Cryptocurrency is surely the next big thing the world is going to witness and it has shown few of its glimpses already. With the current market capitalization of over 1 trillion dollar cryptocurrency space is already competing with the giant companies of the world like Apple, Google, Amazon, and many more, and remember this is just the beginning. With days passing it is growing faster than anyone could have imagined and is now under consideration for acceptance as a legal currency in a few countries.
El Salvador (a small Central American nation) on the other hand went 1 step further and became the first nation to make Bitcoin a legal tender which means that any citizen of El Salvador can make payments in Bitcoin and the receiver party can’t deny accepting it.
The countries which show the most user growth in the first quarter of 2021 include India, Pakistan, Colombia, Canada, and Nigeria. The countries with the most female user growth include Greece and Romania.
The Indian government has also taken a few steps in support of cryptocurrency which is surely going to have a positive impact on the cryptocurrency space as well as will motivate Asian countries towards cryptocurrency.
The Supreme Court of India has legalized owning and trading cryptocurrency in India and is also thinking of forming a committee specially dedicated to working on cryptocurrency’s future in India.
Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise in cryptocurrency use in Africa’s largest economy. In Africa, Nigeria is the country with the most cryptocurrency users. In the first quarter, Nigeria saw a rise of 210% in its crypto users, and now every one of the three Nigerian claims to hold some sort of cryptocurrency.
The conventional way of sending money across borders costs much higher to Nigerians and this particular reason has caused the tremendous rise of cryptocurrency there.
The second and third highest rates of cryptocurrency use in the survey were recorded in Vietnam and the Philippines, respectively due to the same reason as Nigeria. Cryptocurrency has proved to be a blessing in disguise for such countries as sending it across the borders is easy, safe, and economical as compared to traditional transfer methods.
The Philippines Central Bank has approved several crypto exchanges like Binance to operate as “remittance and transfer companies” in the country. The government is also promoting the cryptocurrency by setting up a blockchain app (bonds.ph) associated with Unionbank to distribute government bonds. Unionbank has also installed a Bitcoin ATM at the metro station of Makati showing how cryptocurrencies are slowly entering the country.
After Southeast Asia and Africa, one more region where many cryptocurrency users are located is Latin America. Peru in particular holds a 16 percent rise of cryptocurrency users, while Brazil, Colombia, Argentina, Mexico, and Chile all reached double digits. In Europe, Switzerland and Greece were the countries with the highest adoption rate (11 percent each).
Among all the new crypto users across the globe, the youngsters account for most of them. Around 46% of the new crypto users are youth (18–24 years of age).
Nine countries with the highest increase in users between the ages of 18 and 24 are Nigeria, which saw an increase of 210.6%, followed by Australia (158.07%), and Spain (120.71%). Other top countries were Canada (112.45%), Mexico (97.33%), the U.K. (91.48%), Colombia (85.07%), India (83.07%), and Pakistan (81.79%).
Women have also entered into the cryptocurrency space and are giving an equal fight to men. There was an increase of 46% in women users in the first quarter of 2021. American and European regions are the ones with the most active female crypto users.
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