Discover the leading countries in blockchain adoption with innovative solutions, supported regulations and more.
The regulatory environment needed to attract blockchain businesses.
Types of Blockchain Communities Driving Blockchain Adoption
Blockchain communities refer to groups of individuals, organizations and companies involved in the development and use of blockchain technology. These communities share knowledge, collaborate on projects, and advance the use of blockchain technology.
There are various blockchain communities, including:
Developer Communities: These groups of blockchain developers work together to create blockchain-based protocols, applications, smart contracts, and other projects.
Industrial Societies: Societies built around specific industries or sectors such as banking, healthcare, and supply chain management are called industrial societies. Members of this community work together to create blockchain solutions to solve the challenges facing their industries.
Community of Users: Individuals who use blockchain-based goods or services form these communities. They share information and feedback to improve the utility and functionality of blockchain products.
Investment communities: These groups have grown up around blockchain-based businesses such as cryptocurrency or startups that use the technology. Members of this community participate in relevant investment projects and share knowledge and views on potential investment opportunities.
Social Impact Communities: These groups focus on using blockchain technology to solve problems in the social and environmental fields. Members of this community work together to develop blockchain solutions that create a fairer and more sustainable world.
Countries at the forefront of blockchain implementation
Blockchain technology can improve productivity, security, transparency in many industries, reduce costs and improve customer interactions. Therefore, countries are investing in the development and use of blockchain technology to solve various social and economic problems.
El Salvador has become a global pioneer in the use of blockchain technology after becoming the first country to adopt Bitcoin as legal tender. In June 2021, the government of El Salvador passed a law recognizing Bitcoin as a legal method of payment for goods and services, along with the US dollar, the country’s legal currency. With these efforts, the government aims to prioritize financial inclusion in a country where 70% of adults do not have a bank account.
El Salvador can be made a desirable destination for international investors, and this advantage has been cited by the country’s president, Naeb Bukele. To promote the widespread adoption of Bitcoin, the government has introduced several measures. In August 2021, the Legislative Finance Commission approved a $150 million trust fund at Banco de Desarrollo de Salvador, a state development bank. It is designed to automatically convert bitcoins to US dollars, making it easy to exchange between them. Currency for Salvadorans.
In September 2021, the country launched its Chivo (slang for cool) wallet. Each wallet contains $30 USD worth of BTC. El Salvador and 50 other US states have created a network of crypto-ATMs in cities, making it easier to send money to their families.
In 2022, the collapse of the cryptocurrency market strongly affected the price of Bitcoin, and caused concern in the Central American country, which has invested heavily in cryptocurrency. However, Bukele did not express his concern and instead promised to buy an average of one BTC per day to provide constant and full support for the digital asset.
Related: What Is Dollar Cost Averaging (DCA) and How Does It Work?
In January 2023, El Salvador passed a law on the issuance of digital assets, defining the parameters of “volcano bonds” – bonds backed by bitcoin.
Portugal has actively created a favorable environment for blockchain startups and cryptocurrency startups. People are actively using blockchain technology in public services, healthcare and supply chain management. The Blockchain Panorama platform was launched by the Portuguese government in 2019 with the aim of facilitating information exchange and collaboration between blockchain business participants.
Since then, bitcoiners and cryptocurrency enthusiasts have been attracted by the pro-crypto environment, allowing BTC to be used in real-life situations – making payments and paying taxes with crypto. Merchants are also growing, with Spanish startup Bitbase working to build more ATMs and bitcoin stores in major cities.