In 2021, cryptocurrency has seen a surge in interest as many new investors and traders join the market. With many new platforms like Bitcoin Loophole making it easier for investors to get started, the number of crypto enthusiasts is growing daily.

Ten years ago, very few people knew what cryptocurrency was, and even fewer had one. Today, many people around the world own cryptocurrencies in some form. This has led many governments to regulate the industry and deal with this breakthrough technology.

We are now seeing countries exploring crypto and blockchain technology. Some countries like Bulgaria have adopted the technology and bought large amounts of Bitcoin. This is the beginning of many, according to predictions.

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Statistics on the introduction of cryptocurrencies

The cryptocurrency index is compiled by Chainalysis. You have researched many different countries around the world, examining several factors that affect a nation’s cryptocurrency adoption rate. These factors include purchasing power, regulation, transfers and access.

According to their study (table below), Vietnam is by far at the top of the index. This shows how the country is advancing with this breakthrough technology.

Source: Chain analysis

Regulation of cryptocurrency

Further discussions on the regulation of cryptocurrencies are expected. Washington DC and other countries around the world are working to create laws and guidelines that will make cryptocurrencies safer for investors and less attractive to cyber criminals.

“Regulation is probably the biggest overhang in the crypto industry worldwide,” said Jeffrey Wang of Amber Group, a Canada-based crypto finance company. We would appreciate a clear regulation.

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China stated in September that all cryptocurrency transactions within the country were illegal. This effectively stops all crypto-related activity within the Chinese borders. In the US, the situation is less clear. Federal Reserve Chairman Jerome Powell recently stated that he had “no intention” to ban cryptocurrencies on the US Security and Exchange Commission, while Gary Gensler, Chairman of the US Security and Exchange Commission, spoke at the Monitoring of this industry consistently through both that of his agency and that of the Commodity Futures Trading Commission.

Gensler recently stated that if stricter regulations are not enforced, investors are “likely to be hurt”. The IRS is interested in investors reporting virtual currencies when filing taxes.

Regulation is not without its challenges, as with all things cryptocurrency related. Wang says that there are many authorities empowered to oversee all things. That differs from state to state.

The cryptocurrency post-adoption in 2021 first appeared on Coin Insider.

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