Which Nations Have the most number of Adult Population Involved in the Crypto space?
Since cryptocurrencies have been around for so long, many nations have passed legislation regulating them. While some of the top cryptocurrency-friendly nations adopted a more liberal approach and enabled the industry to flourish, other nations have enacted stringent crypto regulations.
Let’s look at the nations where the majority of the populace is actively involved in the cryptocurrency sector.
What we are going to learn?
With almost 300 million people, India has the highest proportion of crypto users overall, even though this number only accounts for 29% of the country’s adult population. In a 50-page concept note published in October, the Reserve Bank of India (RBI) announced the creation of two CBDCs: a retail CBDC for people and enterprises, and a wholesale CBDC to facilitate interbank transactions.
Soon after, the RBI invited eight commercial banks to take part in the CBDC launch trial stage at the beginning of this month. In four cities throughout the nation, the financial firms include the ICICI Bank, Yes Bank, State Bank of India, and IDFC First Bank.
With 93 million active crypto users, China came in second, but that represents just 8% of the country’s total population. China is very strict with the use and trading of cryptocurrencies. They have imposed ban multiple times in the past.
The third place is occupied by Nigeria with 56% of the adult population. In an effort to promote the usage of CBDC, the Nigerian Central Bank (CBN) recently proposed to outlaw ATM cash withdrawals of more than $225 per week. On December 6, the Nigerian apex bank released a circular informing financial institutions that people and businesses would now only be permitted to withdraw $45 (20,000 NGN) per day and also $225 (100,000 NGN) per week from ATMs.
The fourth place is bagged by Indonesia. 28% of Indonesia’s adult population is engaged in the crypto sector. In Indonesia, it is forbidden to use crypto assets as a form of payment, although the commodities market is open to investment activities. Currently, among Indonesian investors, Bitcoin continues to be the digital currency with the largest transaction values and is the most common cryptocurrency to own in the nation.
The fifth place is bagged by Pakistan with 37% of its adult population whereas the sixth position is bagged by the US with 16% of its adult population.
Surprisingly, USA ranks fifth, after Pakistan, is the list of active crypto users.
Click here: How to buy Bitcoin in the USA?
Turkey ranks seventh in the list with 54% of its adult population. Tether held the most market share of the most actively traded cryptocurrencies in Thailand as of November 2022, accounting for 17.3% of the total market. Bitcoin and Ethereum are two more popular cryptocurrencies traded in Thailand.
The eighth position has been bagged by Russia with 29% of its adult population who are involved in the crypto sector.
The ninth position is bagged by Brazil with 19% of its adult population who are into the crypto space. Nubank, a digital bank based in Brazil, recently declared the launch of its cryptocurrency, known as “Nucoin.”
While the last position is held by Vietnam with 35% of its adult population in the crypto space. Despite its widespread use, Vietnam has not yet recognized cryptocurrencies as a form of payment or an asset. Vietnamese legislation does not include any provisions for cryptocurrencies, and the State Bank of Vietnam has already been open about how it feels about the emerging digital trend.
— 🤠Ferruccio🤠 (@Ferrucioo) December 27, 2022