India behind Pakistan in crypto adoption, US ranks second among the most crypto-friendly nations
India, known for its rapidly evolving tech industry and its tech-savvy population, lags behind its neighbour Pakistan in the list of the most crypto-friendly nations. Pakistan, which has grabbed its place in the top 10 most crypto-accommodating nations, sits at the 10th spot, while India is behind by just one point on the 11th rank.
The popularity of Cryptocurrency has risen quite a lot in the past few years, so much so that in 2023 alone the crypto ownership has grown from 432 million to 580 million in 2023 alone, according to Crypto.com.
While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries. Argentina has emerged as the world’s most crypto-friendly nation, boasting favourable conditions for miners and traders.
The United States ranks second in crypto adoption, with a large population holding cryptocurrencies. However, the high mining cost of $87,885 per bitcoin poses a challenge for miners in the country. Despite this and other impositions by the government, the US remains a hub for crypto enthusiasts, with a large percentage of traffic on popular crypto platforms.
Here are the top 10 most crypto-friendly nations:
- Argentina
- United States
- Colombia
- Ukraine
- UAE
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
However, in India, cryptocurrencies operate in a regulatory grey area, with no central authority overseeing their use as a payment medium. While Pakistan remains unregulated in this aspect, India, in the central budget of 2022 announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at the source.
The global rise in crypto ownership, as reported by Crypto.com, reflects upon the growing popularity of cryptocurrencies worldwide. While some countries are growing and supporting this technological advancement, others are imposing regulatory rules due to security concerns associated with cryptocurrencies.
