Has The United States Of America Lost The Crypto Race To Other Countries?

Introduction

Every country wants to best its economy by taking a lead in newer areas of technological innovations. The economic strength and might of the United States have been a result of some of the biggest tech companies mushrooming in the country in the last four to five decades.

This does not mean that developed nations in the European continent have been too far behind. What we are trying to state is that a pro-active and positive government, which has the capability to predict growths, plan projections and see a vision of an economic future is necessary to lead financial and economic development.

We try to answer an important question that is on everyone’s mind. Has the United States lost out of the hottest tech innovation in the past few decades- Cryptocurrencies?

The United States and what it feels about Cryptocurrencies?

In recent years, many global economists and financial think-tanks feel that the United States has been badly led by democratically elected leaders. They have failed to catch on to the emerging trends and have been slow in taking initiatives.

The United States has not been able to help its institutions and financial systems benefit from Bitcoin adoption. This has been in the area of neither financial interests nor innovations in technology.

The changing stance of governmental authorities and institutions has meant that investors in the United States are investing in Bitcoin from other countries.

While the topmost government officials in the United System continue to berate Bitcoins as something illegal, other countries have realized their worth as a strong financial model of the future and are going out of their way to integrate it in their formal financial and banking systems.

Countries that are at the forefront of Cryptocurrency Adoption?

One can’t help but think that the European Union (27 countries) is far ahead of the United States in terms of adoption, policy regulations, and mainstream usage.

Just to give you an example, a draft bill for the whole of the EU concerning electronic money is in the process of being passed. This will enhance the ease of use of cryptocurrencies and how they could be bought, sold, and held in banking systems.

Another major reason why the EU is pushing for increasing policies on this front is that it considers cryptocurrencies as an important source of revenue generation. Taxation on crypto holdings can be a billion-dollar new source for countries looking to generate revenue and add the necessary fodder to their financial systems to grow.

Even within the EU, Germany has pulled far ahead and has legalized cryptocurrencies within the country’s official Banking Act!

Others like China, that have been on the part of secretive development of its own CBDC, Digital Yuan has been placed leap years ahead.

Can the United States catch-up with Nations leading Crypto Adoption?

The American elections of 2020 have been dubbed as one of the most significant pieces of historical events in the country’s memory. Most feel that the economic mismanagement, closed and inward-looking financial and business stance of the previous regime has hurt the country.

The new President-Elect, Joe Biden has already announced some policies, which will seek to overcome decisions taken by the Trump Administration.

This includes the US government stance towards cryptocurrencies and Blockchain adoption. Many tech entrepreneurs and investors in the United States are hopeful that the new President is good news for the ecosystem.

There is no doubt that the United States has some of the world’s best resources at its disposal. If it wants, it can accelerate development in any area it wants in record time.

The Final Word

According to the savingadvice.com, only time will tell whether America will be able to catch up to other countries in the crypto race. With the new President, the starting point seems progressive, but real policy decisions and regulations will signal, which direction the country is likely to take going forward in 2021.