Pakistan Ranks 10th Among the Most Crypto-Friendly Nations

Despite its booming tech industry and tech-savvy population, India surprisingly finds itself trailing its neighbour Pakistan in the race for crypto-friendliness. While Pakistan secures the 10th spot on the list of most crypto-friendly nations, India sits just one position behind at 11th.

This comes amidst a global surge in cryptocurrency ownership. According to Crypto.com, the number of crypto owners skyrocketed from 432 million to 580 million in 2023 alone, highlighting the growing popularity of this digital asset.

Pakistan Ranks 10th Among the Most Crypto-Friendly Nations

While some countries have actively suppressed these technological advancements, others have embraced them, fostering the growth of this new industry. Argentina leads the pack as the world’s most crypto-friendly nation, offering favourable conditions for miners and traders. Following closely behind is the United States, with a large population actively holding cryptocurrencies. However, the high mining cost of $87,885 per bitcoin poses a significant challenge for US miners. Despite this and other regulatory hurdles imposed by the government, the US remains a hub for crypto enthusiasts, generating a substantial portion of traffic on popular crypto platforms.

Here’s a quick look at the top 10 most crypto-friendly nations:

1. Argentina
2. United States
3. Colombia
4. Ukraine
5. UAE
6. Vietnam
7. Turkey
8. Canada
9. Singapore
10. Pakistan

India, however, presents a different picture. Cryptocurrencies operate in a regulatory grey area, with no central authority overseeing their use as a legal form of payment. While Pakistan currently has no regulations in place, India’s 2022 central budget introduced a 30% tax on crypto gains and a 1% tax deducted at source, indicating a more cautious approach.

The global rise in crypto ownership signifies a growing interest in this digital currency. While some countries are actively supporting this technological revolution, others are implementing regulations due to security concerns associated with cryptocurrencies. It remains to be seen how India will navigate this evolving landscape and whether it will follow suit in embracing the crypto wave.

See Also: Pakistani Govt to Tax Cryptocurrencies? Here’s why!