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Perception of different countries on cyptocurrencies

Updated: Mar 8

{money has always been a commodity accepted as a medium of economic exchange. everything that goes around is for the money and this has always been an interesting topic of research for economics, finance, psychology, and many others}

When we go back in history we have also seen that we invested in gold, silver and other ornaments .with time money have taken many forms and so is the way of investment.

with time there has been many revolution Cryptocurrency is one such revolution that has completely changed the meaning of investment. we have seen people talking about the fact that this is the future and

the sooner you learn about it the better opportunities you can grab.

there has been always an endless discussion about whether cryptocurrency should be legal or not. are they reliable and most importantly can they be traced...

let us see how different countries have varied mindsets regarding cryptocurrencies


1)el Salvador

El Salvador is now the only country around the world that has declared bitcoin legal in June 2021. according to their president, bitcoin can be used to solve the economic problems that citizens of the country have to face. for example, if a citizen has to send money to home from abroad they have to pay a huge transaction cost so according to him legalizing bitcoin will resolve this issue and make transactions quick and cheap as bitcoin has no role of any bank .but when we see the recent survey we saw that only a few percent of citizens supported bitcoin and rest were in favor of the traditional method of payments. it will be interesting to see how the country gains the trust of people in using this currency.


2) THE US


The US is among those developed countries that are still skeptical to use cryptocurrency as the drawback of crypto is that the transaction can not be traced also with the usage of such currency the government can not regulate the monetary policy and eventually will lose its power. when the survey was conducted in the US about how much aware citizens were about the cryptocurrency it came out that there were around 47 percent citizens who had invested in cryptocurrency and the rest were either unclear about this new currency or didn't want to invest in it. but there is no denying that the US has always been the global leader and has always come forward to try new ideas and investments so it is working with banks so that people can buy, sell and hold these currencies with their current bank accounts.


3)CANADA


well, it is hard to say about Canada making cryptocurrency legal but if we see the interest citizens of Canada are showing in these currencies indicates that this industry is growing every year .as the graph of ownership of cryptocurrency is growing there. bitcoin is the most owned and retained currency among other cryptocurrencies. in Canada there were approximately 1464 bitcoin-friendly ATMs which indicates that in the coming years Canada can become the magnet of cryptocurrency trading.


4)CHINA


China has never supported cryptocurrency though in early 2013 it did but then sooner it realized its negative impact on the government so china banned the legal use of cryptocurrency, as china saw usage of this as evasion of capital control, also this new currency usage had raised concern for the usage of the domestic payment system . so seeing things going out of control china prohibited the use of these currencies.


seeing different views and perception of countries, government, and their citizens it is clear that government and banks fear losing their authority as these transactions are free from their control. also, people are still not aware of the real facts of cryptocurrency and half knowledge is creating confusion for them. but in the future with few changes and a little bit of control, we can see some revolutionary changes in the usage of such currency.


There are lot of countries in the world who are keen to use digital currency in the near future and so is India.we will be discussing about them in the coming blog so stay tuned for more....



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