Notwithstanding the fluctuating price developments of Bitcoin & Co., the general acceptance of crypto currencies continues to advance worldwide. Also the relevance of the blockchain as a technology is still on the advance with many promising projects. This realization now seems to be gradually reaching governments around the globe.
All over the world there are now Bitcoin ATMs to admire. Whether in the United States, on the island state Malta or also in Austria – in most different countries there is the possibility of exchanging Bitcoin at cash machines. Many people may wonder why they have never seen a Bitcoin ATM before. However, there is a simple reason for this: In the Federal Republic of Germany there are no publicly accessible machines. The regulatory hurdles for operating a Bitcoin ATM are far too high and include a BaFin license, among other things.
What is the status of the Bitcoin loophole?
In purely infrastructural terms, Germany does not seem to be one of the frontrunners of innovation and acceptance – at least as far as crypto currencies are concerned in this review by onlinebetrug. Nevertheless, there are of course many Bitcoin acceptance points in our country as well. The fact that the government and regulators in Germany are slowly getting an idea of how to use the Bitcoin loophole blockchain is shown in the Grand Coalition’s coalition agreement. But what is the general assessment of Germany’s position in an international comparison? The Blockchain Bundesverband made the following statement to BTC-ECHO:
“In an international comparison, the federal bloc sees Germany in an extraordinary position on the subject of the blockchain. Although we are a little behind in terms of adaptation and advance with pilot projects so far, we have two decisive factors. For this we have two decisive advantages: Berlin in particular is a natural gravitational point for the Blockchain community. This is demonstrated by the branch offices of the most renowned Blockchain companies, the high density of Blockchain experts, the very active community with countless Meet-ups and not least international players from all over the world who hold their conferences in Berlin and many other cities in Germany.
With regard to the acceptance of crypto currency as a means of payment, we on the part of the federal bloc will provide intensive information together with our members and seek dialogue with the different stakeholders.
The federal bloc also commented on its own role in the development of blockchain acceptance in Germany: “With the Blockchain community, the federal bloc has taken a leading role, prepared the topic for politics and laid the foundations for numerous pilot projects both in the public sector and in industry.
How far have other countries already gone in the news spy?
While the federal bloc sees Germany on a fundamentally good course, other countries are also constantly developing according to this review. Both in terms of blockchain adaptation and Bitcoin acceptance, there are pioneers worldwide who are already much further ahead than the Federal Republic. A role model for Germany in the news spy area could be the USA, for example, which has already been mentioned above. The majority of the US states has already dealt in detail with crypto currencies and the theory behind them. In many cases it came so already to a federal regulation.
Beside the USA above all the Eastasiatischen states are with the crypto use completely in front. Japan has become the largest trading centre for Bitcoin, and in South Korea crypto currencies are increasingly being used as a means of payment. Finally, the Bitcoin wave also sloshed across the southern Atlantic and arrived in Brazil. With more than 1.4 million Bitcoin users and various exchanges competing with each other, a flourishing blockchain ecosystem is emerging there. Brazil, like many Latin American countries, suffers from state inefficiency and a high rate of corruption. The blockchain could be a way out of this dilemma.
However, there are still states in which the use of crypto currencies is still very problematic. In addition to the strongly restricted use, as in the People’s Republic of China, crypto currencies are even declared illegal in 8 countries. These include the Muslim countries Morocco, Algeria and Bangladesh as well as the two Asian states Vietnam and Nepal and the South American states Ecuador and Bolivia. Macedonia is the only European country to appear in this group. While Germany is fortunately far away from these countries, there is still a lot of work to be done in terms of crypto-acceptance.