As we all know, the blockchain and crypto markets are filled with opportunists, scammers, and yes, even criminals. That said, many of the fraudsters in this arena are not necessarily bad people. They are just doing a bad thing for the wrong reasons.
One of the most popular questions in the cryptosphere is: “Who takes gold in the crypto and blockchain Olympics?” In fact, crypto enthusiasts regularly discuss who is the most dominant currency, blockchain project, and cryptocurrency exchange. However, only a few people seem to know who won the crypto and blockchain Olympics.
There is no shortage of competitions in the digital world, and two of the most popular competitions are the Olympics and the Olympic games. Undoubtedly, athletes who participate in these competitions are among the top athletes in the world.
The Olympic Games bring the whole globe together in a celebration of sport and competition every four years (on average). Let us look at nations that deserve gold medals in many areas of the cryptocurrency and blockchain ecosystem in the spirit of Tokyo 2020.
The number of sports included at the Olympics has varied throughout time, and the current summer Olympics in Japan include 33 different sports. As the global showcase continues to develop and embrace new sports, exciting events like as skateboarding and surfing have been introduced for Japan.
In this way, the bitcoin and blockchain industries are comparable. Many diverse functioning components combine to create a vibrant community that is both unified and divided by their cryptocurrency and blockchain platform preferences.
Let’s see which nations and organizations won gold in their various crypto and blockchain competitions.
For Bitcoin acceptance, gold goes to… El Salvador is a country in Central America.
El Salvador has emerged as one of those lesser-known players who have burst into the world scene in 2021, with supporters rooting for the underdog. This year, the Central American nation made news when it became the first in the world to recognize Bitcoin as legal currency.
Without going into too much detail, El Salvador’s legislature decided to approve President Nayib Bukele’s Bitcoin Law, which recognizes Bitcoin (BTC) as legal currency alongside the US dollar, with 62 of 84 votes in favor of the new law.
The legislation enables people to pay for products and services with Bitcoin, and Bukele said that the Salvadoran government would ensure that BTC will be convertible into USD at the moment of any transaction. Later this year, the government intends to provide $30 worth of BTC to each resident.
Although there have been some opponents of the legal change both at home and abroad, the general mood seems to be in favor of Bitcoin adoption and a shift in public image of the leading cryptocurrency.
Nonetheless, the nation faces a few last challenges. To begin with, the International Monetary Fund has issued its own warning about the dangers of adopting Bitcoin in nations with unpredictable inflation rates.
Second, several El Salvadoreans have voiced their reservations about the move. A study of 1,233 individuals conducted in early July showed that almost half of those polled had no knowledge of Bitcoin. Twenty percent of those who took the survey agreed with the move, emphasizing the necessity for an educational effort to go along with the progressive decision to make BTC legal currency in the nation.
Change is frequently greeted with skepticism and opposition, but El Salvador wins the gold medal in this first category for progress and adoption.
Switzerland is ranked second in the category, due to its crypto-friendly regulations, which have increased the usage of cryptocurrencies and the number of businesses involved in the field. Thanks to the efforts of Miami’s Bitcoin-friendly mayor Francis Suarez, who has been pushing numerous measures to encourage the usage of BTC, the United States wins bronze.
China is leading the CBDC race, but its anti-crypto laws have caused it to be disqualified.
Over the last two decades, China has been a dominant force at the Olympics, with a strong lineage of Olympic weightlifters, gymnasts, divers, shooters, and martial artists. The situation is very different in the realm of cryptocurrency.
China has adopted a hard line against cryptocurrencies, and this policy will be maintained in 2021, with China’s outright ban on mining totally rebalancing the Bitcoin mining environment.
Surprisingly, the country is well ahead of the rest of the globe in terms of developing a full-fledged central bank digital currency, or CBDC. China has been piloting and rolling out extensive testing of its Digital Currency Electronic Payment, or DCEP, over the last 18 months.
Citizens started testing the facility via lotteries that awarded digital yuan to a limited number of participants in different cities, which they could use through a smartphone app to pay for products and services at thousands of participating merchants.
There is little doubt that China has led the way in terms of CBDC research, testing, and deployment. On the other hand, the DCEP is a government-run initiative, and the details of the technology and processes that enable the digital yuan remain a secret.
However, despite its well-developed CBDC program, China’s recent ban on mining in several areas and its zero tolerance for cryptocurrency exchanges means it is no longer in contention for a medal. Fortunately, a number of other nations have made considerable progress in establishing CBDCs of their own.
In the world of sports, fans often get behind the underdog, and this is certainly the case with the Bahamas and its Sand Dollar CBDC. The country has made significant strides with the development and testing of its very own CBDC and became the first country to go live in October 2020.
More local banks and financial institutions are joining the Sand Dollar ecosystem, opening the path for wider CBDC adoption and a completely digital payment environment. The gold medal in this category goes to the Bahamas, who are well-deserving of it.
Sweden has started its first pilot test of the e-krona CBDC with a few local banks and outside partners. Sweden wins the silver medal in this area as it continues to test its system with local financial institutions.
A recent study from PricewaterhouseCoopers recognized Cambodia and Ukraine with their own CBDC development initiatives, awarding them the bronze medal in this area.
North America is vying for first place in the Bitcoin mining competition.
China was unquestionably the gold medalist in Bitcoin mining, but that is set to change in 2021. Before different mining companies were forced to close in June, China was estimated to have accounted for more than 70% of the worldwide hash rate.
Mining equipment would be welcomed by companies that might swiftly look for better pastures. While different Asian nations would be the most convenient places to move, North America is rapidly becoming the next bitcoin mining center.
The hash rate of American-based miners has been gradually increasing over the last year, according to research from the Cambridge Centre for Alternative Finance, and the recent legislative action in China has further accelerated that trend.
In order to gain a better grasp of how the Bitcoin mining hash rate’s geo-distribution has evolved, the Cambridge Bitcoin Electricity Consumption Index global map is yet to completely incorporate the data from China’s regional mining restrictions in June. The most recent map depicts the distribution in March 2021.
Nonetheless, the United States’ contribution to the global hash rate increased from 4% to 16% between August 2019 and March 2021, putting it second only to China in terms of hash rate. This is mainly due to a deliberate effort on the part of big mining companies in the United States to gradually increase their hash rate by purchasing new equipment throughout this time period.
According to a recent study by Cambridge University, Kazakhstan has also opened its doors to Bitcoin miners from China, and its share of the global hash rate has risen to approximately 8%.
China’s portion of the global hash rate has fallen below 50%, while the United States’ share has risen. However, the significant transfer of mining activities out of China has yet to be incorporated into this scenario.
It may be too soon to award the United States the gold medal in Bitcoin mining, but the nation seems to be on course to overtake the leaderboards if current trends continue. As a consequence of China’s mining crackdown, the United States is now the new gold medalist in this area.
With an 8 percent contribution to the global hash rate, Kazakhstan takes silver, while Iran takes bronze with a 4.6 percent contribution. In this category, Canada and Malaysia narrowly miss out on the podium.
It’s a picture finish in the regulatory race.
There are a lot of nations competing for a crypto gold medal when it comes to progressive legislation that is pushing cryptocurrency acceptance and usage. They can claim of having established regulatory standards that are helping the sector flourish in their locations.
For many years, Malta has positioned itself as a blockchain island, attracting a number of the world’s largest cryptocurrency exchanges and other crypto service providers. Crypto holders do not have to pay capital gains, wealth, or inheritance tax on their holdings, but trading is subject to income tax in the nation.
Singapore is another nation that has enacted thorough legislation that spells out exactly what bitcoin companies and service providers must do in order to operate there. Singapore is also one of the few nations that does not charge a capital gains tax on cryptocurrency profits.
South Korea has long been a cryptocurrency hotspot, with Bitcoin trading at much higher values than the rest of the globe. Since then, the nation has established tight regulatory frameworks while also driving a number of efforts to promote different blockchain-based services.
Switzerland, with its progressive stance toward cryptocurrencies and blockchain, is another strong candidate in this area. Earlier in 2021, the Canton of Zug made it possible for citizens to pay their taxes in Bitcoin and Ethereum (ETH).
Canada is a leading contender in this race, having been the first nation to authorize a Bitcoin ETF (ETF). The introduction of the first Bitcoin ETF, Purpose Bitcoin ETF, on the Toronto Stock Exchange in February 2021, was a tremendous success, with over $100 million in trading activity on the first day.
Overall, Canada has been praised for its cryptocurrency-friendly regulatory framework. Cryptocurrencies are classified as commodities, and using them to exchange goods or services is referred to as bartering.
As a result, the crypto and blockchain regulation race comes to a close in this group of five nations. We can affirm that Canada takes the gold in this category for its wide variety of crypto-friendly policies, from ETFs to clear tax rules and advantageous mining tariffs, as we bring up the slow-motion replay.
Malta receives silver because its position as the “Blockchain Island” has faded owing to a change in political leadership that had previously championed the cause. In this area, Singapore and South Korea are tied for third place.
For institutional adoption, the United States wins gold.
The modern-day United States is a capitalist culture, and the disruptive nature of cryptocurrency has prompted some forward-thinking people, businesses, and institutions to act fast to capitalize on cryptocurrency and blockchain technology’s potential.
MicroStrategy, a worldwide leader in business intelligence services, was the first to convert its fiat-based treasury assets to Bitcoin in the year 2020. Michael Saylor, the company’s CEO, is a fervent Bitcoin supporter who has steadily increased his BTC holdings since the company’s decision to invest in the leading cryptocurrency in August of last year.
MicroStrategy’s action is generally credited for convincing Tesla and its creator Elon Musk to start investing in Bitcoin and, at one time, accept it as a form of payment for its cars.
Cryptocurrencies have been hailed as a game-changer in the payments sector, and PayPal sought to be first to market by announcing that it will add bitcoin custody and payment services to its extensively used platform.
American financial companies have also paved the path for a broader audience to get access to cryptocurrencies in a variety of ways. Grayscale Investments, for example, owns a number of cryptocurrency trusts that are now valued at over $33 billion. The company’s flagship Bitcoin Trust is now worth more than $24 billion.
These criteria are more than enough to give the United States another gold medal in the Crypto Olympics for institutional adoption.
Due to its crypto-friendly legislation and advanced ETF regulations, Canada takes silver in this category, surpassing its North American neighbor in this respect. Thailand earns a bronze medal in this category, since Siam Commercial Bank, the country’s oldest bank, has pledged $110 million to invest in the decentralized financial industry via its venture capital subsidiary SCB 10X.
A number of nations are disqualified due to their differing perspectives on cryptocurrencies and blockchain technology.
Nigerians were taken off surprise in February 2021 when the country’s central bank essentially prohibited local banks from serving cryptocurrency exchanges. The decision was widely panned, both domestically and internationally, for a country that still ranks first in Google searches for Bitcoin. As a consequence, Nigeria’s Securities and Exchange Commission had been working on crypto regulation measures, which were put on hold.
India is another nation with a tumultuous history when it comes to its stance on cryptocurrencies. The government of the nation has long threatened an outright ban on the usage of Bitcoin, but this is progressively changing with discussion of asset categorization, which would provide appropriate legal frameworks and supervision for the growing sector.
India’s banking sector is still at odds with the cryptocurrency movement, with some of the largest institutions reportedly cautioning customers about acquiring and using cryptocurrencies. It’s clear that mixed messages from India’s government and central bank in recent years have created a swathe of uncertainty that can only be addressed by proper education about the sector.
This disqualifying category also includes China’s recent prohibition on cryptocurrency mining in certain parts of the nation, since the move created significant disruptions in the mining industry, prompting businesses to shut shop and seek greener pastures overseas.
The Chinese government has also given instructions to local banks not to provide services to bitcoin companies, which is reason for worry. Citizens in the nation are deprived of the capacity to access and utilize cryptocurrencies to their full potential as a result of the government’s refusal to integrate with the conventional financial industry.
In an energetic year for the cryptocurrency and blockchain industries, there have been some notable achievements. On May 20th Bitcoin hit an all time high of $2.8k, and we saw the rapid rise of Ethereum, which hit $400 at one point on May 18th. And although there have been many more highs than lows, the industry is still in its infancy and is very much open to take on new challenges.. Read more about helen partz cointelegraph and let us know what you think.
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