Singapore: In the dynamic landscape of cryptocurrency adoption, India, renowned for its burgeoning tech sector and digitally savvy populace, finds itself trailing behind its neighbor Pakistan in the league of the most crypto-friendly nations. Despite its tech prowess, India occupies the 11th spot, just behind Pakistan, which secures the 10th position on the list.
The allure of cryptocurrencies has experienced a significant surge in recent years, with ownership soaring from 432 million to 580 million in 2023 alone, as reported by Crypto.com.
While some nations have sought to regulate or stifle these technological innovations, others have embraced and nurtured the growth of this burgeoning industry. Argentina emerges as the global leader in crypto-friendliness, fostering an environment conducive to both miners and traders.
The United States claims the second spot in crypto adoption, boasting a sizable population of cryptocurrency holders. However, the high mining costs, averaging $87,885 per bitcoin, present a formidable challenge for miners within the country. Despite regulatory measures and government impositions, the US remains a vibrant hub for crypto enthusiasts, with a substantial portion of traffic on leading crypto platforms originating from within its borders.
The top 10 most crypto-friendly nations:
- Argentina
- United States
- Colombia
- Ukraine
- UAE
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
In contrast, India grapples with a regulatory grey area surrounding cryptocurrencies, lacking a centralized authority to oversee their usage as a medium of exchange. While Pakistan remains largely unregulated in this regard, India introduced a 30% tax on cryptocurrency gains and a 1% tax deducted at the source in its central budget for 2022.
The global surge in crypto ownership, as indicated by Crypto.com’s findings, underscores the expanding popularity of cryptocurrencies worldwide. While some nations embrace and foster this technological advancement, others impose regulatory measures due to security concerns associated with cryptocurrencies.
