There are several Governments across the globe that support and help cryptocurrencies growth. They have seen the benefits of the digital currency and the potential in taxes; an avenue they are missing out on. Most of the Governments here are in the testing stage and poised to make digital currency a way of making payments.
Here is a list of governments that support introduction of cryptocurrency as a form of payment. The list does not follow any chronological order; it is a list of countries where you can use digital currency to transact business openly.
Finland: This one of the first Scandinavian countries to embrace cryptocurrency as a form of payment. Finland is known to be a
leader in cutting edge technology. Through the Finish Central Board of Taxes (CBT) has classified cryptocurrency as a financial service, Goods and services purchased using digital currency and Bitcoin in particular are exempted Value Added Tax (VAT). There are several digital currency ATMs across the country.
Denmark: Being among the developed countries in the world, Denmark has allowed Bitcoin to trade as a means of exchange. The country is pushing for the elimination of cash and shift to 100% digital currency. This means that if the wide scale acceptance goes through, cryptocurrency will be used as a means of exchange to end the central banks monopoly.
Estonia: This is the Skype birthplace and a country that is known to be tech-friendly. The government has shown the willingness to support the cryptocurrency initiative. They are targeting the healthcare, banking sector and the government itself for the blockchain technology. The country has allowed her citizenry to become ‘e-Residents’.
Cryptocurrency has opened up the country for business authentication. Estonia is also known to be the first country in the region to use a blockchain in voting service and purchase Nasdaq’s Tallinn Stock Exchange shares.
Currently Estonia host several Bitcoin ATMs and allowed startups like Paxful that is a global exchange for Bitcoins. Paxful is a peer-to-peer platform that buys and sells BTC. The government prudes herself of having the highest internet penetration which is ideal for digital currency users.
The United States: every new cryptocurrency is designed with the US market in mind; no wonder the United States has the highest digital currency spenders. It also hosts the highest number of Bitcoin ATMs. Most of Bitcoin trading volume are generated from the US. The Silicon Valley hosts many blockchain and cryptocurrency startups.
As a financial superpower, other countries seek digital currency legal status from their well-established institutions. The acceptance distribution has cascaded to individual states including New York, California and New Hampshire. According to statistics, there has been increased digital currency usage in the US since 2013.
Sweden: Just like Denmark, the Swedish government seeks to eliminate physical legal tender. The demand for cryptocurrency
and in particular Bitcoin has been necessitated by the introduction of negative interest rates by RiksBank. Demand for Bitcoin is an indication there is a gap in the banking sector.
The Finansinspektionen (Swedish Financial Supervisory Authority) has since legalized use of cryptocurrency by declaring Bitcoin as a form of payment. However some select businesses dealing with exchanges are required to get licensed with AML/CTF and KYC.
There are many Bitcoin startups spread across Swedish major cities. KnCMiner and Safello are some of the examples. KnCMiner produces ASIC miner and the growth of cryptos has evolved due to demand from the citizens.
Canada: Canada is among the first countries to accept cryptocurrency as a form of payment. This is evident in the number of
ATMs and startups across the country. There are cities like Vancouver and Toronto that are labeled Bitcoin Hubs; Vancouver boasts of a total of 20 Bitcoin ATMs. Canada has the best digital currency friendly climate ever.
However, it is worth mentioning here that digital currency is regulated through the anti-money laundering and counter-terrorist financing laws. There are several merchants that accept Bitcoin and other cryptocurrencies as a payment method for goods and services. The Vanbex Croup and Decentral are cryptocurrency merchants of repute.
South Korea: The country boasts of the highest number of smart phone users in the world. It is a tech-savvy country and the home of LG and Samsung. It has accepted Cryptocurrency and Bitcoin in particular as a form of investing, means of exchange and payment.
Other governments that support cryptocurrencies include and not limited to the Netherlands, UK, Australia and Germany. Others countries most likely to join the list include Japan, South Africa and United Arab Emirates.