As Britain follows the U.S. in its Trumpism style of politics, it seems as if the two countries are hellbent on losing the cryptocurrency race as well.
Countries Leading the Cryptocurrency Race
Institutional investment continues to pour into the cryptocurrency space. With names like the New York Stock Exchange and Microsoft getting on board and legitimizing Bitcoin like never before.
Major corporations around the world like MasterCard and Allianz are investing in blockchain initiatives. The search for talented blockchain developers continues to grow, and many countries around the world are ramping up their efforts in the cryptocurrency race as well.
Portugal, for example, recently announced that it will eliminate tax on all earnings in cryptocurrency. The country’s tax authority further declared that payments and trading cryptocurrency in Portugal are now 100% tax-free.
BREAKING: Bitcoin trading and payments are tax free in Portugal!
There’s no income tax on cryptocurrency earnings in the country, as just declared by the Portuguese Tax Authority
Bitcoin adoption will become the next space race!
— Rhythm (@Rhythmtrader) August 29, 2019
France has also taken steps toward a friendlier approach to cryptocurrencies. French economy minister Bruno Le Maire recently declared that crypto-to-crypto trades will be tax-exempt. The French authorities will collect tax only when cryptocurrency is converted into fiat.
China, thus far, is the clear leader in the cryptocurrency race. It not only holds 72% of the mining power for Bitcoin, but the astute Asian country also invests the most in blockchain technology.
China is even busy building its own cryptocurrency, taking inspiration from the Marshall Islands.
As well-known legal expert in the space Jake Chervinsky tweeted out,