Economic Freedom of Countries Embracing and Banning Bitcoin

Many studies are being conducted on economic freedom in the world.. However, if we simplify economic freedom, we can correlate it directly with the annual income per capita.

When we examine the economic freedom data, we see that the top countries in the ranking embrace Bitcoin, while the countries that restrict their citizens fill the last row of the list.. This, in fact, signals how the attitude towards new technologies affects economic freedom or national income.

5 countries in the top according to the economic freedom index of the World Heritage Foundation;

Hong Kong

Singapore

New Zealand

Switzerland

Australia

The Heritage Foundation considers the following four criteria when determining the ranking;

Legal rules (property rights, the integrity of the state with the people, judicial efficiency)

The size of the state (government expenditures, tax restrictions, financial guarantees)

The efficiency of the rules (business freedom to do business, workers’ rights, financial freedom)

Open Markets (trade freedom, investment freedom, financial freedom)

When we analyze the data of the World Bank for 2016, the annual income average table of these five countries this is what it looks like;

Hong Kong $43,681

Singapore $52,961

New Zealand $39,427

Switzerland $78,813

Australian $ 49,929

The figures show that financial power has a great impact on economic freedom.. The economic freedom of the country is also positively reflected in the incomes of the citizens.. These five countries also stand out with their positive attitude towards Bitcoin.

Countries Banning Bitcoin

Let’s now look at the five countries that ban Bitcoin. Let’s take a look at the country;

Morocco

Bolivia

Ecuador

Kyrgyzstan

Bangladesh

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The places of these countries in the ranking of economic freedom are;

Morocco 86

Bolivia 168

Ecuador160

Kyrgyzstan 89

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Bangladesh 128

The Heritage Foundation describes Morocco and Kyrgyzstan as partially free, Bangladesh as “generally under pressure” and Bolivia and Ecuador as under pressure. It is clear that the countries that ban Bitcoin are those that cannot provide their citizens with economic freedom…

The annual average national income of the inhabitants of these five countries is:

Morocco $2,832

Bolivia $3,105

Ecuador $5,969

Kyrgyzstan $1,077

Bangladesh $1,359

Rich and Free Countries Accept Bitcoin

This data actually tells us that while the countries that shape the world embrace Bitcoin, the governments of countries that cannot provide their citizens with economic freedom ban Bitcoin. While speeding up the pace, the Swiss city of Zug has already earned the nickname “Crypto Valley.”

I have absolutely no prejudices against economically constrained countries, but I do have a prejudice against their governments… Emphasis on technology and innovation. While the countries that give money to get their economic freedom by overcoming all the limitations, the list of countries that oppose the innovations They continue to stay in the last place of the industry.

Things will progress like this in the upcoming period… Digitizing countries will offer their citizens a comfortable life, while those who cannot digitalize will continue to be counted in their places.

Wiki-CCN- Heritage

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