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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

El Salvador – the world’s most crypto – friendly country?

Here in United Kingdom , there are several hundred thousand british who have invested in cryptocurrency. Nevertheless, most of us will not describe United Kingdom as a particularly crypto-friendly country. For example, it is not possible to use bitcoin or another crypto as an official, full-fledged means of payment.

In countries like El Salvador, however, the story is different . The nation, located in Central America, is considered by many to be perhaps the world’s most cryptocurrency-friendly country. Let’s take a closer look at the reasons for this!

Bitcoin is accepted as the official means of payment

El Salvador differs from United Kingdom – and most other countries – because they have a much less strict policy regarding the areas of application of cryptocurrency . Bitcoin has, among other things, been approved as a currency that can be used as a means of payment.

In practice, this means that you can pay with Bitcoin when you shop in the store, in the same way as you would use traditional currencies. This will mean that cryptocurrency is likely to have greater utility value for the people living in El Salvador.

Companies became obliged to offer customers to pay with bitcoin, as long as they have access to the necessary equipment and technology. You will therefore be able to use crypto at very many companies in the country.

One of the reasons why the head of state in El Salvador introduced cryptocurrency as a means of payment is that the country’s economy depends on money sent from emigrants in other countries. With bitcoin, this will be easier and faster than before.

Facilitates the extraction of Bitcoin

Mining Bitcoin requires huge amounts of power and computing power , which can make the process expensive and unprofitable. However, El Salvador intends to extract cryptocurrency using its available natural resources.

The so-called “Bitcoin City”, ie the bitcoin city, will be located at the foot of the famous volcano Conchagua. The volcanic mountain is located in the southeast of the country, and the plan is for the energy from the volcano to supply the amounts of electricity needed to extract crypto.

A separate power plant will be built by the volcano, and the electricity will also ensure that the residents in the area are supplied with electrical energy. In order to make the new crypto city extra attractive to the population, no income or property tax will be required in the area.

Other crypto-friendly countries

Besides El Salvador, there are a number of other countries in the world that can point to relatively good crypto rules. In Europe, we can mention Switzerland, Portugal, Germany and Malta, among others. Otherwise, Singapore is also known for being crypto-friendly.

By crypto-friendly, we mean that the country makes it as easy as possible for its inhabitants to take advantage of their crypto values. This means, for example, that the banks accept transfers originating from crypto, or that you can pay with crypto when purchasing goods.

The world has long had cash and debit cards as its foremost means of payment. Gradually, the use of digital payment solutions and cryptocurrencies has become more popular. It is possible that more and more countries will make cryptocurrency easier to use in the future.

Probable that United Kingdom will be just as crypto-friendly?

If you engage in cryptocurrency trading , you may have been annoyed that cryptocurrency cannot be used to buy goods and services in United Kingdom . If you want to be able to benefit from the values, you have to take out the cryptocurrency and convert it to traditional currency.

It is probably not very likely that United Kingdom will be as crypto-friendly as El Salvador in the first place. british e-banks are generally skeptical about handling funds derived from crypto trading.

However, there are examples of people in United Kingdom who have been able to obtain financing certificates for the purchase of a home, based on gains from crypto trading. This may indicate that the banks are slowly but surely loosening their rigid procedures a bit.

Now that more and more crypto exchanges require users to go through a KYC verification process, there is also less chance that the money comes from criminal activity. It will be exciting to see how crypto trading in United Kingdom develops in the future.

Here you can trade crypto securely

If you live in United Kingdom and are interested in crypto trading, it is nice to know that it is entirely possible to buy crypto online. Although United Kingdom may not be the most crypto-friendly country on the planet, it is perfectly legal to buy crypto.

Among other things, you can buy cryptocurrency from crypto exchanges with approval from Finanstilsynet. For example, check out eToro, which offers a number of different cryptocurrencies to british . Here you can safely and easily register, and you must go through a KYC verification process.

We can also mention Binance, which is a rich cryptocurrency exchange with a large selection of altcoins and NFTs. Find a crypto exchange that meets your requirements, and see if trading crypto is for you!

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
  • mastercard payment
  • paypal payment
  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.