Four Countries that will shape Crypto Adoption in 2023
Blockchain is the future. Economies across the world are positioning themselves to strategically harness this tech. Most of these countries may have learned from their previous failures in the adoption and leveraging of crypto payments. Here are countries to watch out for when it comes to blockchain adoption in 2023:
This country remains host to the largest Bitcoin Nodes in the world. The political class in the country has also learned from its previous goofs and they have taken an exceptionally keen interest in crypto. It is expected that as we move into 2023, regulation around the crypto ecosystem will be streamlined. The government has also set aside funds that can be channeled into green energy, boost blockchain adoption and enhance the country’s digitization process. The USA is also host to some of the largest digital asset managers who provide liquidity for the crypto economy. Some notable names are Secure Capital, Mass Mutual, and Blackrock. It is also planning to test its own CBDC with recent announcements stating that the treasury department is looking at the viability of CBDCs: how it can enhance financial stability and its implications. It seems inevitable that the country will have to ultimately design its own CBDC.
Japan is seeking to relax its crypto rules to boost investment and enhance growth in this sector. Japan’s government has also set aside funds for investment into web 3.0 Technologies. These will include investments in blockchain tech and NFTs. The government also plans to digitize National IDs in the country while leveraging blockchain Tech. Japan has not shied away from the use of NFTs. It recently gifted local government workers with NFT gifts for exemplary work in government service. The country also seeks to enhance the growth of the fintech sector by spearheading legislation that will help startups mobilize funds through security tokens. We are also seeing cities like Fukuoka striving to go all-in into Web 3.0. The city recently positioned itself as a hub for web 3.0 startups and is working in partnership with Astar network to promote the use and development of blockchain tech.
This country is at the forefront of developing technologies around web 3.0. The country is one of the largest web 3.0 hubs in the world, hosting events and companies that are focused on web 3.0. There are over 2000 companies fully focused on web 3.0 that are domiciled in the UAE. The UAE government is also one of the first governments to establish a presence in the Metaverse. Dubai has also drafted a metaverse strategy that seeks to position it as one of the largest web 3.0 economies in the world. These are the policies and moves that endear them to web 3.0 companies.
Brazilians can easily access crypto payments from financial institutions. For example, Nubank, one of the country’s top crypto providers, has over 47 million users in Brazil. Businesses are also holding crypto — over 12000 companies in Brazil have crypto holdings. This rapid adoption points to a hunger for an alternative financial asset as users seek to escape from high inflation in the country. Legacy financial institutions in the country are also realizing that there is a growing market in the crypto field and are rushing to offer products across the crypto ecosystem. A good example is Santander bank. Brazilian cities are also warming up to the payment of taxes using crypto. Rio De Janeiro recently announced that it will accept crypto payments for property tax the first Brazilian city to accept crypto payments. Taxpayers can use crypto alongside fiat currencies.
As we get into 2023, these are just some of the countries that will be at the forefront of crypto and Blockchain adoption. Other notable players are China, the UK, and the EU region; they are steadily creating technologies that will shape the future of blockchain.