Certain cryptocurrencies are not considered as a commodity,

Certain countries have key features that make them a good place for cryptocurrency utilization to spread. Often, regulations are soft or non-existent and technology use/integration into daily life frequent and growing, allowing cryptocurrency communities to grow. While this is by no means an exhaustive list, it does highlight some of the country’s most proactive in pursuing a positive relationship with bitcoin and cryptocurrency in general. Japan is known worldwide as one of the friendliest countries on earth towards Bitcoin and cryptocurrencies (Terenzi). The small island country boasts one of the biggest cryptocurrency trading hubs on the planet, and has little regulation in place for cryptocurrency use, though laws state that enterprises, financial institutions and exchange platforms must follow a strict anti-money laundering requirements (Terenzi). Still, Japan has announced it is working on its own centralized cryptocurrency, J-coin, so it remains to be seen how long this friendship will last. Similarly, the United Kingdom does not regulate cryptocurrency exchanges and businesses. Interestingly, British enterprises related to cryptocurrencies regulate themselves in order to align with government financial rules, even when it is not required (Terenzi), perhaps to further the legitimization of cryptocurrency use in business.

Netherland is known for having a Bitcoin Embassy in Amsterdam, a visitor’s center where cryptocurrency tourists can visit, drink Dutch coffee, and learn about cryptocurrency. Netherland also boasts a Bitcoin City in Arnhem, where all shops and people use Bitcoin on a daily basis. The city created a Bitcoin economy, alternative to the current financial system, in which some merchants use bitcoins to buy supplies for their own businesses.  The goal of this city is to spread Bitcoin until it will be part of the daily life of its citizens and visitors (Terenzi).

In Germany, cryptocurrencies are not considered as a commodity, stock or currency at all. Instead, these things are considered as private money, which makes trading them private sale and exempts them from capital gains tax. Very lucrative for those holding on to cryptocurrencies while they increase in value (Terenzi).  

x

Hi!
I'm Dora!

Would you like to get a custom essay? How about receiving a customized one?

Click here