Cryptocurrency has served as a worldwide technology since it was created. Every individual around the world now has full access to non-sovereign digital assets and DeFi (decentralized finance) services thanks to initiatives like Bitcoin and Ethereum.

Using and storing crypto assets is simple as long as there is an internet connection. Although anybody can technically use cryptocurrency, certain countries are more passionate about digital assets compared to others. It might be easier to comprehend how cryptocurrency acceptance is growing if you know which nations utilize the most of them.

Countries with the Record of Highest Trade in Crypto

It is noteworthy to observe the growth of cryptocurrency trading in smaller nations with relatively low USD liquidity but high local currency liquidity draw in foreign traders hoping to make larger paper money gains. While some nations, despite their large influx of traders, forbid international trade by legislation and disband hot-line wallets.

Others on the contrary permit hot-line chains to conduct business abroad, enabling domestic traders to transact with overseas traders. Chainalysis uses the “purchasing power parity” (PPP) standard for assessing all of its findings. This standard accounts for the average purchasing capacity of residents in each nation.

A country’s typical population has less disposable income if its PPP score is also low. Chainalysis focused on lower PPP-scoring nations to better determine who is investing the majority of their earnings in cryptocurrency.

These citizens invest more of their net worth in cryptocurrencies, even though they may not have invested as much in terms of dollars. The following is a list of the nations where cryptocurrency trading is most common:

1.    Nigeria

Nigeria has generated the largest international cryptocurrency transaction revenue, according to data from 2020. It permits the purchase and sale of practically all cryptocurrencies, both within and outside the nation, accounting for over 32% of the overall yearly transaction created in the previous year.

The government has not authorized digital currency as legitimate money, therefore significant trades are made based on the international USD liquidity pace. Nevertheless, all currently available and recently developed hot-wallets and DEx systems, can operate there. Despite this, there are very few physical agencies established in the nation.

2.    Vietnam

Vietnam accounts for over 20% of global cryptocurrency trading activity, making it the country with the second-highest influx. The nation is well-known for its affordable paper money, which also draws a large number of tourists.

Many people’s dream holiday is to travel to Vietnam on a budget without sacrificing luxury. However, this depreciation of their official money has an additional advantage.

In order to purchase cryptocurrency at a lower cost than the majority of developing nations in Asia and Africa, a large number of foreign traders and agencies travel there to trade. Due to its advantageous marine and air locations, Vietnam is becoming a more popular destination for business investments.

The business Sky Mavis, which created the P2E game “Axie Infinity” based on NFT, is also based in Vietnam. The game’s popularity appears to have encouraged other Vietnamese cryptocurrency start-ups. Furthermore, according to recent data, approximately 2.1 million Vietnamese nationals possess an NFT, placing the nation among the top five nations for NFT ownership.

3.     Philippines

The Philippines, a small and developing island nation, is exacerbating its international cryptocurrency commerce through the same process of foreign influx and deflation as Vietnam. The Philippines is also renowned for its quick technical development, particularly in the areas of business app projects and AI-operated software that is ideal for contemporary trade.

In addition, the nation has witnessed a rise in the desire for cryptocurrency, once more because of P2E games and NFTs. According to numerous estimations, 35–40% of Axie Infinity’s revenue originates from the Philippines. The Philippine Bureau of Internal Revenue issued new crypto tax legislation for Axie players in 2021 due to the game’s enormous popularity in the country.

4.     Ukraine

The Russian invasion of Ukraine in 2022 compelled many citizens and decision-makers to accept bitcoin payments. Official cryptocurrency wallets were set up by Ukrainian personnel to receive donations soon after the battle started.

Donations in cryptocurrency totaling $100 million had already reached Ukraine by the beginning of 2022. The country in Eastern Europe has also tried its hand at collecting funds with NFTs.

5.     China

China is unavoidably one of the main Asian countries that has a significant amount of potential influx into the global cryptocurrency market. The downside is that hotline trading is only permitted within the nation by one authorized organization, and only in the predetermined currency of the Chinese Yuan.

China is a key player in the global cryptocurrency trade, accounting for over 7% of all trades, placing it just above the United States of America, despite the restrictive laws. This advancement should be attributed to the one and only long-running crypto investment company. Through a safe, data-encrypted internet platform, they permit the unrestricted trade and exchange of Yuan with other legitimate currencies in China.

The Bottom Line

These are only a few of the nations that make up the global crypto-influx percentile and guarantee the continued viability of both open-ended and closed-ended block chains for trade. Cryptocurrencies have become the most affordable way to move large amounts of money and other valuable assets across international boundaries without worrying about privacy issues or money laundering.