Hello Friends,
Today I am sharing 5 world's strongest economy and their stand on Crypto/Blockchain Technology
Based on my finding I will be sharing my thoughts on US,China,Japan,United Kingdom and India.
Lets go one by one and see what's the stand of each of these economy and hopefully you will enjoy entire blog till end. :)
1. United States
United states economy is the largest economy in the world when we talk in terms of nominal GDP. its worth $19.5 trillion.
If you are already not aware about this fact then you will be surprised that in united states most of the states has already taken regulatory stance for block chain and cryptocurrencies. Various states are in difference stage of adaptation to blockchain & crypto currencies. we can divide development of crypto currencies and blockchain in 2 phases .
First phase was 2014 when more then 20 states adopting relevant legislation but later on 10 states issues warning on crypto trading and California leaded that initiative . Second phase was 2015-16 when most of the states in united states identified potentials in blockchain and crypto currencies in service sectors.
Arkansas and South Dakota are the states those yet to take any stand on crypto or blockchain technology where as Vermont already started working on blockchain technology and they are working on blockchain-stored data which is recognized and accepted by the court system there.
People can buy/trade in crypto currencies using their Bank accounts where as most of the credit cards issuers/bank like Chase and Bank of America has stopped supporting crypto trading in united states.
By law people who are living in united stated are not allowed to participate in ICO's.
2. China
China economy is the second largest economy in the world when we talk in terms of nominal GDP. its worth $11.8 trillion.
Most of you already now that Binance ( biggest exchange of crypto in current time) started its journey with China and everything was going well till mid of 2017 . In late 2017 China government took a negative decision on crypto currencies and its trade. The Chinese government banned domestic Bitcoin exchanges in 2017, and further they restricted access to foreign exchanges earlier 2018.
Because of this many ongoing projects have moved operations to Hong Kong and Japan.
In china crypto trading is not legal and people of china can not take part on any ICOs offering.
3. Japan
Japan economy is the third largest economy in the world in terms of nominal GDP. its worth $4.4 trillion.
Japan is the country who is leading in terms of positiveness with crypto and blockchain technology . when major economy like United states and China are not clear with their vision on crypto and blockchain , Japan made it clear that they are with crypto and blockchain technology.
I found in web that Japan is heaven for crypto and blockchain technology. It is well know that even after Mt gox exchange failure & Coincheck heck Japan still moving positively in crypto and block chain technology. Japan firm GMO internet worth $2Bn active in the mining and exchange industries.
People of Japan having wings to fly on crypto ecosystem.
4. United Kingdom
I am ranking UK economy in this list at 4th place. when we talk about nominal GDP its worth $2.5 trillion.
Based on my research United kingdom is not clear about their thought process , its is important to recall that Brixit schedule implement in this upcoming march 2019. Both United Kingdom and EU were assured with their call on crypto that they have plan to regulate or legalize it but who knows what will happen after this divorce.
UK has shown their concern with crypto currencies and its uses for money laundering and criminal activities. UK wants to collect all possible information/survey/analysis on what could be the negative impact of cryto before regulating/legalizing it.
5. India
I'm listing Indian economy at 5th place. When we talk in terms of nominal GDP. its worth $2.45 trillion.
If you are an Indian and reading this blog your blood must have boiled now. There are recent negative updates in Indian Crypto eco system.
Few months back RBI announced that all the financial institute/banks must stop all crypto related transection by 5th of July 2018.
And Now after 5th July Reserve Bank of India forced banks to stop any crypto related transections. In other words Now Indians can not do transections from their Bank accounts. It is important to understand that Government of India never said clearly that Bitcoin/crypto is banned in India.
Government of India continuously playing with feelings of many crypto supporters living in India.
Conclusion
Japan is a leader , United states considering it , UK still confused & India with China(at present) are completely negative about Crypto & blockchain.