Every country wants a piece of cryptocurrency, but how is it benefiting them?

• Countries like El Salvador are adopting Bitcoin rather than having to rewrite their monetary policy to make international transactions easier.
• Others, like China, Russia, and Turkey, are looking to central bank digital currencies (CBDCs) to counter the US dollar’s dominance.
• Likewise, Iran doesn’t want to be bullied by one superpower and its sanctions.
• Here’s what is driving the crypto revolution around the world and what different countries have to gain by bringing Bitcoin into the mainstream.

The crypto phenomenon isn't limited to a country, continent, or even the size of an economy. There's no denying that the hype is universal, but implementation and use-cases for each country are starkly contrasting.

The fiat system suited everyone. Despite having its own set of drawbacks like hyperinflation, it has been a reliable solution for decades.

The global financial industry assumes that central banks shall always lend a helping hand via sovereign backing. But these assumptions are now rudimentary in a highly digitised world where even a meme-based cryptocurrency can technically perform international payments without requiring a complex system like SWIFT (Society for Worldwide Interbank Financial Telecommunication).

The current evolution of digital currencies can be divided into two categories — decentralised currency like Bitcoin or Ethereum and central bank digital currency (CBDC). The two are pretty distinct but share the same goal of bringing modern-era banking to the average Joe, anywhere.

Here’s how different economies are adopting cryptocurrencies — and why: