Bitcoin Adoption Race Heats Up: Nations Competing Fiercely to Woo Crypto Companies at Any Cost
Currently, three countries are trying their best to drag crypto companies into their responding jurisdiction at any condition. These countries are El Salvador, Bhutan, and the USA.
El Salvador
El Salvador adopted Bitcoin as a currency in Sep 2021 officially. In early 2022, some US-based companies shifted their headquarters to this country to get more transparent regulatory clarity to operate the Bitcoin business. In 2022-23, a very hostile regulatory environment in the US jurisdiction for the crypto space forced companies to move to non-US jurisdictions.
In the present time, running a crypto business in the USA is very smooth & better, as many top politicians have become ProCrypto. In particular, the US president-elect promised to bring ProCrypto policies during his tenure.
Despite a better regulatory environment in the USA, many companies are heading to El Salvador, as a haven for Bitcoin business.
In particular, Tether, the issuer of the top stablecoin $USDT, is now moving to this country, while its sister firm Bitfinex Derivatives has already moved.
According to Tether CEO Paolo Ardoino, El Salvador is now becoming the fintech centre of Central and South America.
The El Salvador president Nayib Bukele welcomed Tether’s decision.
Popular video-sharing platform Rumble’s CEO also got a direct invitation from the El Salvador president to move headquarters into the jurisdiction of El Salvador.
Recently, to show support for Bitcoin’s fundamental vision, Bukele said that he has an ambitious goal of installing a Bitcoin node in every household across the country.
Bhutan
Just a few days ago we covered a detailed report on the Himalayan country Bhutan. Government authorities plan to create a crystal clear regulatory environment & attract crypto companies to establish crypto business.
USA
Currently, some rumours are suggesting that the US president-elect has a plan to eliminate tax from some flagship crypto assets. People claim that Trump may make $BTC, $XRP, $ADA & $HBAR tax-free assets.
All these new developments are showing the Bitcoin adoption race among the pro-Crypto Countries at a very high peak.
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