The existence of cryptocurrency depends on public approval, but for it to become widely used, governments must establish a supporting infrastructure that meets both the needs of the technology and the general public.
A nation’s willingness to adopt cryptocurrencies is indicated by elements including the installation of cryptocurrency ATMs, pro-crypto policies, startup culture, and a just tax system. With a crypto-readiness score of 8.6, Hong Kong was found to be the nation best prepared for widespread cryptocurrency adoption according to a Forex Suggest study. The United States and Switzerland made it to the top three despite having greater crypto infrastructure than the island nation, with scores of 7.7 and 7.5, respectively, as seen below.
The number of cryptocurrency ATM installations in relation to the jurisdiction’s population and geographic extent as well as the number of blockchain startups per 100,000 people were the two most important variables in the study used to determine a nation’s preparedness. Hong Kong topped the list as a result of its smaller land mass.
According to data from CoinATMRadar, 88 percent of all crypto ATM installations worldwide are located in the U.S. On the other hand, Hong Kong only installed 146 crypto ATMs, or 0.4 percent of all crypto ATMs placed worldwide. Hong Kong citizens are never more than 4.3 miles (7 kilometers) from a cryptocurrency ATM due to the limited region.
In contrast, Switzerland has one ATM for cryptocurrency every 161.5 miles (260 km), while the United States has one every 168.3 miles (271 km).
Cryptocurrency taxes- Obstacles to crypto adoption
The largest barriers to the widespread adoption of cryptocurrencies are crypto taxes. For the lowest crypto capital gains taxes, Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey tie for first place.
The success of a nation’s initiatives to support a developing crypto infrastructure significantly depends on investor opinion. However, investors from developed nations like Australia, Ireland, and the United Kingdom have expressed the greatest interest in cryptocurrencies, indicating robust global competition for cryptocurrencies.