Which countries have revolutionized their local economies?
While the most developed nations are fighting with Bitcoin miners, autonomous wallets’ owners, and stablecoins — these countries have successfully adapted the cryptocurrency. Without seeing it as a potential threat to the local economy.
According to the latest data, every third Nigerian has made at least one transaction with cryptocurrency. It takes 32% of the total population. To compare, in the United States, for example, the number of crypto enthusiasts equals only 6%.
As reported by Bitcoin.com, Nigerians use cryptocurrency for a reason, given certain circumstances. First, 87 out of 200 million citizens of the country live in poverty. Hence, it’s beneficial for them to make crypto transactions due to their low cost. Second, most Nigerians perform all the necessary financial operations via smartphones. Finally, double-digit inflation is the rule rather than the exception in Nigeria: cryptocurrencies like Bitcoin, limited to a finite number of coins, serve as a protection against inflation.
Cryptocurrency has not been officially recognized as a legal payment source in Vietnam yet. However, thanks to the mutual efforts of local crypto enthusiasts and investors, the country reached the second line of the rating with 21%.
However, as in most countries, the government and experts constantly warn about possible risks, including cybercrime. Interestingly, to recall, the former US Treasury Secretary Steven Mnuchin made a similar statement in 2020.
According to recent data, the price of Bitcoin in the country has increased to $57,000 per Vietnamese dong. Moreover, with the appearance of a new Pi cryptocurrency in the local crypto market in early 2021, the influx of investors has been significantly increased in Vietnam.
3. The Philippines
They became one of the first countries in Southeast Asia to use cryptocurrency. According to the rating, the volume of citizens, who adopted digital assets, equals 20%.
As per Bitcoin.com, The Central Bank of the Philippines has approved the immediate operation of several cryptocurrency exchanges. Additionally to their principal activity — trading, they will also become legal money transfer companies.
Also, the local government has developed a blockchain application called bonds.ph for all future crypto operations. Meanwhile, Union Bank of Philippines (UnionBank) has recently partnered with Hex Trust (a revolutionary platform providing services for the secure storage of NFT tokens, ed.).
Peru is one of the most advanced countries in Latin America, alongside Argentina and Venezuela. 16% of the population is utilizing digital assets.
In 2018, Peru released a national cryptocurrency — PeruCoin, based on the Ethereum blockchain.
In 2021, during the May presidential elections, there was a sudden increase in crypto trading in the country. It occurred due to the widespread influence of the current head of state, Pedro Castillo, who is known for his unique approach to restoring the “beleaguered economy.”
During the first stage of the election, the trading volume soared by more than 24%, with Bitcoin transactions taking the leading positions.
The fifth place in the rating goes to the “country of watchmakers and bankers.” 11% of the population is actively using crypto.
Switzerland’s competence in wealth management has allowed it to become “one of the most advanced countries when it comes to blockchain and crypto assets worldwide, not just in Europe,” according to the recent EU Blockchain Ecosystem Development report.
The timeline below demonstrates the “adoption path” of cryptocurrency in Switzerland. As per the graph, in 2016, the city of Zug became the first to accept it. And since the current year, country residents can pay taxes with Bitcoin already!
The information contained in this article is provided for educational purposes and does not constitute investment advice. Remember that every action related to crypto investments is worth the risks.