Top 10 Countries Reeling Under the Impact of Cryptocurrency

The article presents the top countries reeling under the impact of cryptocurrency

Cryptocurrency or often called crypto is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Top cryptocurrencies don’t have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. As we are about to say goodbye to 2022, cryptocurrencies are still flourishing and the impact of cryptocurrency is getting more dominant in the countries. A large count of investors is hunting for promising and probable digital cryptocurrencies to secure their future returns. Digital tokens are now being utilized as a trading medium and there are many countries reeling under the impact of cryptocurrency. Now as crypto is reaching all corners of the world, every country has passed legislation on it. Many countries adopt a more relaxed approach to cryptocurrency while other countries have imposed strict crypto regulations. Although cryptocurrencies are unregulated, inexpensive top cryptocurrencies are safer and less prone to fraud because of blockchain technology. At present, almost 10 percent of the total population of the world owns some form of cryptocurrency. The adoption of bitcoin and other cryptocurrencies has skyrocketed more than 800% in comparison to 2021. Here we will see the top 10 countries reeling under the impact of cryptocurrency.

Thailand

Thailand is top of the list of countries reeling under the impact of cryptocurrency. Presently Thailand has the highest share of cryptocurrencies across the world. Almost 20.1% of Thai internet users own digital currencies. Bitkub is the leading exchange for cryptocurrency in Thailand. This platform was used by 72 percent of respondents who traded cryptocurrencies and as result, it has become popular. In November 2022, Tether gained the Thailand crypto market and became the most traded cryptocurrency in Thailand, which accounted for 17.3 percent of the entire market. Other leading traded cryptocurrencies in the country were Bitcoin and Ethereum. 

Philippines

The Philippines is second in the list of countries internationally adopting trading of cryptocurrencies with 19.4. PDAX is the Philippines’ homegrown cryptocurrency exchange that empowers Filipinos to trade cryptocurrencies backed with dedicated local support. It is estimated that nearly 7 million Filipinos which nearly comes to 6.13 percent of the total population, own cryptocurrency.

Nigeria

The third country internationally in the adoption of cryptocurrencies is Nigeria, with 19.4 percent of the population practicing the trading of Cryptocurrencies. Nigerians are the most open to crypto trading and spending, but the country is hardly alone in its rapid adoption of what was a mostly unfamiliar novelty until very recently. The most traded cryptocurrency is Bitcoin, and other cryptocurrencies popular in Nigeria include Dash, Ripple (XRP), and PayChatik. With a total cryptocurrency transaction volume amounting to US$400M, Nigeria ranks third to see the impact of cryptocurrency.

South Africa 

South Africa comes next on the list of countries reeling under the impact of cryptocurrency. In South Africa has also more than 19 percent of internet users are owners of cryptocurrencies. To date, South Africa does not regard cryptocurrencies as legal tender, but cryptocurrencies may be used. Here, cryptocurrencies are not regulated by a central authority such as a bank.

South Korea

South Korea has almost 13.4 percent cryptocurrency owners. South Korea has long been labelled the crypto hotspot of Asia. Nearly up to 30% of all crypto trading worldwide is powered within the Korean market. Presently it is not legal to own, sell and buy crypto assets in the country as per crypto regulations by the South Korean government.

Argentina

Argentina has served as a regional leader in the area of cryptocurrency.  Under the National Constitution of Argentina, the only authority capable of issuing legal currency is the Central Bank. Argentina has history of being an early adopter of cryptocurrencies, in part to protect against inflation and to circumvent prohibitions on transfers of foreign currency outside its borders. Although cryptocurrencies are not prohibited, the Argentinian government has promulgated crypto regulations with respect to cryptocurrencies, particularly in the areas of taxation and anti-money laundering.

Malaysia

Malaysia is among the top countries reeling under the impact of cryptocurrency with 13.2% cryptocurrency owners. Although the Bank Negara does not issue any cryptocurrency, it is not an acceptable legal tender in Malaysia. But Some of the cryptocurrencies that the security commission has approved in Malaysia are BTC, ETH, Bitcoin Cash, Ripple, Litecoin, etc. The interested people can buy digital currencies in any registered exchange in Malaysia.

Turkey

At an average Turkey records 18.6 percent of cryptocurrency owners. With a dwindling economy and devalued national currency, it’s hardly surprising that Turkey takes the lead in cryptocurrency ownership. In fact, the anonymous co-owner of Bitcoin.org tweeted about the huge surge in traffic from Turkish investors in the mid of 2022, saying this is how Bitcoin takes over the world. It is estimated that over 2.4 million people, 2.94% of Turkey’s total population, currently own cryptocurrency

Brazil

Brazil records 16.1 percent of cryptocurrency owners. Amid a crypto boom in Brazil, several global exchanges like Binance, Coinbase, Crypto.com, see the country as Latin America’s main market in 2022. It is estimated that 16 million people, 7.8 percent of Brazil’s total population, currently own cryptocurrency.

Indonesia

Indonesia has 16.4 percent of cryptocurrency owners. Bitcoin (BTC) Ether (ETH) Polkadot (DOT) Cardano (ADA) are some legal digital assets in Indonesia. Currently, Bitcoin is the most popular cryptocurrency in the country and remains the digital currency with the highest transaction values among Indonesian investors.