Which countries use cryptocurrencies the most in the world?
Cryptocurrency usage has gone through the roof across the world in the last 18 months due to the rally in crypto prices, and this has been an extremely encouraging sign, as we can now see crypto being used in real-life applications. This is helping to support the market, and is one of the biggest differences from previous rallies. Companies in different and diverse sectors are adopting crypto for various reasons, and there are several countries where crypto usage is more common than others. Thus, we will now take a look at some of the countries where crypto is being used extensively.
Japan is known as the hub of cryptocurrency trading all over Asia. Japan has always been at the forefront of technological advancements. Hence, Japan is one of the initial countries that have adopted cryptocurrency and its trading. It has announced the Payment Services Act to regulate cryptocurrencies and their usage for trading purposes as well.
USA is also one of the countries with the highest adoption rate for cryptocurrencies. The likes of PayPal, MasterCard and Bank of New York Mellon have already begun to allow users to make crypto transactions, and this has understandably boosted usage in the country. Elon Musk’s decision to allow the electric car maker Tesla to accept Bitcoin as payment from customers was also a big reason for this, even though this has now been overturned. Other significant US companies such as Square, Microsoft, Subway and so on have all begun to accept crypto payments in some form, further strengthening the crypto ecosystem in the country and therefore increasing the user base.
Nigeria has been one of the largest markets for crypto in the world now, and thus it is no surprise to see that it is also among the highest for crypto usage and adoption. The biggest reason for this is the use of crypto to send and receive money across borders – the high cost of traditional money transfers has driven Nigerians to use crypto, as well as the volatility of the fiat currency, with high inflation and a struggling economy.
Germany is also high on the list of countries for crypto adoption, and additionally, it is also leading the way in terms of blockchain and crypto research, further strengthening the crypto ecosystem.
Canada has long been one of the biggest supporters of crypto, and thus it is no surprise to see it on this list.
Russia has seen a lot of support for crypto mining, with cheap electricity in the country being a big reason why there are an increasing number of mining operations being set up in Russia.
Developing countries are also getting on the crypto bandwagon, and the leading country from this group is probably Vietnam. Again, along with the use of crypto online, it also supports mining, with hydroelectricity being used to supply energy to crypto mining operations.
The Philippines is also one of the countries with the highest adoption rate for crypto, and the biggest reason for this is the decision by the country’s central bank to allow the use of Bitcoin and other cryptocurrencies for remittances and other uses in the country.
France was one of the earliest backers of crypto, legalizing crypto all the way back in 2014.
The Australian government has recently announced that crypto will be subject to capital gains taxes and will be viewed as property. This may seem to be a move that would discourage crypto adoption, but in fact, it shows how the government is beginning to accept crypto as a part of the regular economy.
One of the more surprising names on this list, Peru is leading the Latin and South American countries in terms of crypto adoption, with the likes of Brazil, Argentina, Chile and so on following its lead.
Singapore has emerged as an important crypto hub, especially in terms of research in blockchain and crypto, and this is only set to increase in the near future.