You could be mistaken in associating the new and innovative cryptocurrency and blockchain technology with only the most advanced countries of the world. North America, Canada, Australia, China, Japan, Switzerland and the UK are notably making a stance on the world stage in terms of innovative Blockchain; however,  surprisingly there are some smaller countries across the globe that are embracing this new IT phenomena.

Whether you love it, hate it or just don’t understand it yet, Blockchain is slowly building momentum across the world and is being used more and more to trade money and build infrastructure.

A recent article by FXStreet – 5 Small Countries Making A Big Impact In Cryptocurrency And Blockchain  highlights the following countries who are demonstrating a positive attitude towards cryptocurrency and blockchain technology.

5 countries that are making a difference with cryptocurrency and blockchain

Georgia: A small island off Turkey it is ranked second in the cryptocurrency mining volume according to the 2017 Global cryptocurrency Benchmark study from the University of Cambridge Centre for Alternative Finance

With a majority of cryptocurrency coming from the datacentre owned and run by US company Bitfury, many people in Georgia have also begun mining cryptocurrency from processors in their own homes.

Thailand: Thailand’s postal service ‘Bangkok Post’ announced in 2017 that they would it would use blockchain technology for its services in to track packages that enclose high value items, with only authorised persons being able to open them.

Malta: Malta is at the heart of most of the legal trading of cryptocurrency. Malta has demonstrated an ‘openness’ to cryptocurrency by offering an optimistic approach which is still regulated but doesn’t impose too many restrictions like some other countries. They are currently creating Malta Digital Innovation Authority (MDIA) which will focus on several policies covering the utilisation of the digital technology including ‘education on ethical standards’.

Lichenstein: In this small country between Switzerland and Austria, you won’t need a bank account to start a business, you can begin trading using Bitcoin or Etherum and with their monthly ‘Bitcoin meets ups’ in the capital city Vaduz, they are keeping abreast of the technology developments.

Cyprus: At the University of Nicosia in Cyprus, it is one of the first schools to offer programmes in cryptocurrency and blockchain, such as Master of Science in Digital Currency.

Often cryptocurrency and blockchain receives a negative press, perhaps because people are scared of it or they can’t grasp it yet. Understandably the banks are cautious of it because it could see them go out of business. What it is certain that these countries are embracing its development in a positive light by educating users and allowing them to discover new possibilities as to how it could be applied in everyday duties as it becomes more socially acceptable, understood and used within local industry.

Is your company using cryptocurrency and blockchain to trade? We are following the developments of cryptocurrency and blockchain technology closely, to support companies who are embracing new methods of use. To find out how we could protect your business, please contact our cryptocurrency and blockchain commercial insurance team.

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