What countries use Bitcoin?

What countries use Bitcoin? Bitcoin is a type of cryptocurrency, but it is not always accepted in the same way. In many countries, using Bitcoin as a means of exchange is legal, which means that anyone who owns Bitcoin can access their assets or participate in the network and earn profits. For example, citizens of countries like Russia, Ukraine, and Venezuela have started using digital payment systems to transfer funds or purchase goods and services, while people in other countries are increasingly using blockchain technology to store value in their hands.

These countries are seeking to expand their connections with other nations because they want to bring economic freedom to their citizens by offering financial services while avoiding losing confidence in their fiat currency. Some believe that this approach is better than the traditional banking model: “We cannot ignore Bitcoin.” The United States recently announced that it will soon allow its users to send dollars and other stablecoins directly to government agencies instead of using third-party payment processors like PayPal. At the same time, some countries are attempting to adopt this new form of transaction tool, such as Coinbase and Gemini, which are currently limited to US users. According to BitPay’s data, only about 30% of countries plan to launch their own cryptocurrency wallets this year, including mainland China.

Nevertheless, Bitcoin remains an interesting and popular product that is gaining mainstream recognition as more and more regions become involved. However, due to Bitcoin’s high volatility, many countries may categorize it as an investment tool, as it may have higher risks.

In addition, some countries are considering new advantages compared to traditional financial infrastructure. For example, it can make it easier for companies and consumers to obtain cash, allowing companies to save costs in their operations; it can also be used as a means of payment or facilitate cross-border remittances by holding fiat currency to achieve instant payments. (CryptoPotato)

What countries use Bitcoin

Editor’s note: This article is from BlockBeats (ID:BlockBeats), authorized by Odaily Planet Daily for reprint.

Bitcoin has become a new store of value, which many countries view as an effective tool against inflation and is gaining more attention and adoption.

According to statistics, over 40 central banks in the world have started using Bitcoin for payments or transfers. This number has more than tripled in the past two years, currently ranking 7th.

In addition to countries like Russia, China, Japan, and some other countries, the United States and some European countries are also trying to utilize blockchain technology to facilitate their trade settlement businesses. (Note: According to data from the Bank for International Settlements, on January 4, 2019, the Financial Conduct Authority (FCA) of the United Kingdom published a consultation paper on “cryptocurrency asset trading,” which includes Bitcoin and Ether.)

This report, jointly written and released by Societe Generale AG, BBVA, and the German Securities Regulator, states, “Since 2013, countries have been exploring how to use cryptocurrencies for daily business activities.” Governments of these countries have also followed suit, such as Malta recently announcing the implementation of a localized payment system through blockchain. “We believe this approach can make it easier for people to obtain cash flow.” Furthermore, it stated that if a new economic entity wants to expand its scale and seek financial support, it must issue central bank digital currency (CBDC). “Nevertheless, we see trends in development worldwide that indicate they hope to launch their own CBDCs in the coming years. With time, we may see more development,” said former Swedish Deputy Prime Minister Róger G. Wictorin. “Now is the time to understand whether these regions truly accept the importance of Bitcoin as legal tender.”

However, for these major countries, they have not considered the issue of using Bitcoin but have chosen some of the most popular countries because they believe this emerging entity is more important than traditional methods. For example, Canada, Singapore, and Norway, under their policy guidance, are developing cryptocurrency exchanges; Venezuela is also studying the feasibility and legality of cryptocurrencies. On the other hand, South Africa, as a developed country, is also the first to launch a pilot project with the goal of implementing legislation for the cryptocurrency industry by 2020, allowing citizens to hold and manage cryptocurrencies on their platforms.

However, though most countries acknowledge having their own digital tokens, there are a few countries that are regarded as “competitors.” First is Nigeria, as Nigerians often exchange products like gold, oil, or diamonds for US dollars before converting them into Bitcoin, and finally, there is the Swiss National Bank that provides Bitcoin solutions in their sandbox.