Cryptocurrencies are fast becoming the future of money and finance. However, there is still a lot of debate over whether cryptocurrency adoption should be a priority of governments and businesses across the world.
While some countries remain hesitant or also banned digital currencies, others have already embraced them and are leading for crypto adoption.
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10 leading countries for cryptocurrency adoption
Here is a list of countries leading for cryptocurrency adoption.
1. Vietnam
Vietnam tops the list of countries that have adopted cryptocurrencies for the second year running. A closer look at the rankings reveals that Vietnam has a very high purchasing power and population-adjusted usage of centralized, DeFi, and P2P cryptocurrency solutions. The adoration of Vietnam for digital currency has been observed by other sources as well. As a result, many companies are selling goods in Vietnam using Bitcoin as the main currency for payment.
2. Philippines
The Philippines has a high number of Bitcoin ATMs, Bitcoin wallets and exchanges. It also has the world’s second-highest number of active Bitcoin nodes. This means that there are a lot of people who own Bitcoins in the country.
You can start a business related to cryptocurrency in the Philippines because it hosts many companies that specialize in this field. With these businesses, you will be able to get help when you start your own business or expand further into this industry.
3. Ukraine
Ukraine has a very high number of cryptocurrency users and businesses. The country has a very high number of cryptocurrency ATMs, which are available in large cities like Kiev and Odessa. There are also many cryptocurrency exchanges in Ukraine, such as CEX.io, BitBay and Kuna Bitcoin Agency.
There is also a significant cryptocurrency mining industry in Ukraine. Mining farms exist all over the country, including Kharkiv (Eastern Ukraine), Lviv (Western Ukraine) and Kyiv (the capital). Many people make their living by mining cryptocurrencies in these farms or by working for one of them as an engineer or manager.
4. India
India is the second largest country in the world by population, with a population of 1.34 billion people. It is also the largest democracy in the world and has one of the most advanced economies in Asia. India has consistently been among the top ten countries that engage in cryptocurrency trading. This, with its residents being at least 20% more likely than any other country to purchase cryptocurrencies from exchanges like Unocoin or Coinome.
5. USA
Cryptocurrencies are legal in the US and do not need to be registered with the government in any way. There are plenty of exchanges based in America, including Coinbase and Gemini. The US also leads all other nations when it comes to investment in cryptocurrencies. About $11 billion has been invested so far this year alone.
6. Pakistan
In Pakistan, it’s estimated that over 200 million people are unbanked, with limited access to financial services. Many of these people have been unable to participate in the global economy as a result. Cryptocurrency offers an opportunity for many Pakistanis to become part of the global financial ecosystem for the first time ever.
In addition, cryptocurrency also offers a way for Pakistani citizens who have been displaced by war and natural disaster. Or, who simply want to travel abroad more freely and to retain their wealth while living outside their home country. Cryptocurrency can provide much-needed stability during times of crisis or uncertainty. This, by helping individuals maintain access to their assets while abroad or migrating somewhere else altogether.
7. Brazil
Brazil is also leading in crypto adoption. The Brazilian Senate is expected to vote on the Crypto Regulation Bill this fall after it was approved by the Committee on Economic Affairs. Although cryptocurrency demand has far outpaced predictions, Brazilians can already buy digital assets from local financial institutions.
Digital bank Nubank in Brazil, which serves 47 million customers, launched Bitcoin and Ethereum trading on its Nucrypto platform in June of this year. The service, which is run in collaboration with Paxos, has already met its annual goal of attracting 1 million users in less than a month.
8. Thailand
Thailand is one of the top countries that have adopted cryptocurrency. It is a country that has embraced cryptocurrency and allowed it to be used as a currency and payment method in some instances. As such, the country has become an increasingly popular destination for those seeking to use their crypto assets. This, without having to convert them into fiat currencies first.
9. Russia
Russia has been a pioneer in the adoption of cryptocurrency. The country’s first cryptocurrency exchange, named BTC-E, was founded in 2011, but only lasted until 2013 after being shut down. Shortly thereafter, Russia’s Ministry of Finance announced its plans to begin developing a state-run digital currency called CryptoRuble and has since created various initiatives to support its development.
In 2017, it was reported that more than 13 million Russians had invested in cryptocurrencies; that number has since grown to an estimated 32 million people as of 2018. The country boasts one of the largest cryptocurrency markets in the world and is home to several exchanges including HitBTC and KunaEx (both currently ranked among CoinMarketCap’s top 100).
10. China
China is the world’s largest market for bitcoin trading, with BTC/CNY trading representing more than 90% of global bitcoin transactions. Additionally, China has the most bitcoin mining pools, exchanges and nodes in the world. The country also boasts a number of cryptocurrency startups such as Binance and Bitmain that have helped propel the industry forward.
In 2017 alone, approximately 70% of all new blockchain projects were launched from China or had Chinese investors backing them up. In fact, according to one report by Juniper Research released this year: “China will account for nearly half (44%) of all Blockchain transactions by 2021”.
Are the countries leading in crypto adoption pioneers for the next crypto boom?
If you’re looking for a way to invest in cryptocurrency, these are the countries that are doing it right. They’re on the cutting edge of technology and regulation—and they might be where we see the next big boom in blockchain technology.
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