USA

As America tries to catch up in the development of the digital dollar, several obstacles still stand in its way. Congress remains divided on the issue, giving China even more of a chance to win.

The International Monetary Fund (IMF) and the World Bank have been somewhat reticent about countries giving cryptocurrencies legal tender status or promoting their widespread use within their borders, but no one seems to be listening.

As the saying goes "one man's trash is another man's treasure", China has kicked out 90% of Bitcoin miners, but the rest of the world seems to be benefiting from the move. Kazakhstan is now reaping the benefits of crypto miners fleeing China, while Beijing continues to lose revenue and vital technology.

As cryptocurrency prices take a deep plunge in the market, the community seems to have lost interest in the asset. According to data published by Arbor Data Science, search activity related to the word "crypto" is decreasing in the United States.

The US Congress recently passed at least two cryptocurrency bills that are supposed to facilitate mainstream adoption of digital currencies. The bill, called the Blockchain Innovation Act, and part of the Digital Taxonomy Act were passed as part of the broader US Consumer Safety Technology Act of 2020.

The rivalry between the United States of America (USA) and China has a long history. During the previous couple of years, they have been competing in practically every industry including blockchain and cryptocurrency.

Capitol Hill is at the moment heated over the historic $6 trillion budget for 2022 that new US President Joe Biden proposed. Although this would be the highest federal spending since World War II, it could drag more people into the crypto world.

Tax evasion using cryptocurrencies has increased the world over. Crypto asset spruikers tend to give false info about the income and capital gains tax liabilities so that they can cash in on buyer mania. Several countries are now looking for ways of reducing this vice that has cost the economy a lot.

Mobile payments adoption is growing worldwide. Owing to global digitization, the share of mobile payments in transactions is expected to reach 89% by 2025.