Which countries use cryptography the most? The 10 best crypto countries
Today, the cryptocurrency industry is undoubtedly huge. Over the past decade, crypto has become extremely popular as an investment option and alternative currency. But the use of cryptocurrency is not the same across the world. Some countries don’t allow crypto at all, while others have built a huge industry in it. So which countries use crypto the most right now?
1. United States
The US cryptocurrency market is currently one of the largest in the world, and it is legal to buy, sell, and spend cryptocurrency in the United States. It is therefore not surprising that the market is growing every year.
A study by Pew Research found that 16% of Americans say they have invested, used or traded some form of cryptocurrency, while Gemini 2021 State of Crypto report puts that number at around 14%. While there is no exact figure, it is believed that between 30 and 50 million US citizens have engaged with crypto in one form or another, but it is not known whether that number will double, triple or will halve over the next decade.
Perhaps most interestingly, Gemini’s research also found a large number of “crypto-curious” US citizens. Some 63% of those polled said they had not yet invested in crypto but were curious about more and planning to buy soon.
Although India’s relationship with cryptocurrency has been difficult in recent years, with a total ban set in 2018 and revoked in 2020, its cryptocurrency market has grown significantly to become the one of the largest in the world.
At the time of writing in 2021, the Indian cryptocurrency market is worth an estimate $ 5.39 billion, with estimates of the number of crypto users ranging from 15 to 20 million to 100 million users.
However, the Indian government is once again reconsidering the presence of cryptocurrency across the country and considers it a threat to India’s national currency, the rupee (and a potential Indian CBDC). As a result, there are now fears that a total cryptocurrency ban may be reinstated across the country, but officials have yet to confirm this.
Japan’s crypto market has grown exponentially throughout 2021 as the amount of cryptos traded in the country increases almost six times more between fall 2020 and winter 2021. In the same year, it was found that only around 4% of Japanese residents had interacted with cryptocurrency in one way or another. However, that still represents around 6.29 million people, which is by no means a negligible number.
While it can certainly be said that the rapid growth of the Japanese crypto market is impressive, some are now speculating that it may not always be so. The strict regulations imposed on crypto managers and the stability of the country’s national currency both play a role in the possible delay in the growth of its crypto market. It’s unclear how things will turn out in a few years, but it looks like the Japanese government is keen to keep its crypto industry contained.
Nigeria and cryptocurrency aren’t exactly best friends in the world. The country’s government has banned the use of crypto by banks and other financial institutions and issued a statement [PDF] in early 2021, indicating that the use of cryptocurrency across Nigeria would be banned.
But that hasn’t stopped Nigerian residents from getting involved in the crypto industry. Nigerian online searches for “Bitcoin” and “Crypto” are so common that their frequency is now number one in the world.
Nigeria’s shocking inflation rates and popular contempt for its government’s repressive attitude have contributed to this continued growth within its crypto market. In fact, the Nigerian cryptocurrency market has become one of the fastest growing in the world.
Ukraine is certainly emerging as a player to watch when it comes to the crypto game. Currently, over 5.5 million people in the country own cryptocurrency. That’s a shocking 12.7% of the total population and one of the highest homeownership rates in the world.
The country is even opening crypto-mining factories, with a plan to open a facility near its Zaporizhzhia nuclear power plant and one near the Rivne nuclear power plant in the west. The Ukrainian government certainly appears to be embracing the crypto market (although it is still not legal to pay for goods or services using crypto in the country).
El Salvador takes the cake for its commitment to cryptocurrency among all the others on this list. His government recently invested millions in Bitcoin after announcing that it would now be accepted as legal tender.
The country’s President, Nayib Bukele, announced that the move was taken to save citizens of the country from having to pay high transaction fees when sending international currencies to friends and family, which is quite common in El Salvador.
Additionally, given that nearly three-quarters of Salvadorans do not have a bank account, making transactions using cryptocurrency should make it much easier for them.
Residents of Peru are certainly showing a strong interest in cryptocurrency, with 3.7% of the population currently claiming to own assets (roughly 1.2 million people). In addition, the country has experienced a 18.3% increase in the use of the crypto wallet between June and July 2020.
However, the Peruvian government has no intention of letting things go on without some intervention. Authorities have announced that investigations into the cryptocurrency are currently underway to ensure that the appropriate laws and regulations are put in place. This can cause problems for Peruvian crypto owners, given that many believe the crypto should remain unregulated.
8. United Kingdom
The UK cryptocurrency market is currently on the rise, with nearly a million people claiming to own some sort of crypto asset. This ownership rate has increased six times over the past three years, indicating that more and more UK residents are interested in the world of crypto. Since crypto is completely legal in the UK, many UK citizens now view crypto as a solid investment. It’s no surprise that things are on the rise for this particular market.
Currently, Vietnam has the second highest cryptocurrency usage rate in the world, although crypto is made illegal across the country. Huge fines and jail time are currently imposed for using or trading cryptocurrency, so it’s surprising that 6.1% of Vietnamese residents have some form of it.
There is also a lot of Vietnamese traffic online on crypto sites, so much so that Vietnam currently ranks fifth in the world for accessing crypto-related online platforms. With almost 60% of Vietnamese showing an interest in owning cryptocurrency, it looks like its crypto market will continue to grow in the future.
Although cryptocurrency has been banned entirely in China, residents are unwilling to join the program. Nonetheless, Chinese residents continue to invest in cryptocurrency, despite the government’s continued efforts to completely remove its presence from the country in an effort to keep the economy under state control.
However, that doesn’t mean investors keep their precious crypto funds in the country. Billions of dollars in crypto are being moved out of China so that investors can protect their government money. And, not all of these international crypto transactions are legal, with some exceeding the maximum amount allowed to be moved. Time will tell how this ban will play out for both the Chinese government and civilians.
Who knows which country will see the next crypto boom
With more and more countries experiencing an increase in the ownership and use of cryptocurrency, it’s unclear which country will rise in the crypto ranks next. It seems that even the bans and restrictions don’t stop people from buying and selling crypto, so anyone can guess who will be the giants of the market in a few years. Crypto by nature is unpredictable after all!
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