El Salvador was the first country to accept cryptocurrency payments, and now other countries are following suit.
Cryptocurrencies are all the rage these days. Other governments began creating a blueprint to include Bitcoin in their financial strategy after El Salvador recognised Bitcoin as legal cash in 2021.
When it comes to cryptocurrencies or using bitcoin as a payment option, there is always debate, but one truth remains undeniable: an increasing number of merchants and venues are eager to take cryptocurrency as payment. This article lists the top five nations where small businesses aim to accept cryptocurrency as a form of payment.
United States of America
There are already 15,000 businesses accepting cryptocurrency payments around the world, with over 2,000 of them in the United States. To put it another way, the United States is the epicentre of cryptocurrency payments. Bitcoin can be used to pay for lunch at Miami’s Pizza Bar or a show at the Seacoast Repertory Theatre in Portsmouth.
Canada
Canada has long had a supportive attitude regarding cryptocurrencies, and the Canada Revenue Agency has already classified them as a commodity. Canada, which has taken regulatory steps to accept virtual money, has a sizable Bitcoin ecosystem. Many small businesses in Canada accept cryptocurrency payments, and the number of merchants is expected to grow in 2022.
Australia
Bitcoin is legal in Australia, as it is in the United States and Canada. The Anti-Money Laundering and Counter-Terrorism Financing Act, however, must be followed by buyers. Furthermore, bitcoin and other cryptocurrencies are subject to the Capital Gains Tax.
European Union
In 2015, the European Court of Justice (ECJ) ruled that buying and selling digital currencies in the EU fell under the category of “supply of services,” and hence is VAT-free (VAT). In addition, a number of EU countries, including Finland, Belgium, the United Kingdom, and Bulgaria, have launched their own initiatives to make Bitcoin trading more accessible.
Israel
In a population of 451,000, Israel’s financial capital and one of the world’s leading cities for start-ups, there are nineteen bitcoin merchants and seven bitcoin ATMs. In Israel, it is simple to buy and sell items using cryptocurrency.
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