DeutschWhen it comes to the question of the use cases of cryptocurrencies such as Bitcoin or Ethereum, opinions still differ. Actually, for no reason. Because not only does the blockchain hold plenty of potential – and not just in gray theory. There are many areas in which the technology is increasingly finding its way. There are some cities that are particularly open to technological use and are increasingly relying on Bitcoin and Co. We take a look at crypto-friendly places – especially after the expected end of the Corona pandemic, city tours will be very popular again.
Crypto-Friendly Places: Valletta
The so-called “Blockchain Island” Malta is considered a crypto hotspot with a worldwide role model function. The island state has been flirting with the use of various blockchain solutions for good reason since 2017. Even academic certificates are now stored there internally on the blockchain in a forgery-proof manner; numerous companies are drawn to Valletta precisely because of the high level of acceptance. The economy showed a proud 30% GDP growth in recent years with a rapidly increasing trend.
Tallinn
Estonia’s capital is considered one of the great pioneers in digitization and e-government for good reason. Countless applications are already based on blockchain technology today. A uniform income tax has been attracting more and more start-ups to the crypto stronghold for years. The digital development on site far exceeds many European standards. In September 2017, the Estonian government caused a sensation in the crypto space with plans for the “Estcoin”. And is therefore once again a role model for many other cities.
Gibraltar
The Mediterranean islands have long been particularly fond of blockchain technology. In the past, the British overseas territory has issued dozens of licenses for crypto companies. The result: in 2018, the first Gibraltar Blockchain Exchange (GBX) started its business.
Ljubljana
Slovenia’s capital is also one of the leading “crypto-friendliest” cities worldwide. Here, many merchants already accept payments in cryptocurrencies today. The small number of inhabitants is an argument for this development for some industry experts. Because small states in particular are considered open to the new technology. Interesting: With the “BTC City”, the government wants to turn the country’s most famous shopping center into a Bitcoin metropolis. When it comes to crypto adoption, there are few cities as innovative as Ljubljana.
Crypto Location Switzerland
The “Crypto Valley” – namely the canton of Zug – is considered one of the most promising locations for companies in the blockchain sector worldwide. In addition to the manageable tax rates, it is above all the numerous use cases and the exemplary acceptance (even on the part of the authorities) that are reason enough for many companies in the sector to relocate their business to the region. The fact that the social media giant Facebook has also chosen Geneva as the location for its offshoot “Libra Foundation” has been attracting increasing attention to the Alpine Republic of Switzerland for some time. The Libra association mentioned has its headquarters in Geneva and could thus give more importance to a local counterweight to the canton of Zug. Should Facebook’s stablecoin Libra become the expected big hit, Switzerland as a whole will most likely benefit as a crypto location.
Crypto-friendly Places: Things are also Happening Here – Berlin, London and Especially Asia are Growing
Berlin is increasingly becoming the “place to be”. London is gradually attracting more developers and crypto enthusiasts. Industry meetups and lucrative job offers promise rapid growth in the blockchain sector. Singapore is considered one of the most progressive metropolises in the world. There, it is especially the government itself that shows great interest in blockchain technology. Instead of constant debates on the subject of possible regulation, the focus is more on options for using the blockchain in a wide variety of areas. Most recently, considerations and projects have emerged that deal with the applicability of the blockchain in the distribution of protective masks in the fight against the spread of the corona virus. But this is of course only one of virtually endless areas of application. Other examples in Asia are the metropolises of Seoul, Tokyo or the special administrative region of Hong Kong. There’s a lot going on here too.
South America is Catching up – Economic Crises are Promoting Blockchain Approval
Rapidly rising inflation rates and massive problems in the regional economy are not only causing increasing interest in currencies such as Bitcoin among the population in Venezuela. It is often coins such as Litecoin or Dash in particular that benefit from the economic crises on the continent. To avoid inflation and exchange rate risks, (online) retailers in the region allow payments in cryptocurrencies faster than competitors on other continents. This applies equally to the release of digital currencies at ATMs. Bitcoin and Co. are increasingly becoming an alternative to inflation-weakened state currencies such as the peso.
The USA
As expected, the US Silicon Valley is also receptive to the innovative technology and is discovering the opportunities of the blockchain. New start-ups and FinTech companies are constantly emerging that are taking advantage of the opportunities. There are also an increasing number of financial products such as crypto options or futures that enable investors to make exciting investments. However, the often problematic situation with regard to regulation prevents many service providers from introducing new investment products. The US authority SEC in particular often presents itself as closed when it comes to approving new offers. After all, things are gradually moving in the USA. It should be mentioned positively that there are now some cities that are considering tax payments in cryptocurrencies, for example, or are working on introducing them.
Crypto-friendly places: The list and the use cases are getting longer and longer. Even if you consider that there are always crypto providers who already have a credit card on offer and you can pay with it everywhere.
