Bitcoin is Going Global: Here’s the Top Countries Leading Crypto Adoption From Around the World
Since the advent of blockchain technologies a decade ago, the adoption rate of the technologies has taken root across the world.
Governments around the world are embracing blockchains and cryptocurrencies or putting in place regulations to ease the growth of the industry. However, there are some governments that are strangling the development process of blockchains and digital assets in their country.
The introduction of cryptocurrency debit cards and an increase in the number of merchants accepting cryptocurrency as a form of payment has also contributed greatly in boosting the adoption rate. Below is a list of the five countries across the world that have the best environment for cryptocurrency adoption.
Japan represents one of the most conducive environments to develop blockchain technologies and cryptocurrencies. The third largest economy in the world made cryptocurrencies a legal tender and exchanges must register with the Financial Services Agency.
Despite the strict regulations, Japan is home to a number of cryptocurrency companies such as NEO and cryptocurrencies are exempted from capital gain tax.
Google trends searches placed “Bitcoin” as the top word searched in 2018. Furthermore, Bitcoin has also seen a significant increase in number of word searches across developing countries.
The top 3 countries on Google Trends for “Bitcoin” searches hail from Africa: South Africa, Nigeria and Ghana. Blockchain are tipped to take center stage in developing economies hence the huge interest in the field by the countries.
Chart showing the top counties in “Bitcoin” searches in the past 12 months (Image: Google Trends)
Nigeria’s government in particular has started to dwell into regulating the field. Nigeria is the top country in Africa in terms of BTC volume traded. According to Localbitcoins statistics, a peer to peer Bitcoin exchange platform, Nigeria controls 4% of the total volume traded on the site placing the country 6th in the world.
The capital of cryptocurrencies in Europe resides in Zug, Switzerland. The Crypto Valley was ranked as the fastest growing tech hub in Europe with digital assets playing a huge role in the rankings. The Swiss also pay some employees using cryptocurrencies.
The inclusion of yet another developing country should not be suprising. Kenya, home to the first ever mobile payment service, MPESA, has the highest Bitcoin per individual rate in the world.
The government has launched the first fintech regulatory sandbox in Africa to put into place benevolent regulations aiding development in the industry.
The ailing economy of Venezuela has degraded the Bolivar to almost nothing. The state of the bolivar has seen most of the Venezuelans turn to Bitcoin and other cryptocurrencies as the form of payment. The government is trying to boost the adoption of the national cryptocurrency, Petro, but to no avail.
Venezuela ranks among the top countries in the number of people adopting cryptocurrencies for real use in daily activities.
Other: Rest of Europe
While Europe is not a country, the region as a whole is seeing massive growth in the number of blockchain companies coming up. Countries such as Estonia, Ukraine and Belarus have become hotspots for blockchain startups and mining due to cool temperature and cheap electricity rates.