Countries creating a favorable ecosystem for cryptocurrencies.

Countries with positive regulation of cryptocurrencies — this category can conditionally include all countries in which state authorities have already begun active work to determine the legal status of cryptocurrencies, or have already successfully completed such work.

Blockchain is a distributed database that stores information about all transactions of system participants in the form of a “block chain”. Access to the registry is available to all users of the blockchain, acting as a collective notary, which confirms the truth of the information in the database. Blockchain can be used for financial transactions, user identification, the creation of cybersecurity technologies, etc.

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Regardless of the fundamental features of cryptocurrency technology, such as Bitcoin, Ethereum, Ripple, Cardano or EOS, digital currencies cannot be stopped by state borders. You can mine them anywhere and trade them around the world.

However, not all countries are equally friendly towards a growing asset class. Some states offer favorable taxation for cryptocurrency companies, while others introduce relatively simple rules.

Some of them encourage digital currencies as an alternative to money, and some even consider launching their own altcoins. In some countries, there are many initiatives aimed at developing business in the field of cryptocurrency systems and innovations in the field of blockchain.

The following are seven countries building cryptocurrency-friendly systems. We do not advertise any of these countries. But the level of effort that these regional centers are making is noteworthy. The next breakthrough in this sector is likely to occur as a result of entrepreneurial activity in one of these countries.

Japan

Among Asian countries, Japan seems to have decided to become a leader in supporting digital currencies. It is certainly ahead of China, known for its restrictive policies, which over the past few years has strengthened the regulation of both ICOs and cryptocurrency exchange trading.

The alias of the Bitcoin developer (or development team) is Satoshi Nakamoto, and perhaps Japan will be in the forefront of building a digital asset-friendly system.

The association, called the ICO Business Research Group, includes representatives of the legislature, academics, bankers, and the CEO of the world’s largest bitFlyer exchange. According to government research, legislation will allow potentially profitable ICOs and exchanges to continue to work, while at the same time providing the government with a deeper understanding and transparency in these actions.

Venezuela

The oil-rich, but debt-ridden South American nation sparked controversy and ridicule when it launched its own digital currency, backed by oil reserves, in February, Petro. According to CNN, President Maduro said that “the token, which operates on the basis of the NEM blockchain, has raised more than $ 5 billion in the first month.” Experts suggest that his statements may not be true.

However, at the end of April there was news that Venezuela offered India a 30% discount on oil when paying for Petro.

Although many are skeptical of both the currency itself and the efforts of the Venezuelan government to integrate cryptocurrency into its failed economy, there are some experts who see the merits of trying to build confidence in digital currency. David Garcia, SVP Managing Director and partner at the Ripio Credit Network, notes that Latin America is in transition.

The region has been hit hard by corruption, economic crises, and suffers from high inflation and rapid currency devaluation. This is especially true for Venezuela, but may also characterize other Latin American countries. According to Garcia, in order to move these countries in a positive direction, innovative ideas and solutions, such as blockchain and cryptocurrencies, are a necessary solution.

Sweden

Sweden became the first country to allow the trading of two Bitcoin exchange-traded index bonds in Europe in 2015 through XBT Providers. Bitcoin Tracker One XBT (which is traded in Swedish krona) and Bitcoin Tracker EUR XBT Provider are traded on the Swedish Nordic NASDAQ.

Since its launch, XBT has released versions for Denmark, Finland, Estonia and Latvia. As of early December 2017, the Cointelegraph has announced that Swedish ETNs “exceed 80% of US ETFs.” In mid-January, CNBC noted that Swedish funds raised $ 1.3 billion.

In addition, the Central Bank of Sweden is considering creating a digital currency called “e-krona” in light of the fact that Sweden has become the first non-cash society in the world. However, the country’s banking sector is backing down. Hans Lindberg, executive director of the Swedish Bankers Association, said in an interview on April 17: “When it comes to electronic money, there are already a lot of them. There are bank cards, credit cards and other digital solutions. The best option for Riksbank would be wholesale. ”

However, HSBC economist James Pomeroy believes Sweden will be the first country in the world to issue electronic currency, which could happen in the next few years. Venezuela may have stepped forward on a government-run — launch, but a Scandinavian country with its stronger economy and reliable regulatory authorities can still break out on this front, as it continues to lead the digital currency segment in Europe.