The advent of cryptocurrency was not welcomed globally or by everybody with warm hands. There are many countries that have or tried to ban Bitcoin, but still continued using blockchain, the technology supporting cryptocurrency.
There are many countries and people that are embracing blockchain technology or using Bitcoin and other forms of digital currencies. But there are also those who don’t want to hear anything concerning the cryptocurrency business in their countries. What is the reason for such hostility?
Amidst global digitization, the cryptocurrency industry is constantly growing. Some countries remain alerted to the industry, while others create favourable conditions to take advantage of it to boost their economy.
A huge amount of profits are being generated for countries through this cryptocurrency mining. For this reason, governments are channelling their surplus resources to boost the mining business and the entire cryptoasset sector.
South Korea is known for its friendly stance on innovations including cryptocurrency. The country has even announced plans for releasing their own CDBC dubbed the digital won. However, they also show support to businesses dealing with other digital currencies.