The buzz that cryptocurrencies had been making is quite difficult to ignore. It has forced many countries to launch their own Central Bank Digital Currency to tackle the rising popularity of cryptocurrencies and Bitcoins.
Even though Bitcoins’ use has been widely legalized, a few countries are still quite cynical about legalizing Bitcoins. Bitcoins are still seen in a bad light in most conservative countries as a lot of illegal activities like human trafficking, drug trade, and bank robbery are done using Bitcoins.
Western countries have been quite lenient about the trading and investing of cryptocurrency and have mostly been ignorant towards the news of the illegal activities done using cryptocurrency.
In this article, we are going to discuss the countries or, rather, the best cities to invest your cryptocurrency in 2021. If you are a bitcoin trader, you can use Qprofit System for better results.
Why Is Bitcoin Being Legalized?
The prime reason why Bitcoins are being legalized because it serves as a good alternative to fiat currency.
1. No inflation
Bitcoin is inflation proof. It is not like fiat currencies where you get to see the inflation rate. Since there will be a limited quality of Bitcoins in the world, Bitcoins’ value is not likely to diminish. It is only going to get higher.
2. Facilitates Digital Payments
People from the Z generation do not like carrying cash; they prefer to pay with just a tap of a button on their phone. Bitcoins facilitate digital payments to a huge extent.
As there is no legal body controlling it, payments happen much faster, and furthermore, people are not obliged to give an account of their transaction to some higher authority.
3. Rising Popularity and Soaring Value
When Bitcoins first came under the radar, their value was a mere $0.0008, and now as I am writing this blog, the market value of a Bitcoin is almost $32,000.
Even the mainstream media is covering news related to Bitcoins. All these factors make it very hard for the Government to turn a blind eye to Bitcoins. Be sure to check out 다운로드 ledger wallet as well.
The Best Cities To Invest Your Cryptocurrency In 2021
Cryptocurrencies are legalized and widely accepted in these cities. I have personally traveled to these cities and checked out whether or not Bitcoins work there.
Beijing is the capital of China. Bitcoins and other cryptocurrencies are legal in Beijing. The municipal corporation of Beijing is soon going to launch crypto ATMs in Beijing.
2. Los Angeles
Bitcoins are absolutely legal in Los Angeles. However, it’s worth mentioning that Bitcoin is not treated as a currency in Los Angeles and is treated as property. The IRS recently announced that Bitcoins are property, and heavy property taxes would be imposed on them. Nonetheless, it is legal.
3. Saint Petersburg
Saint Petersburg is the capital of Russia. As per Russian law, cryptocurrencies are legal. By the end of 2021, Russia is expected to launch its very own decentralized currency called the crypto ruble.
The stance of the Vietnamese Government is quite confusing when Bitcoin is concerned. It is legal and also illegal. Investment in Bitcoins is considered legal, whereas payment and any sort of trading are considered illegal in Hanoi.
Berlin is undoubtedly the safest city to invest in Bitcoins. According to the Government of Germany, Bitcoins are viewed as a proper substitute for fiat currencies. Bitcoins are accepted in normal coffee shops and other outlets. You can also pay your utility bills partly in Bitcoins and partly in fiat currencies.
Considered to be among the top 5 developed cities in the world, Seoul is a city where the use of Bitcoins is absolutely legal.
There you go, above was the list of the top seven countries where Bitcoins are legal. Being a crypto trader, you will find these countries to be the best for trading in Bitcoins. These countries are considered to be the safe havens for Bitcoin traders.