With the Central Bank on February 5, 2021, releasing a circular ordering all Nigerian banks to shut down accounts involved in cryptocurrencies.
There have been reactions from Nigerians on what this means for cryptocurrency users in Africa’s biggest economy.
Nigeria doesn’t exactly look like a cryptocurrency-friendly country given prevailing regulations.
Here are 5 cryptocurrency-friendly countries:
The country has been known to support cryptocurrency by slashing tax from profits made from the trade.
2. The Netherlands
The Netherlands has promoted the sale of bitcoins in retail stores and has a travel agency focused on “Bitcoin tourism.”
It has slowly become the cryptocurrency base.
Germany made a big step in the acceptance of Bitcoin by making it a legal tender, a benefit for users from the low tax it incurs as opposed to a regular customer.
4. The United Kingdom
The UK is significant here as it is home to a large number of cryptocurrency startups and dealers.
The country has become one of the biggest crypto areas.
It is speculated that the enigmatic creator of the bitcoin, Satoshi Nakamoto comes from Japan.
As a matter of fact, Japan plays host to cryptocurrency users from across the world.
Some of the biggest agencies are Japanese.
What other Cryptocurrency-friendly countries do you know?