In the global race to become the most crypto-friendly nation, Pakistan has outpaced its neighbor India, ranking 10th compared to India’s 11th position. This is part of a broader trend observed in the recent report by Crypto.com, which indicates a significant increase in global cryptocurrency ownership.
The report highlights various countries and their rankings in terms of cryptocurrency friendliness, with Argentina leading the list, followed by the United States and other countries like Colombia, Ukraine, and the UAE.
Despite India’s tech-savvy population and rapidly growing technology sector, the country trails behind Pakistan in the crypto-friendly nations index. Both nations are part of a global landscape where cryptocurrency adoption is increasing, with ownership rising from 432 million to 580 million in 2023 alone.
The ranking and statistics regarding crypto adoption were recently published, reflecting the status as of 2023 and early 2024.
This trend is observed globally, with the report covering crypto-friendly conditions across continents, from Argentina in South America to Singapore in Asia. India and Pakistan, despite their geographical proximity and shared history, show marked differences in their approach to regulating cryptocurrencies.
The disparity between India and Pakistan in terms of crypto-friendliness can be attributed to their differing regulatory environments. Pakistan, while still largely unregulated in terms of cryptocurrency use, has not imposed the stringent taxes that India introduced in its 2022 central budget. India has implemented a 30% tax on gains from cryptocurrencies and a 1% tax deducted at the source, creating a more challenging environment for crypto traders and investors.
Countries around the world are adopting varied approaches to cryptocurrency regulation. Argentina, for example, has created a favorable environment for miners and traders, contributing to its top ranking. The United States, despite high mining costs and regulatory challenges, continues to thrive as a hub for cryptocurrency due to its large market and high level of adoption.
The increasing global popularity of cryptocurrencies highlights a growing divide between nations that embrace these technologies and those that impose restrictive regulations. As countries like India and Pakistan navigate these waters, their policies could significantly influence their positions in future rankings of crypto-friendly nations.
