US Ranks 2nd Among the Most Crypto Friendly Nations
Hey folks.
The country India, which is known for its rapidly evolving tech industry and its tech-savvy population, is behind its neighbor Pakistan in the most crypto-friendly nations list. Pakistan has grabbed its place in the top 10 most crypto-friendly nations which is sitting at 10th spot while India is behind at rank 11 by just one point.
The popularity of crypto has increased quite a lot in the past few years. Crypto ownership in 2023 has grown from 432 million to 580 million in 2023 alone, according to crypto.com.
While many nations have attempted to regulate and suppress technological advancements, others have welcomed and encouraged the rise of these new sectors. Argentina has become the most crypto-friendly country in the world, with favorable circumstances for traders and miners.
In crypto adoption, the United States ranks 2nd with a large population holding cryptocurrencies. However, the high cost of mining poses a challenge for miners in the US. Despite this and the government's impositions, the country remains a hub for crypto enthusiasts with a high percentage of traffic on popular crypto platforms.
The top 10 most crypto-friendly nations are Argentina, the United States, Colombia, Ukraine, UAE, Vietnam, Turkey, Canada, Singapore, and Pakistan.
Nonetheless, due to the lack of a central body regulating their usage as a payment method, cryptocurrencies function in a regulatory gray area in India. Pakistan is still uncontrolled in this area, while India confirmed in the 2022 national budget that gains from cryptocurrency will be subject to a 30% tax and a 1% source-deducted tax.
As reported by Crypto.com, the global increase in crypto ownership reflects upon the expanding popularity of crypto worldwide. While some nations are expanding and supporting technological advancement, others are imposing regulatory rules because of the security concerns connected to crypto.
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