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A New Finder’s study has identified emerging economies including Vietnam, Indonesia and India as leading the way in crypto adoption.
The survey, which polled 42 thousand people in 27 countries, looked at metrics like using digital assets for remittances, and overall financial inclusion of crypto currencies.
A Cointelegraph story noted that Vietnam has the greatest adoption rate. Twenty percent of Vietnamese people stated they have bought Bitcoin (BTC), the highest percentage of any country surveyed.
With the 53rd biggest economy in terms of gross domestic product, Vietnam placed 13th in realized Bitcon profits for 2020, Cointelegraph noted.
Avoiding exchange fees in remittances (ie. money sent home by citizens working out of country) was a major reason given for crypto use.
Adoption was also notable in Asia, with 30% of respondents in Indonesia and India claiming to have bought cryptocurrency. The Philippines and Malaysia posted similar numbers.
The study also found relatively strong adoption patterns in several Latin American nations. For example, 22 percent of Brazilian respondents said they have purchased cryptocurrency. The survey found that rising inflation, and tighter capital restrictions were factors in digital assets expanding throughout the continent.
El Salvador scored a first in history by adopting Bitcoin as legal tender, in June. Paraguay was reportedly considering a similar move, but so far only very different—a crypto tax proposal from legislators—has emerged there.
As far as countries with the lowest adoption rates, there might be a silver lining there. It turns out some of the richest nations, including the U.S. and United Kingdom, have adoption rates in the high single digits. With inflation currently gripping the states, the upside potential for greater use is high.