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Crypto adoption in these countries has soared over the moon, boosting the crypto market as a whole
The year 2021 has been a defining year for cryptocurrencies. The market reached a milestone by crossing the US$3 trillion mark, and El Salvador became the first country to adopt Bitcoin as the legal tender. The year was nothing short of a dream come true for this new investment class, as it supported crypto adoption on a mainstream level. But this rise in the use of cryptocurrencies was not positively accepted by several global financial institutions and national financial policymakers. The emergence of a decentralized market is now challenging the very infrastructure of the centralized government dominance. Cryptocurrencies have brought with them a radical form of payment. Digital asset holders believe that the power of manufacturing money is now the ultimate, and if a decentralized market takes away that privilege, it would result in the loss of the government’s dominance. Well, whether it is about the government’s dominance or not, crypto adoption is set to rise in the future. In this article, we have enlisted the top countries with the highest crypto adoption rate in 2022.
In 2022, crypto-asset ownership is the highest in Indonesia since several investors in the country look forward to digital assets as a protection against future inflation. Cryptocurrencies like Bitcoin, Ethereum, and Solana have gained a substantial amount of traction over the past few years. The government has even decided to accommodate cryptos as part of the larger strategy to transform the country’s digital economy.
Brazil is arguably the most exciting country when it comes to financial tech investments and international digital currencies. The country aims to bring some of the most-active cryptocurrency owners into the industry. It has several crypto exchanges that are widely used by crypto investors from around the world.
Vietnam tops the list for the highest crypto adoption. The country has been ranking as the global leader in crypto adoption ahead of major global economies like USA, UK, and Russia, to name a few. As cryptocurrencies started gaining global traction, Vietnam became one of the fastest nations for crypto adoption. It is the most engaged country in terms of access to cryptocurrency websites and trading platforms.
Recently, India has been at the forefront of certain controversies regarding crypto adoption and crypto taxes in the country. Needless to say, the government was forced to declare its stance on cryptocurrencies because the country is home to the largest number of crypto holders. Several analysts believe that the new tax regime might dishearten Indian crypto investors but certain experts have revealed that crypto adoption will continue to grow in the country.
Biden’s government’s executive order on cryptocurrencies talks about enhanced crypto adoption. The order calls for other crypto organizations and regulators to curate suitable strategies to enhance safe crypto investing on a larger scale. Besides this, a couple of state governments in the US have also allowed local residents to pay taxes in cryptos.
Quite recently, Ukraine turned to cryptocurrencies to fund its military during the Russian invasion. Cryptocurrencies are playing an unprecedented role in the Russia-Ukraine war. The Ukrainian government raised millions of dollars to support its country’s internal infrastructure against Russia. Initially, the government also passes a law that creates a legal framework for handling digital assets in the country.
Kenya has become a world leader when it comes to trading cryptocurrencies directly with each other. The country has become an example for other African countries that are quite eager to adopt cryptocurrencies for payments and cross-border transactions. Internet-savvy residents are leading the industry, innovating various crypto services. Experts say that country will continue to spearhead crypto adoption in 2022 as well.
In 2021, Nigeria ranked as the leading country according to per capita for Bitcoin and crypto adoption in the world. A recent survey conducted by the government revealed that Nigerians used or owned crypto at some point.
The UK has been a firm supporter of Bitcoin and other cryptocurrencies. Britain recently announced its plans to mint its own NFTs as an effort to push forward its crypto initiative. The government plans to bring stablecoins within the UK’s existing regulations on electronic payment systems.
The Philippines is another leader in crypto adoption and trading. So much so, that the country’s central bank has enabled customers to conduct crypto trading. Even though there are not many specific guidelines mentioned by the government, crypto adoption has soared in the country this far.