Different countries have different interpretations of crypto and have legalized it in different forms.
In 2021, the global economic history began a new chapter when a sovereign state declared an intangible digital currency or cryptocurrency legal.
As of now, only a handful of countries have adopted crypto in some form.
It is the bastion of crypto adoption. The country adopted Bitcoin in June 2021. On September 7, the law came into effect and Bitcoin began circulating as legal tender in the country.
President Nayib Bukele’s vision did not stop here. In November 2021, he proclaimed that El Salvador will build a ‘Bitcoin City’ using Bitcoin Bonds. The city will be a tax haven as it will only have a Value Added Tax (VAT).
So, El Salvador has become the laboratory for crypto innovation.
In August 2021, Cuba passed a law that sought to establish a framework for digital assets. It was reported that the country took such a step to bypass the sanctions imposed by the United States Government.
Cuba is heavily dependent on remittances. The US administration began making it difficult for the island nation to receive US Dollars it needs for international trade.
The law was enacted in September. It defines cryptocurrencies as a “virtual asset the digital value representation that can be traded or transferred digitally and used for payments or investments.”
The country now aims to use crypto for remittance and international trade.
Ukraine adopted the legislation recognizing crypto back in September 2021. The law defines Virtual Assets as an intangible asset that exists object of civil circulation, has a value, and expressed a set of data in electronic form.
The Parliament passed the legislation on February 17, 2022.
Other countries are also contemplating legalizing crypto in some form. Different countries are adopting crypto in different ways. Their interpretation varies according to their circumstances.
It is expected that the year 2022 will elongate this list.
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