The cryptocurrency race is on and China is trying to beat the United States of America (US) through a central bank digital currency (CBDC). While Portugal has taken an unprecedented step to increase financial stability through cryptocurrency.
Big corporations like Microsoft and the New York Stock Exchange have been observed to show their fair share of concern regarding the crypto space. Numerous technological industries have been seen pouring investments into cryptocurrencies.
Who is leading the cryptocurrency race?
To be honest, there is no ranking index that can pinpoint the country leading the cryptocurrency race, but there are contendors like, China, Portugal, France, and Iran looking to tumble US and UK.
Other major corporations that offer international transactions and financial services, including Allianz and Mastercard, are striving to invest and work in the blockchain technology. Companies are searching for blockchain developers that are talented and know their ways with blockchain.
Various countries over the world have taken part in the cryptocurrency race, and now Portugal leads after it announced the elimination of all taxes on trade and earnings in crypto-currencies.
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
Bruno Le Maire, Minister of Economy for France has said that all crypto trades will be exempted from any taxes, and the authorities will only demand tax if these crypto-earnings are converted to the country’s conventional currency.
China is way ahead of all countries when it comes to the cryptocurrency race. China not only invests profoundly in the blockchain technology, but it also holds the majority – seventy-two percent (72%) – of the Bitcoin mining power. Chinese are also expected to build a cryptocurrency of their own as they are currently working on it.
France eliminates taxes for crypto-to-crypto trades. Iran does too, for miners repatriating revenue. USA? IRS demand letters.
China builds its own digital currency. Many more follow, like the Marshall Islands. USA? FedNow, due in 2023.
This is a competition, and we’re losing.
— Jake Chervinsky (@jchervinsky) September 12, 2019
Jake Chervinsky, an expert of this space tweeted about Iran eliminating all sorts of taxes on the mining of cryptocurrencies.
Despite all the countries striving forth in this crypto race, the United Kingdom and the United States of America are on about their insecurities and uncertainties with crypto-currencies and have shown no serious interests in the crypto-space, putting themselves further behind in this race of crypto evolution.