Do You Know Which Countries Are Adopting Cryptocurrency Rapidly Than Others?
By 2021, there will be about 300 million users of cryptocurrency. Despite the rising numbers, 300 million crypto users still represent only 4% of the global population, meaning that there is still plenty of space for cryptocurrency to expand and become widely used.
Few nations were distinguished in a recent study that analysed dozens of nations according to their adoption of crypto wallet, with at least 16%.
The existence of stablecoins like BUSD that serve as a link between fiat and cryptocurrency is a crucial aspect in propelling mainstream adoption of cryptocurrencies.
There is a significant likelihood that the majority of history books that are written in the upcoming years will mention 2021 as the turning point for the widespread acceptance of cryptocurrencies.
A recent estimate from blockchain technology company TripleA places the number of people who have owned or used cryptocurrency at some time in their lives at over 300 million as of this year.
What was modified in 2021? We witnessed a number of triggers this year that helped crypto usage and recognition reach new heights.
Vietnam has adopted cryptocurrency the most, earning a score of 1 on the total ranking. Following it were Kenya (0.28), Ukraine (0.29), Pakistan (0.36), and India (0.37).
Ukraine dropped from first to fourth place in the report from the previous year, while Vietnam rose from tenth place to first. This year, Pakistan and India made to the top 10 list.
The conditions that cause the adoption of cryptocurrencies to soar are dependent on the economic activity in emerging economies.
When adjusted for PPP per capita and internet usage, certain emerging market nations, such as Kenya, Nigeria, Vietnam, and Venezuela, score highly on the index, according to the study. These nations also have considerable peer-to-peer (P2P) platform transaction volumes.
According to experts from these nations who spoke with Chinalysis, many citizens use P2P cryptocurrency exchanges as their main entry point into the currency, frequently due to a lack of access to centralised exchanges.
One should not be surprised to learn that a significant amount of online traffic to P2P service websites is from those countries having several emerging markets.
P2P platforms are more popular in Central and Southern Asia, Latin America, and Africa than in locations like Western Europe and Eastern Asia where the economies are more developed.
People buy cryptocurrencies on P2P platforms to protect their investments as a result of the significant currency devaluation that is occurring in many emerging economies.
In these areas, it is also typical to conduct international transactions for remittances from one person to another or for business purposes, such as buying items to import and sell. Residents are only permitted to transfer a certain amount of the local currency outside of the nation.
Even though China and the US were fourth and sixth respectively on the index from the previous year, their positions dropped.
The greatest factor in both countries’ decline was a sharp drop in their ranks in P2P transaction volume weighted for internet usage, the US went from 16th to 109th and China plummeted from 53rd to 155th.
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