The situation of Cryptocurrencies in Major Countries

The cryptocurrency industry as we know it today was not as popular and vastly adopted as it is today. Although the journey for the cryptocurrency industry was full of bumps and depressions, yet it has managed to make it through. Now the industry has gained worldwide attention as well as adoption.

At present, the cryptocurrency industry has grown so much and vast, that people think it has been fully adopted by every country. However, that is not the case at all, because there are many countries that are adopting cryptocurrencies, while there are countries rejecting them.

Today, there are many countries trying to get rid of it but initially, they had said nothing about it or were somewhat welcoming towards that. This is the reason it is necessary to talk about the major countries whose actions matter a lot and countries from all over the world monitor them as well.

In terms of rejection of cryptocurrencies, the first country is none other than China. It is one of the countries that are considered pioneers in the cryptocurrency sector. Ever since crypto-mining was introduced, China was the country that went for all-out adoption for cryptocurrency mining projects. China continued with its mining projects for a really long time but then cryptocurrencies were fully rejected in the country in 2017.

Despite the crypto-ban, the crypto-industry continued growing and thriving in China until the regulators in China hit the hammer in May of 2021. At the beginning of May 2021, the Chinese regulators reminded local investors and commercial banks/financial service providers about the risks involved in crypto and the 2017 ban. By late May of 2021, Chines regulators carried out mass crackdowns on crypto-firms and by now, over 90% of crypto-mining centers have been shut down in China. This means that the cryptocurrency industry is fully banned in China.

Then the next country is India, where cryptocurrency adoption is in the gray area. At present, the government of India is deciding the fate of cryptocurrencies. If the decision goes in favor of the Reserve Bank of India (RBI), then the cryptocurrencies would still be banned in the country. It is the Indian Government whose decision is currently pending. However, the Indian cryptocurrency community as well as the public is hoping that the cryptocurrencies find legal status in the country.

The next country is the United States of America that initially had an aggressive stance against cryptocurrencies during Trump’s tenure. As Biden has taken the office, the situation has changed for cryptocurrencies. Now the regulatory authorities in the country are not after the banning of cryptocurrencies. Instead, they have proven to be very promising and supportive of crypto-adoption. So far, Miami City in Florida has become the hub for cryptocurrencies but the New York City is also gaining much popularity in terms of crypto-adoption.