How Crypto Is Adopted Around the World
Cryptocurrency has been on the scene for a little over a decade and has made significant progress during that time. From being an obscure concept that only a few on the internet were aware of, cryptocurrency has become globally recognised and has secured immense adoption. However, this adoption has not been the same across the board. In fact, there is a stark contrast between crypto adoption in some parts of the world. It also has not been the same in every aspect of life and this is reflected in existing regulations. Here is how crypto has been adopted around the world;
Legal Status
At the most basic level, cryptocurrency’s legal status differs from country to country. In several countries like Canada, Denmark, the United Kingdom, the United States; and Germany, cryptocurrency is legal to use and own. Also, In some other countries like Gabon and Libya; this is not the case and cryptocurrency is under an implied ban i.e. it is not explicitly banned but is also not supported.
In countries like Qatar and China, cryptocurrency is outright banned from use and this has been the case for years. China even launched its own CBDC but has still not reversed the ban on crypto. There are also countries that have gone a step further and accepted Bitcoin, the most famous of the cryptos, as legal tender.
Currently, only El Salvador and the Central African Republic have made this decision; but it has been suggested that others might take the same leap. It is also interesting to note that El Salvador was facing harsh economic situations when this decision was made; and there was a hope that Bitcoin could help to combat its inflation problems.
Other countries like the United States and China have instead opted to create their own national digital currencies.
Consumer Adoption
Even though cryptocurrency is legal to use in several countries, some are ahead of others in terms of private crypto adoption. According to a 2023 adoption index report by Chainalysis, the top countries by crypto adoption are India, Nigeria, Vietnam, the United States, and Ukraine. But if you compare purely by the number of citizens with crypto wallets, some of the top countries are Japan; the United States, South Korea, India (again), and Singapore.
There are several factors that influence why some countries see a higher number of crypto users than others. First, there is the legality aspect; if crypto is downright illegal in one country, it is hard for mass adoption to be achieved. We also have to consider cultural ideals as in some countries, the use of crypto goes against set religious or societal norms so once again, this acts as a roadblock to adoption.
Then we have to consider population size as many of the countries for crypto adoption highly populated ones; and so have the number to support such adoption. The economic situation of the citizens should also taken into account as well as the support that businesses in the industry receive from the government.
Private Business Use
One of the major signs of crypto adoption over the years has been more private businesses accepting tokens for their goods and services. And some countries seem to be doing more of this than others. Many of the companies that do are multinationals like Microsoft, Dell, KFC, Starbucks, Burger King, and AT&T. This has led to a concentration of private business adoption in Western countries like the United States and the United Kingdom.
Some industries also seem more keen to accept crypto than others, with one notable example being the gambling industry. There has been a boom in online casinos that accept cryptocurrency for their services. In fact, there are some that only accept cryptocurrency; and this has become a thriving industry in itself, and the market is now worth an estimated $250 million. It also highlights the disparity in adoption as these types of casinos can only operate in countries where the law permits it. When considering the best crypto casino recommendations, you’ll see the prevalence of countries like the Korea, United States and Australia but not so many countries where crypto is banned.
Overall, crypto use among private businesses appears to be on the rise.
Conclusion
Crypto adoption has been perhaps the industry’s defining goal for over a decade. To an extent, this adoption has achieved; simply considering the number of countries in which cryptocurrency used and how it has adopted by individuals and businesses.
But this use has not been the same across the board. While some countries are home to millions of individual crypto users and a plethora of crypto businesses; some are lagging behind. Over the next few years, we can expect to see even more adoption in some places and hopefully, improvement in others.
