The Rise of Bitcoin: Which Countries Are Embracing The Cryptocurrency?

Although Bitcoin happens to be the most popular cryptocurrency mining on the planet, it doesn’t imply that it is open to everybody. You will come across several countries that are open to the usage of this digital currency such as Finland, the US, and Sweden.

Open To Bitcoin: The Top 5 Most Progressive Countries

In this section of the article, we have listed several countries where the use of Bitcoin is considered to be legal right now. Read on to know more in detail!

1. Finland

Finland is one of the countries that have accepted the usage of digital currencies at present. Last year, Finland took some actions for creating the identification of e-Residency for businesses by testing out the blockchain technology. Moreover, Finland had been the first nation in Europe to name its national cryptocurrency M-theon. It is a fact that this nation is embracing the use of Bitcoin actively, unlike many other countries that are hesitant in the usage of this digital currency. 

2. Sweden

Individuals in Sweden were allowed to make use of Bitcoin for paying taxes by the government in the year 2014. This type of convenience implies that it will be possible for the nation to collect taxes from the citizens without any problem whatsoever. 

As a matter of fact, Bitcoin is accepted more in this particular country than in any other nation on the planet. This is perfectly sensible because of the fact that the society in this country is largely driven by technology where individuals are prepared to accept any modification in terms of financial systems. You will also come across cashless ATM machines in this nation where it will be possible for individuals to receive Bitcoins by using their bank cards. These ATMs, which are referred to as the Bitcoin Boulevard, are not like any other old ATMs and are situated in Stockholm.

3. The US

This country is considered to be one of the largest adopters of Bitcoin at present. As a matter of fact, guidance is being issued by the FinCEN on this particular digital currency since 2013. It is possible to buy services and products at several locations in this country, and Bitcoin is held by the US dollar with more than 25% market share. 

4. Japan

According to the opiniones of many individuals, this country happens to be the biggest adopter of Bitcoin right now. Despite the fact that it is widely believed that Bitcoin has been founded by a Japanese individual, we are yet to verify this fact. 

Japan has been able to maintain its top position after cryptocurrencies were banned by China in the year 2017. Since then, Japan has turned out to be the biggest Bitcoin shareholder given that the majority of the crypto exchanges have been shifted to Japan.

5. Canada

The Canada Revenue Agency is known to recognize Bitcoin as a commodity and the country has been able to maintain a positive approach toward this particular digital currency at all times. Bitcoin transactions are considered to be barter transactions by the agency, and the income accrued is considered to be the business income. Moreover, Bitcoin exchanges are considered to be a service in Canada at present.

6. Australia

Just like Canada and the US, Bitcoin has been declared to be legal by Australia as well. Nevertheless, it will be imperative for the purchasers to stick to the Counter-Terrorism Financing and the Anti-Money Laundering Act.  Apart from this, several cryptocurrencies including Bitcoin have been subjected to the Capital Gains Tax. 

7. El Salvador

There are several nations that allow this digital currency as legal tender, and El Salvador is considered to be the first among them. The Congress of this nation approved a proposal in the year 2021 for adopting Bitcoin formally as a form of payment. 

8. Germany

Even though Bitcoin was declared by the German government an illegal tender, it is possible to use Bitcoin as an alternative form of currency. It is possible for the citizens of Germany to trade plus invest in this digital currency right now. Bitcoin payments are accepted by lots of traders across the capital city of this country at present.

Conclusion 

So, these were some countries with the biggest BTC user bases worldwide. If you are planning to invest in cryptocurrencies, this is the right time.