Whether governments like it or not, cryptocurrencies have risen in importance. The landscape of a national digital cryptocurrency could be one where cryptocurrencies are adequately taxed and regulated and able to contribute directly to the economic growth of the nation in all of the possible aspects. Some nations are making huge steps into accepting digital currencies such as Singapore, Hong Kong, Switzerland, and Estonia. This last one with digital services such as “e-residency,” which allows people to run a business in the country without even living there.
Digital services of this kind can be totally decentralized and represent an opportunity to work hand-in-hand with blockchain and provide benefits to the citizens.
Cryptocurrencies can provide many benefits. For example, in the case of national emergencies, donations could be made by using cryptocurrencies, and several projects can be created to empower both government and citizens.
How would a country become a crypto nation?
If a country wants to support cryptocurrencies, reform is needed to their current actions regarding the digital currencies matter. First of all, the government needs to stop treating this as a dangerous activity, and instead, should encourage its population to get involved.
The same way, building trust among the population seems to be the next step; a lot of people simply don’t consider trading cryptos as a safe investment. For this, the best way out is to lead by the example, meaning the same government needs to invest money in cryptos.
Similarly, education needs to play a more prominent role in the understanding of cryptocurrencies; people need to get familiar with the idea and fully understand the benefits of crypto assets.
Finally, it is necessary banks create alliances with cryptocurrencies investment services. None of these two are going to disappear any time soon, so the only option is working together. In order to make this happen some rules should be developed, but a way of functioning as an integrated masterpiece needs to be found.
As a matter of fact, the contrast is visible while still there are countries like Israel, a Hi-tech powerhouse, where the digital currencies trade is explicitly sabotaged by banks, which makes it impossible for investors even to try to deal with cryptos. On the other hand, in Japan, Bitcoin was declared legal and other registered exchanges are being supported.
