Cryptocurrency is Making Waves Around the World
The best thing about cryptocurrency is that it is truly universal, meaning anyone in any country can use it to store value, make purchases, and pay employees. While in the United States, crypto is generally seen as a risky investment, many countries around the world are adopting crypto into their society—and we mean really adopting.
To learn more, keep reading, as we discuss changing international cryptocurrency relations around the world.
Ghana
On August 16th, 2024, Ghana voted to implement digital asset regulations within their government. Not only would these regulations serve to reduce crime and scams, but they would also strengthen the ability of citizens to use cryptocurrency for various purchases.
While this might seem like it is coming out of left field, a variety of news articles reveal that cryptocurrency use for everyday purchases is already on the rise within the country. We aren’t sure if this is due to a weak local currency or just the accessibility of cryptocurrency, but we are here for it.
Seychelles
Ghana isn’t the only country in Africa to look toward regulation as the first step to acceptance, as the Seychelles also voted this week to work toward a regulatory framework for cryptocurrency. While crypto use isn’t as widespread here as it is in Ghana, it is still becoming prominent enough in the business world for the government to seek regulation.
Seychelles hopes that rules governing cryptocurrency use in the country, it will lower scams and curb cybercrime. They also plan to release a list of verified cryptocurrency companies, improving accessibility for all.
Nigeria
Nigeria went all in on crypto years ago, as many of the citizens opted to trade a sure thing over the local currency which was subject to rampant inflation and poor government oversight. In recent years, the use of cryptocurrency has only increased, which has led to a recent announcement by the Nigerian government.
Nigeria plans to add cryptocurrency into their tax system, as they have found that trading is so vast and so under-regulated that they are missing out on a lot of money. Including money from local cryptocurrency operators and market makers that net millions each year.
While it is unclear how these laws will be implemented, we expect they will affect businesses more than the average user, but we will see in the coming months what the government develops.
Canada
On the other hemisphere, Canada too has been increasing its acceptance of digital currency. While we sadly don’t have any news about being able to use cryptocurrency with more ease within Canada, it was announced that Canada would begin developing its own digital currency. Though in August 2024, it was announced that several candidates and parliament members oppose the creation.
We aren’t a huge fan of government-backed digital currencies, as they aren’t open source and not decentralized, but we do hope that this development will lead to better regulation and acceptance of digital currencies as a whole in the future. Whether or not Canada will actually create the currency it proposes, is yet to be seen.
China
Unfortunately, while China has been making cryptocurrency moves, they are all against cryptocurrency. In fact, the most recent announcement, we suspect will make it even more difficult to trade digital currencies in China.
Already, China has retained a staunch anti-crypto stance, and their most recent announcement states that crypto is now included in the anti-money laundering laws and is punishable if discovered. While it is unclear how far these laws will be able to go back, it is definitely not good news for crypto lovers in China.
United Arab Emirates
In recent decades, Dubai, located in the UAE, has become a hotbed for technology development. They furthered this stance when, on August 19th, 2024, the courts ruled that cryptocurrency is a valid form of salary payment.
While we suspect they did this for tax reasons, it is pretty cool that you can be paid a salary with cryptocurrency in Dubai. We just hope that businesses don’t exploit this by paying their employees with scam coins—we will see.
Australia
Australia, the land down under, has always supported cryptocurrency, but they are also big supporters of ensuring that any use of cryptocurrency is done safely. This week alone, the Australian government dismantled 600 cryptocurrency scams, though they fear the worst is yet to come.
As AI technologies sweep the world, Australia is worried what it can mean for scam coins. The government is worried that this technology could be used to further perpetuate scams on a level that the government bodies are unable to keep up with. Additionally, AI technology is making it easier to perpetuate scams, allowing scammers to come off as more real and less obvious as shady characters.
We look forward to hearing more from Australia about their plans for managing scam coins.
Related: The Surge of AI: What it Means for the Future
Brazil
Although we publish several articles about cryptocurrency adoption in South America, we often overlook Brazil, which has spent the past two years making some major crypto moves.
First, Brazil enacted a law that allows Brazilians to pay their taxes in crypto—which is super cool on its own but also indicates to us that the Brazilian government is pro-crypto. If that wasn’t enough, Brazil has also allowed Coinbase to operate legally within its borders, allowing its citizens access to crypto. Plus, the platform will accept Brazilian Reals in exchange for crypto.
Even though these aren’t the most massive news items, seeing so much positive movement in South America in the crypto space is still pretty cool.
Related: Bitcoin Adoption Expands in South America
All in all, though the USA isn’t so positive about cryptocurrency right now, governments around the world are making moves, and it’s important to pay attention, lest the US get left behind. We have high hopes for this coming election, and we hope that whatever candidate is elected that they see the benefits of cryptocurrency too.
You May Also Enjoy: The Future of Money: Where We Are Headed
