Cryptocurrencies were the hottest topic in 2017 when Bitcoin shot up to USD 20,000.00. This significant rise excited people and everyone began to speak about cryptocurrencies. Startups threw themselves to conduct cryptocurrency ICOs in order to attract money for their projects.
Of course, governments could not stay away from all these changes and took some added measures. Some countries (China, India) immediately banned ICOs and even announced severe penalties for conducting them. The authorities of these countries are worried about high financial risks associated with the cryptocurrency market. The others tried to think of ways they can to control this market and developed some rules. Generally, countries are usually divided into three categories. Some are welcoming cryptocurrencies, others are cautious, and the rest are absolutely antagonistic. The following map shows the countries’ attitude towards cryptocurrencies. The crypto welcoming countries are highlighted in green, the contentious ones — in yellow (they impose some restrictions on legal usage of cryptocurrencies) and pink (interpretation of old laws, but cryptocurrencies aren’t prohibited directly), and hostile states — in red.
Let’s consider the cryptocurrency-friendly countries.
Asia is represented by Japan, which welcomes cryptocurrencies unlike its Asian neighbors China and South Korea. By its Payment Services Act, the Japanese government allowed its citizens to use cryptocurrencies to pay for services and goods. The Japanese Financial Services Agency approved a range of cryptocurrency exchanges and cryptocurrencies, which people can buy/sell on these platforms. Japan has all the chances to become the largest player in the cryptocurrency market and attract as many contributors and entrepreneurs as possible. Surprisingly, the United States is not in a hurry to regulate this market; therefore, the North American continent is represented by Canada. The Canadian government has quickly changed its attitude towards cryptocurrencies. If anyone said in 2016 that the Central Bank of Canada would approve cryptocurrency in a year, nobody would believe it. Nevertheless, Canada approved Impak Coin in August of 2017. As a result, it’s no wonder that a great number of startups came to the country.
There are two cryptocurrency hubs in Canada: Toronto and Vancouver. Canada is developing other crypto coins and hopes for success. The two cryptocurrency-friendly countries in Europe — Germany and the Netherlands. Germany treats Bitcoin as a legal currency and even exempts the Bitcoin holders from a 25% profit tax given if they have held their Bitcoins for one year. The Netherlands went further and established the Bitcoin City in Arnhem. You can pay with cryptocurrency in shops and cafes there. This country also attracts many startups because the Dutch government does not regulate this market.
The idea to create a Crypto City belongs not only to the Netherlands. One of our projects called Noah City will be implemented in the Philippines. The Noah City will unite crypto enthusiasts, businesspersons, customers, and traders from all around the world. Our own token called Noah Coin (NOAH) will be used as an internal payment instrument in this city. It will provide its holders with great opportunities and allow the project members to participate in exclusive projects in the Philippines. Noah City will be built within Horizon Manila promising to be the largest Central Business District in the Philippines.
It will become a crypto hub that calls attraction of contributors, consumers, entrepreneurs, and people who want to embrace new technologies.
They will be united on-board around a very specific and intuitive ecosystem that can seamlessly integrate all the existing features under the same structure. This platform comprises of remittance, mobile money, discounts, and trading services that give its users a unique and viable alternative to traditional methods.
The Philippines is a good choice to start our projects because this country has a huge potential for the cryptocurrency market development. It has made its initial steps towards cryptocurrencies and blockchain recently.
The Philippine Central Bank in Q1 2017 published BSP Circular №944, according to which the bank recognizes that virtual currency systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
We remind you that our Noah Project will work in the field of remittance and money transfers. Using blockchain technology, it aims to reduce the remittance fees significantly and make the money transfer process faster and simpler.
