Crypto is still viewed with distrust in many countries, with laws existing against it and the government going out of its way to ensure that it is not a part of the payment systems in countries.
In recent times, however, some countries have found a way to include crypto in their economy, even for reasons that benefit them. Countries like the U.S., Singapore, and Australia adopted the existence of crypto in things like using it to fight fraudulent crimes that are often carried out through cryptocurrency. It is a step away from a world that was unaccepting of cryptocurrency.
The Australian federal police decided to set up a team dedicated to the scene where cryptocurrency is used to carry out crimes sneakily. While this is an exciting way to acknowledge the existence of cryptocurrency in their economy, a crypto-friendly economy is much more than just that.
What Does A Crypto-Friendly Economy Look Like?
Imagine a world where having digital assets is not seen as something out of the norm. Payments could be made over the counter, at a mall, or at a restaurant. In other places where traditional financing is encouraged, a world where they acknowledge not only cryptocurrency but also create a payment system that is welcoming of it.
Countries would create laws regulating cryptocurrency and not view it as a threat and would make efforts to understand the blockchain space, thereby being able to access it for essential functions as opposed to it being viewed in a suspicious light.
There would be an encouragement for more long-term investments in crypto by the significant and trusted financial sectors in countries. It wouldn’t be viewed through the lens of a scam operation but as a saving and trading option like stocks and traditional financing.
Crypto has gained more acceptance from major financing companies like MasterCard as they recently introduced a program designed to help financial services safely integrate crypto trading capabilities and services for customers. While Google recently partnered with Coinbase to allow google users to pay for their cloud services by using cryptocurrencies, the option would be made available in the early stages of 2023.
Germany And Cryptocurrency
Germany came out on top for a healthy crypto sector in Q3 of the year, ranking as the highest for countries with friendly cryptocurrency laws.
The country received the highest rank in Coincub’s quarterly ranking of healthy cryptocurrency economies, based on several factors praising Germany as they created a favorable environment for the crypto space and its development.
Analysts were able to highlight savings and tax policies towards the existence of long-term crypto investments as some of the best factors surrounding their rank. Regarding the healthy space created, some of the country’s largest and most respected institutions are known to be involved in helping the growth of the cryptocurrency space in Germany.
Switzerland, Australia, and the UAE came in second, third, and fourth, respectively. A large part of Coincub’s factors for ranking are centered around taxation features and investment prospects, all of which Germany passed as the highest with flying colors.
Germany successfully unseated the U.S. from its spot as the most crypto-welcoming country. This is a massive change from its rank as number four last year. They put in the work to catapult themselves into the top spot for cryptocurrency and have encouraged a country and financial sector that welcomes crypto and boasts of an ecosystem that allows crypto trading, investments, and saving to thrive. Germany has successfully surpassed expectations.
A Future With More Inclusion For Crypto.
While crypto has not gone as far as it eventually will, there is still a source of interest and excitement for a world where cryptocurrency finds more inclusion. Such as in the general world, where there are more people worldwide who have ample knowledge of what crypto entails or are willing to learn without air or distrust about the crypto space.
A world where more people find themselves thriving in the crypto ecosystem.
Germany is seated at the top spot for Quarter 3, but will it stay that way for Q4 and the beginning of next year, or will another country be prosperous in taking its spot as the most crypto-friendly economy?