The implementation of cryptocurrencies has grown enormously in recent months, with an increase in virtual currency transactions of 881%. Much of this increase has occurred in emerging countries in Asia and Africa. We will talk about the countries using cryptocurrencies and why they do so.
In recent years the interest and explosion in the use of cryptocurrencies has become an accessible and simple experience to drive exchanges between users of these digital currencies.
Among the Countries that use cryptocurrencies the most in their economy are:
32% Nigeria
20% Philippines
16% Turkey
16% Peru
14% Argentina
11% Sweden
7% China
6% United States
5% Germany
4% Japan
Vietnam, India and Pakistan also stand out as the countries where cryptocurrency activity has grown the most since 2021.
Countries using cryptocurrencies in the Americas include Venezuela, Chile, Mexico, Brazil, Argentina and Colombia.
Why has the use of cryptocurrencies grown in some countries?
The Chainalysis report analyzes virtual currency transactions in 154 countries and focuses on metrics that measure the exchange between individuals buying cryptocurrencies for investment and savings purposes, rather than focusing on large speculative transactions.
Chainalysis attributes the increase in transactions in emerging countries mainly to the fact that their citizens use virtual currencies as a method of preserving their savings, since these are states where currency devaluation is constant.
They also use it to send and receive remittances, as many of them tend to limit the amount of local currency that residents can take out of the country, in order to curb devaluation.
Private exchange
In their report, they point out that a large proportion of transactions in these countries take place through P2P platforms, i.e. those that mediate exchanges between private individuals. The reason, they point out, is that in many of these countries citizens do not have access to centralized exchanges.
The countries with the highest number of cryptocurrency transactions through P2P platforms are Kenya, Nigeria, Vietnam and Venezuela.
This research is opening a door for business leaders seeking more information before creating and implementing a cryptocurrency strategy. The analysis of countries using cryptocurrencies offers a new perspective on this growing technology trend and where to start.
