Review : Bitcoin Adoption by Country

As the Bitcoin price rapidly rises, the question comes to adoption. The Bitcoin adoption follows the same trend. With North America, Europe and Asia to be the first Bitcoin catchers, the question arises to the situation in the developing world. And the answer is that Bitcoin booms in evolving countries. Here are some paradigms:

Bahrain: The place of oil wealth.

Blockchain technology adoption is moving quickly. Of course, Bitcoin having blockchain as the underlying technology gains ground too rapidly. The Chief Executive of the Economic Development Board, Khalid Al Rumaihi, is working with Finance Ministry to make it a “pioneer in the space.” A joint venture with Saudi Arabia and other nearby countries to establish a stable ecosystem for the area’s official exchanges and other infrastructure is “in progress.”

Sweden. The finance country.

The use of cash in Sweden is limited, and five of the six major banks in the country do not operate with cash. This attitude brings them closer to the idea of cashless civilization, and Bitcoin can doubtlessly assist towards that. However, privacy obstacle is still essential for them too. Nevertheless, Bitcoin can bridge the gap and provide an additional measure of anonymity over alternative cashless solutions.

Venezuela. Problematic country currency.

After the tragic collapse of all civilization in Venezuela, the value of one Bolivar, the country’s currency, dropped to the same value as one Satoshi (or about $0.00004 at current BTC price). The harried financial system and the scarcity of physical Bolivars, the costs of necessary products have been untouchable. Many merchants have started to accept Bitcoin and other digital payment methods only. Though it may be out of a frightening necessity rather than voluntary adoption, this may be the first “Bitcoinization” of a sovereign state. Carpe Noctom, a cryptocurrency expert and Altcoin Exchange advisor, revealed that the demand for Bitcoin in Venezuela is increasing at an exponential rate.

India. The ripe target for Bitcoin.

The country went through a rapid demonetization last year, mostly to curb counterfeit operations of their 500- and 1,000-rupee bills, and rampant graft, which was funding other illicit activities. The shortage of cash followed, pushed Indians to deposit their money into bank accounts. Under these circumstances, Bitcoin finds a right place to intervene. Roughly, 2.500 Indians invest every day in Bitcoin, and there are new partnerships between international cryptocurrency players and Indian platforms like Unocoin.

Singapore. The Powerhouse.

The Singapore Fintech Consortium is devoted to forming a cryptocurrency network with Middle East countries and abroad. To “pave the way for increased interaction between startups in the Middle East and those in Asian markets via Singapore,” the fintech leader has been cutting deals with places like the UAE, Abu Dhabi, and Bahrain to establish a cooperative fintech environment.

Japan. A major world power.

This small island nation made Bitcoin legal tender and encouraged Blockchain applications more than any other country. They have built a strict but fair environment for companies and individuals to trade in crypto, operate exchanges, and integrate blockchain into Japan’s economy. Eleven exchanges are currently operating officially legally.

From the above, it is evident that for the small countries, even the nations facing problems with their currency, Bitcoin is recognized as a tremendous opportunity, the same time when developed nations enforce regulations and banning.

 

 

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