Tech
India trails Pakistan in cryptocurrency adoption, while the US ranks second among the most crypto-friendly nations
India, known for its rapidly evolving tech industry and tech-savvy population, lags behind neighboring Pakistan in the list of most crypto-friendly nations. Pakistan, which has secured its place among the top 10 most crypto-friendly nations, sits in 10th place, while India is just one point behind in 11th place.
The popularity of cryptocurrency has increased quite a bit in recent years, so much so that cryptocurrency ownership grew from 432 million to 580 million in 2023 alone, according to Crypto.com.
While many countries have sought to regulate and suppress technological advances, others have accepted and supported the growth of these new industries. Argentina has emerged as the most cryptocurrency-friendly nation in the world, boasting favorable conditions for miners and traders.
The United States ranks second in cryptocurrency adoption, with a large population holding cryptocurrencies. However, the high mining cost of $87,885 per bitcoin poses a challenge for the country’s miners. Despite this and other government mandates, the United States remains a hub for cryptocurrency enthusiasts, with a large percentage of traffic on the most popular crypto platforms.
Here are the 10 most crypto-friendly nations:
- Argentina
- United States
- Colombia
- Ukraine
- United Arab Emirates
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
However, in India, cryptocurrencies operate in a regulatory gray zone, with no central authority overseeing their use as a means of payment. While Pakistan remains unregulated in this aspect, India, in its central budget 2022, announced a 30% tax on earnings from cryptocurrencies and a 1% tax deducted at source.
The global increase in cryptocurrency ownership, as reported by Crypto.com, reflects the growing popularity of cryptocurrencies around the world. While some countries are growing and supporting this technological advancement, others are imposing regulatory rules due to the security concerns associated with cryptocurrencies.