Countries That Used Cryptocurrency In 2022
The previous year was filled with a huge number of events. It was initially thought that the lockdown caused by the COVID pandemic was the worst that could happen but, as usual, the assumptions proved false. The cryptocurrency market fell sharply, with Bitcoin’s value remaining at $16,000, due to geopolitical factors and the interest rate hike by the US Federal Reserve.
In addition, the industry experienced other catastrophic events such as the bankruptcy of FTX and the collapse of Solana. Nevertheless, this article focuses on countries that have boldly introduced innovations in the field of digital assets despite the decline of the market.
The United Kingdom
In 2022, the United Kingdom went through a turbulent year marked by significant changes. Sadly, Queen Elizabeth II passed away after devoting seventy years of her life to the service of the nation. In addition, there have been political upheavals: Boris Johnson and Liz Truss, two former British Prime Ministers, have resigned.
Despite any shocks, the country’s regulators remain active in the area of digital financial assets. A new bill relating to financial services and markets has recently emerged, signalling that the UK is about to become the world’s centre for digital assets. This bill strengthens the regulation of stablecoins and introduces a new concept – digital settlement assets (DSA).
Of course, you can’t make a list of countries where Bitcoin is recognized as a means of payment, and not include El Salvador in this list. More recently, Nayib Bukele, one of the politicians of the country, presented a plan for the issue of “Bitcoin bonds”. Unfortunately, little has changed so far and the plan is still under development, although it is possible that it will be implemented in the near future.
Central African Republic
Last spring, the Central African Republic (CAR), a country with a population of five million, authorised the use of digital assets in financial markets, allowing traders and investors in the country to carry out cryptocurrency transactions without fear. The country’s central bank subsequently introduced a Sango coin.
United Arab Emirates
Dubai tourism set up a legal framework for digital assets during the spring season to protect investors and strengthen regulation of the industry.
The Dubai Virtual Asset Regulatory Authority (VARA) has been given the power to enforce regulations in the Emirate’s special development zones and fee zones, with the exception of the Dubai International Financial Centre. Among the first cryptocurrency exchanges to be licensed under this new regime was the infamous FTX exchange, which went bankrupt last year.
In general, 2022 proved to be a favourable year in relation to regulatory affability. Looking ahead, 2023 promises to be even more exciting as the United States launches a competition to establish the first comprehensive cryptosystem, and Hong Kong and South Korea initiate potential liberalisation measures.
Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.