BTC Wires

The Race To Become the Bitcoin Hub of The World

The cryptocurrency market is thriving and touching new highs every other day, and the attention towards the crypto space has only risen this year with several traditional firms joining on the crypto bandwagon. The biggest critiques of crypto space and Bitcoin, in particular, have realized that digital assets are here to stay.

While many countries are still passive towards regulating the use of cryptocurrencies in their financial realm, many others like Japan, South Korea, and Malta have established themselves as a pro-crypto nation. There is a race going on among these crypto-compliant countries to become the Bitcoin hub of the world.

Since Bitcoin and cryptocurrencies are decentralized entities which means it works independently and no country, government or organization controls it. Thus, the top spot to become the Bitcoin hub of the world is open to one and all. If we look at the current state of adoption, Japan and the United States comes out to be the biggest adopters of modern technology. While the US maintained a status quo over the adoption of crypto for quite some time, it finally came around to allow blockchain and crypto centered businesses to operate on its land.

Japan, on the other hand, is one of the most crypto-compliant nations with laws curated to promote the use of digital tokens by the citizens.

European nations are certainly lagging behind, but in recent times countries like Switzerland and Malta have pushed the blockchain and Bitcoin agenda quite aggressively. Especially the small state of Malta has been grabbing the eyeballs with its aggressive blockchain and crypto regulations to promote the use of the new tech.

In order to be called the Bitcoin hub, a country needs to regulate and promote the use of Bitcoin just like their respective fiat currency. However, the only country which has come close to that goal is the USA. The state of Ohio has earlier announced that they will be accepting Bitcoin as a mode of payment from the citizens for the state taxes.

Although it is still too early to predict anything since the tech is new and many countries are still exploring various aspects of it, but as has been the case with any new technology in the past, the early birds definitely hold an advantage.