The blockchain application is one with a vast opportunity for disruption, impacting the way that major industries such as finance and logistics work. For example, you can click here for a costless bitcoin trading venture; the platform charges zero commission on both profitable and non-profitable trades. Some countries have already started to adopt blockchain technology, while other nations are expected to follow suit soon. https://bitcoin-loophole.live/ is the most advanced crypto investing platform, where you can easily invest.
The question of where is the crypto market headed? Is there a country that has yet to take a stance on these technologies, and what do they stand to lose if they miss out on this potential game changer? Find out how the leading experts in finance, tech and even geopolitical relations think about each country’s role in a globalized economy.
Current Reports:
The World Economic Forum published a study on the evolution of global economic structures, which ranked the top 20 countries according to their blockchain readiness. According to their research, the countries that are more likely to adopt blockchain technology first are Iceland, Malta, Estonia and Singapore. These nations ranked highly due to their existing tech infrastructure and positive regulatory systems.
However, several other countries also scored high. Canada was ranked 10th, while the United States placed 11th on the list of most likely nations to adopt blockchain technology. It is believed that many countries will move towards widespread adoption to compete with each other in the global economy. The World Economic Forum states that countries need to address the challenges of this technology to ensure its widespread use and prevent the creation of an oligopoly.
A Look at Blockchain Adoption around the World
The blockchain market is a global one that allows each country to protect their citizens while also benefiting from emerging tech in other countries. In Africa, Nigeria and Kenya are two countries that are making efforts to adopt blockchain technology. Recently, Kenya began circulating a national digital currency using blockchain technology as part of its e-payment gateway.
Other African nations such as Tunisia, Morocco and Mauritius have been hard at work creating blockchain-related legislation, which will hopefully help foster innovation and boost their economy. However, as African nations continue to work on their blockchain technology grid, they should be cautious not to pass the blame to their citizens. Blockchain adoption may have additional consequences if a country cannot handle the complexities of cryptocurrency when it is first introduced.
The United States and Canada are two countries that are actively pursuing ways to expand their blockchain offering. The US has been working hard with the state of Wyoming, which passed legislation dealing with bitcoin and other cryptocurrency-related legislation to encourage innovation and investment in cryptocurrency startups. Last year, the Canadian Prime Minister announced that the country would work with Silicon Valley tech companies and academics to partner up on building out a series of innovation hubs across Canada.
Bitcoin Adoption in Different Countries:
Countries like South Korea and Japan have led the way in terms of bitcoin and cryptocurrency adoption, with both nations becoming very friendly to blockchain technology. It is unclear how much this is due to their large bitcoin trading markets. Still, the positive reception likely comes from a place of understanding about how this technology can help facilitate business activities. Although some countries have been hesitant toward bitcoin and cryptocurrency adoption in the past, there seems to be greater acceptance as time goes by. In addition, the last few years have seen many countries move forward with legal analysis on cryptocurrencies and blockchain technology through their respective central banks.
El Salvador is the only country to launch bitcoin as a legit national currency. Where earlier, El Salvador merely had USD as their national currency; now, the country has two national currencies, bitcoin and USD. However, although bitcoin has become extremely popular in countries like Japan, South Korea, and the US, some big players have yet to take a stance on blockchain technology.
In Europe, the UK is one example of a country that has shown interest in cryptocurrencies but has not formally decided to adopt this new technology. Regarding Asia, China is one of the leading countries regarding harsh regulations for crypto assets. North Korea is another region that has not yet published any formal warnings against cryptocurrencies or blockchain innovation. It could be related to their interests in certain types of cryptocurrency mining due to their access to cheap electricity.
China launched a digital version of its national currency:
China has launched digital versions of its national currency, the yuan. The digital currency is the Central bank digital currency, China’s digital yuan. The technology behind the yuan is blockchain and works similarly to other cryptocurrencies such as bitcoin and ethereum.
The new digital currency was launched by users in 2021. However, according to reports from a government mouthpiece, the new system does not feature decentralization, anonymity protection, and independent circulation as other cryptocurrencies do.