Which country is most favorable to cryptocurrencies, as the rules around the world are very different? Kosala Himachandra, CEO and founder of MyEtherWallet, described this request as difficult.
“First we need to define what the word“ crypto-friendly ”means, Himachandra told Cointelegraph.“ Some countries, like China, are considering issuing government digital currencies that facilitate rapid adoption but are not aligned with decentralized cryptocurrencies. ”
Over the years, China has proven to be one of the least friendly countries to cryptocurrencies, as evidenced by the various restrictions and prohibitions. During 2020, China has made significant efforts to create the digital currency for its central bank, the digital yuan, although this asset differs from the decentralized and open digital assets found in the crypto industry.
“In some places, especially where fiat currencies are volatile or hyperinflationary, the rules may conflict with cryptocurrencies, but the use of client-side cryptocurrencies is widespread,” Himachandra continued. Venezuela, for example, had high inflation. In response, cryptocurrencies have gained popularity in the region.
Uniquely placed in the United States, each state has different laws and regulations, but they are subject to the federal government. “In the US, cryptocurrencies can vary greatly from country to country,” the founder of MEW said. This concept often emerges when crypto platforms in the United States launch new products or services and are launched in certain countries followed by others.
However, the global landscape and the spirit of Crypto also play a role. Hemachandra explained:
“Finding the most suitable geographic area for cryptography is not necessarily the most beneficial structure, as every crypto service provider needs and wants a global user interface. As companies operating in the space, we can focus on making cryptocurrencies safer and more convenient to use, so adoption and geographic boundaries are less encouraged. Importance. ”
Cryptocurrency rose in 2020, as evidenced by bitcoin inflation and the decentralized financial boom. During this period of blockchain industry development, the United States continued to seek legal support for this technology.