TripleA could predict more Cryptocurrency users for 2022, with Vietnam being the top country that adopts DeFi worldwide. Could regulations be on the way for countries wanting to use crypto as legal tender?
In September we saw El Salvador becoming the world’s first country to accept cryptocurrency as legal tender. There is of course a trend here: developing countries that have less access to centralised finance are more likely to adopt cryptocurrency to the economy for day-to-day transactions. Which countries are the ones that use crypto the most worlwide?
With the sudden uproar in the digital world by Metaverse, we all have been wondering which country is currently on the top in handling things well. That, of course, involves which of the countries are on the top of the list in using Cryptocurrency.
While going through this list, you’ll realize that most countries are growing economies on top of the list.
According to Statista Global Consumer Survey, countries from Asia, Africa, and South America are most likely to use cryptocurrency compared to Europe, North America, and Australia.
Let’s find out which countries are on the top ten list right now.
Top 10 Countries that Adopt Crypto:
With a total score of 1, Vietnam is the most crypto-adopting nation. Pakistan (0.36), India (0.37), Kenya (0.29), and Ukraine (0.29) were the next four countries in the rankings (0.28). Bitcoin adoption is influenced by economic activity in developing countries. According to the Statista Global Consumer Survey conducted by the World Economic Forum, Nigeria is one of the countries with the highest adoption of cryptocurrencies. The high cost of moving money across borders is the primary reason behind cryptocurrency’s strong acceptance. As a result of the convenience it provides, Nigerians have begun to adopt cryptocurrencies.
Ukraine fell from first to the fourth position in the rankings, while Vietnam surged from tenth to first. On this year’s list of top ten countries, India and Pakistan were both included.
Kenya, Nigeria, Vietnam, and Venezuela are some developing countries with the highest P2P transaction volumes when inflation is taken into account.
Last year, China was number four, while The Us was number six. This year, however, they are now number thirteen and number eight, respectively.
Now you might be wondering the cause of this fall. According to resources, one of the leading causes for this decline for China and the US is that their P2P Trade Volume rate for the Internet using population declined, which had a tremendous negative impact on their Crypto Economy.
TripleA, a cryptocurrency and blockchain technology business, claims that more than 300 million cryptocurrency users are worldwide. There are already over 18,000 businesses that accept cryptocurrency payments throughout the globe, with an average nation holding 3.9 percent of the cryptocurrency market capitalization.
Men account for three out of every five cryptocurrency users. Its users are more likely to be young and well-educated regardless of their nationality.
Understanding the Chainalysis
An investigation, compliance, & market research platform, Chainalysis, is based on a data platform. Top startup capital firms have lent their support to the project to promote financial independence while minimizing risk. State agencies, marketplaces, financial institutions, insurance companies, and cybersecurity corporations all obtain information, software, services, and research from over 60 different countries.
This year, there has been a significant increase in people using P2P crypto exchanges in countries like Kenya, Nigeria, Vietnam, and Venezuela. Because they don’t have access to centralized exchanges, many locals use P2P exchanges as the primary entry point into cryptocurrency. Many citizens utilize cryptocurrencies to safeguard their money, transmit and receive remittances while performing commercial activities.
Even though P2P trade makes up a significant fraction of all bitcoin transactions, blockchains do not keep track of it. Peer-to-peer trade volume was used to rank places with lower purchasing power/capita & fewer internet users.
While cryptocurrencies have gained widespread acceptance worldwide, regulations have yet to be established, and traditional financial executives are skeptical of them because of the risks they pose. Furthermore, the market is growing at an exponential rate.
Because new currencies & technologies are being introduced regularly, the unknown factor associated with them is increasing. Individuals should be aware of the risks and prepare for them, according to experts, to avoid long-term financial losses.