Since El Salvador became the first country to accept crypto payments, other nations are also on the line
Cryptocurrencies are trending everywhere today. In 2021, when El Salvador accepted Bitcoin as a legal tender, other countries also started preparing a blueprint to include Bitcoin in their financial strategy. There is always controversy when it comes to cryptocurrency or using crypto as a payment option, but one fact is indisputable: more and more merchants and venues are willing to accept crypto for payment. This article features the top 5 countries where Small Businesses are planning to accept crypto as a payment option.
There are now some 15,000 businesses that accept payment in cryptocurrency around the world, and more than 2,000 of them are in the United States. In other words, the United States is the hub where paying with crypto is in demand. You can use bitcoin to pay for lunch at Miami’s Pizza Bar, or a play at Portsmouth’s Seacoast Repertory Theater.
Canada has always maintained a positive approach towards cryptocurrencies and has already recognized it as a commodity by the Canada Revenue Agency. Bitcoin has a strong community in Canada, which has taken regulatory steps to embrace virtual currency. Many small businesses in Canada allow paying with crypto and the number of merchants will continue to increase in 2022.
Australia has declared bitcoin legal similar to the US and Canada. However, the buyers are required to follow the Anti-Money Laundering and Counter-Terrorism Financing Act. Moreover, bitcoin and other cryptocurrencies are also subject to the Capital Gains Tax.
In, 2015, the European Court of Justice (ECJ) announced that buying and selling digital currencies in the EU is considered under the supply of services and made it exempt from value-added tax (VAT). Moreover, some EU countries such as Finland, Belgium, the UK, and Bulgaria have also developed their own initiatives to facilitate Bitcoin trading.
Israel’s financial center and one of the world’s leading cities for startups has nineteen merchants accepting bitcoin and seven bitcoin ATMs in a population of 451,000. One can effortlessly buy and sell goods using cryptocurrencies in Israel.
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