Top Countries leading to decentralized finance

Love it or hate it, but the idea and developments in the world of blockchain can’t be ignored. It is currently at its peak in the Middle East and American West regions. 

Cryptocurrencies like Bitcoin and Ethereum are a hit all thanks to its decentralized financial infrastructure, popularly known as DeFi. 

Some use cases of DeFi include (but not limited to) reinventing the wheel of a blockchain method to perform certain financial activity. On the other hand are some critical questions posed by crypto-enthusiasts- Can blockchain technology underpin the economy? Of the country? Of the world?

There is no such situation currently, but there is a strong possibility that certain pilot projects have begun that might lead to such a situation.

Below is a list of countries that are actively working on generating DeFi crypto technology:

• US: This doesn’t come as a surprise since they are a part of most of the ground breaking technology that has seen the light of this universe. It is considered to be a thriving entrepreneurial hotspot not just for developers but for blockchain startups as well. Many states in US have also started working on their use cases that are currently in the testing phase. West Virginia (Name of the company – Voatz) has developed an absentee ballot process that could contribute to the governmental process from the comfort of people’s mobile phones. 
• China: Considered as US’s economic rival, it stands proud in the blockchain front. The China Government denounced blockchain previously, but it looks like President Xi Jinping has changed their mind. The President made headlines when they recently came out in public favour of the DeFi and blockchain technology. It might not be a surprise because China has won 44 blockchain related patents beginning from 2016. 
• Iran: The blockchain technology in Iran was created with the sole purpose of escaping from the US economic sanctions. The Central Bank of Iran updated their laws in favour of cryptocurrencies and took off a ban that was previously put up. The country’s blockchain developments have been increasing at a fast pace. 

• Singapore: Popularly known as ‘Lion City’, the country hosted a 2 day Block show Asia event in November 2019 that also showcased DeFi project Equilibrium and its first ever Crypto DeFiance conference. Equilibrium is a framework that is used to build decentralized finance applications. Their flagship product is a USD-pegged stablecoin that is popularly known as EOSDT. The local government is also keen on seeing more and more with the help of blockchain. In the year 2017, it announced ‘Ubin’, a digital version of their currency in collaboration with a blockchain consultancy called R3. 

• UAE and Saudi Arabia: In the beginning of 2019, the financial controls of these countries collaborated in order to launch a digital currency project known as ‘Aber’. It was designed to be used to settle financial transaction between those two countries. Dubai has entered the testing phase of their own state-backed cryptocurrency since 2017, but hasn’t seen the production light yet. 

• Senegal: A digital version of their CFA Franc fiat currency, known as eCFA was issued in the year 2016. The crypto coin was released by a local bank called Banque Régionale de Marchés (BRM) in collaboration with an Irish startup known as eCurrency Mint Limited. This Irish startup is known to collaborate with local banks and provide blockchain assistance to them. 

These are not the only countries actively working on the developments in the world of blockchain. There are many more countries, ranging from Venezuela to Tunisia to Marshall Islands. Slowly, but surely, DeFi is gaining momentum globally.