly country which hosts a number of crypto exchanges, having regulatory requirements over the industries. Bitcoin in Japan has becomenotable in terms of cryptocurrency and blockchain as a whole. 

South-Korea has a developing crypto economy, with tons of exchanges, has become the world’s largest market for bitcoin trading It has imposedaround 20% tax upon earnings from crypto. Additionally, the country has certain rules and regulations about the cryptocurrency haven.. South-Korea has a number of startups, and projects including the ICON. 

Spain is the third largest crypto ATM hub with 226 crypto ATMs. While, Australia, is the crypto ATM centreby taking fourth place in the hub for the bitcoin ATMs. It is overtaking El Salvador, recording 219 ATMs in 2023. 

The United Kingdom comes on the second in the list, although it is more cautious about cryptocurrencies The country has planned to work on its guidelines against the identity fraud monetary services execution of blockchain technology. Still, the ICO interests in the UK expanded by 300% as it went from 50 million USD in 2016 up to 150 million USD by 2018. 

China declared a restriction on crypto mining and cryptocurrency. The solid defender Chinese government has become the most popular promoter of cryptocurrency and blockchain-based business. 

The countries have started developing an interest in cryptocurrency and owing to whichit has become the virtual economy through the use of cryptocurrency. It is connecting the nations and they are continuously in the race of being the crypto Hubs,many being in the first and the second position by defeating the other countries. 

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