The Growing Popularity of Cryptocurrency Around the World

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Cryptocurrency has been a hot topic in recent years, with more and more people looking to invest in digital assets. One of the reasons for this growing interest is that it provides a cheaper and faster way to transfer money across borders. As a result, many countries have started to embrace cryptocurrency as a legitimate form of payment and investment. This article will explore which governments can use crypto and how they regulate this emerging industry.

Countries That Allow the Use of Cryptocurrency

The United States is home to many crypto investors, exchanges, trading platforms, crypto mining firms, and investment funds. Cryptocurrency is legal in the United States, and it is considered a commodity by the Commodity Futures Trading Commission (CFTC) and property by the Internal Revenue Service (IRS). However, the regulatory framework for cryptocurrencies in the US is still evolving, and there is a lack of clarity on how cryptocurrencies will be taxed.

In Europe, countries such as Switzerland, Malta, and Estonia have been at the forefront of embracing cryptocurrency. Thanks to its favorable regulatory environment, Switzerland has become a hub for blockchain and cryptocurrency startups. Malta has also been proactive in creating a crypto-friendly regulatory framework, which has attracted many crypto companies to set up shop in the country. On the other hand, Estonia has been experimenting with its digital currency, the Estcoin, which it hopes to use to raise funds for its e-residency program.

Japan has been one of the most progressive countries in Asia regarding cryptocurrency regulation. In 2017, Japan passed a law recognizing Bitcoin as a legal payment. Since then, the country has been working to create a regulatory framework for the crypto industry. South Korea is another country that has been proactive in regulating cryptocurrencies. In 2018, the government introduced regulations that required crypto exchanges to register with the Financial Services Commission (FSC) and implement know-your-customer (KYC) and anti-money laundering (AML) measures.

Countries like Brazil, Mexico, and Argentina have embraced cryptocurrency in Latin America. Brazil has been working to create a regulatory framework for the crypto industry, while Mexico has been relatively open to cryptocurrencies. Argentina has become a hub for cryptocurrency adoption, with many people using it to protect their savings from the country’s volatile economy.

Countries That Have Banned Cryptocurrency

While many countries have embraced cryptocurrency, some still have banned it. China, for example, has banned initial coin offerings (ICOs) and crypto exchanges, citing concerns over financial stability and fraud. India has also been hostile towards cryptocurrency, with the Reserve Bank of India (RBI) banning banks from dealing with crypto companies in 2018. However, this ban was lifted by the Supreme Court of India in 2020, and the country is now working on creating a regulatory framework for cryptocurrencies.

Other countries that have banned cryptocurrency include Bangladesh, Bolivia, Ecuador, and Nepal. These countries have cited concerns over money laundering, fraud, and the potential for using cryptocurrencies for illegal activities.


Cryptocurrency is a rapidly evolving industry, and its adoption varies from country to country. While some countries have embraced cryptocurrency and created a regulatory framework, others have banned it altogether. However, as more and more people become interested in cryptocurrencies, we will likely see more countries embracing this emerging industry. As with any investment, it is essential to research and understand the risks involved before investing in cryptocurrencies.

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