Global demand for cryptocurrencies continues to grow in early 2022. Statistics for the past year confirm that there are several regions where bitcoin and alternative cryptocurrencies continue to make inroads. Additionally, these regions can benefit from more convenient solutions, including high-limit prepaid cards to use cryptocurrency like traditional money.
Vietnamese have shown a huge appetite for bitcoin and other cryptocurrencies throughout 2021. The country ranks very high in value we chain received, retail value we chain received and trade volume peer to peer. A high score on these indexes confirms that Vietnam is home to many cryptocurrency enthusiasts. Also, it is a region where blockchain games play-to-earn are very successful as many low-income people look for ways to earn money.
Having the huge technological potential and booming cutting-edge technologies, India is making inroads in the cryptocurrency industry. Admittedly, its trading volume peer to peer is ranked 72nd in the global rating, but the region benefits from the value we chain and retail value we chain received. The main question to consider is whether the volume of P2P in the country will increase, as the local government does not seem crypto-friendly at the moment.
Pakistan is another country where low-income households seek ways to earn a living in a variety of ways. Exploration of the opportunities the crypto space offers is gaining momentum, thanks to a huge increase in trading volume peer to peer. However, the country has not yet entered the top 10 in terms of value we chain and retail value we chain received. The situation is likely to change following the introduction of convenient prepaid payment cards, making cryptocurrency transactions much easier.
The first and only European country in the top 10 is Ukraine, where blockchain technology is widely adopted. This means that cryptocurrencies can also thrive in this ex-Soviet country, resulting in high value we chain. However, the country ranks 40th in transaction volume peer to peer, implying a much larger margin for growth over the next few years.
One aspect that makes Kenya’s situation rather intriguing when it comes to cryptocurrency adoption is that the country ranks first in trading volume. peer to peer. Kenyan citizens themselves did not expect the country to be so high in the rankings, but currently the first cryptocurrency is proving to be a crucial aspect of the local economy. Interestingly, Kenyans do not use their cryptocurrency in a retail setting, and the country is not at the top of the rankings when it comes to value we chain received. Making cryptocurrency easier to use through prepaid cards or other means can help improve this situation.
Overall adoption and interest in cryptocurrencies is growing across the country. Nigeria scores relatively high on all the basic indices, moving closer to the top 10 across the board. It is important to note that African countries have been actively embracing digital assets throughout the past year as this provides an alternative ecosystem where financial inclusion is a top priority.
Most people will know that Venezuela is experiencing a galloping inflation which turns out to be rather difficult to counter. One of the ways to improve the situation is to explore other options, including cryptocurrencies. Overall, the volume of trade between individuals has increased considerably, although the value we chain remains moderate. For Venezuela, prepaid cards allowing payments in cryptocurrency are a way out that would make life easier for citizens.
Even though all cryptocurrencies are valued in US dollars, the United States is a particular region for the use of crypto. Despite being ranked third and in terms of value we chain, it is surprising that the United States is not in the top 100 in terms of trade volume peer to peer, as crypto-assets remain relatively unregulated. Notwithstanding, the United States is still well ahead of countries like China, Brazil and the Russian Federation.
The overall adoption of cryptocurrencies is booming all over the world. Regions where financial inclusion is hard to reach, i.e. parts of Asia, Africa, Eastern Europe and South America, continue to climb in the rankings. That said, there is still a need to make cryptocurrency payments easier.
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