Top 10 global crypto adoption countries make for a strange mix
Last Updated on 18 September 2020 by CryptoTips.eu
Study firm Chainalysis has released its September 2020 report about the global crypto progress. The top ten of countries which have adopted crypto and are open to developing it further is, as always, quite surprising.
Ukraine is currently ranked the highest, which, given its political situation and uncertainty is not too surprising. It has a large diaspora, which sends back money in crypto or fiat currencies and is known to have a well-developed crypto industry of many small to midsized firms on its territory, certainly around the capital Kiev.
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— Chainalysis (@chainalysis) September 16, 2020
Russia follows in second place, as more and more youngsters there are discovering crypto. The upcoming crypto laws in the country of President Vladimir Putin should make for an interesting development.
Venezuela is third, as most people try to get money out of the country given the spiraling inflation of the country’s own currency, the bolivar. Bitcoin seems like a good solution for them. In recent months, usage of crypto in Venezuela had indeed reached new heights.
Africa well represented
China occupies the fourth spot. The country is still home to most Bitcoin mining operations, although the gravity of the industry seems to be shifting.
Kenya is the first of three African countries that we find in Chainalysis top ten. As we reported a few weeks ago, even the New York Times recently noted that Africa had found a real usage for crypto on it’s continent.
If you're trying to understand the latest crypto regulatory guideline from @SECNigeria, I wrote a short piece to explain it for @ForbesCrypto https://t.co/z6pWaEqWmN
— Oluwaseun Adeyanju (@CraigAdeyanju) September 16, 2020
Comments from @chainalysis' Jesse Spiro, @BundleAfrica's @YeleBademosi and @HorizenLabs' @Crypto_Counsel
The USA, which has just allowed Kraken to open a (sort of) crypto bank, follows in sixth position. South Africa and Nigeria are close behind.
Colombia, another South American nation, is on the ninth spot. Also here crypto usage has been widely reported to be on the rise.
Rounding out the top ten is Vietnam, a developing economic tiger in South East Asia.
The only question that leaves us with is the following : where is the EU in all this?
