Many people talk about cryptocurrencies from an investment point of view, but they have other utility purposes too. For example, one of the real-world use cases of cryptocurrency is foreign exchange and this new form of money is becoming a cheaper solution to send money across borders.
In a move that is for the better, the Philippines' Central Bank has approved many crypto exchanges to serve as "remittance and transfer companies" in the country. Not just the Philippines, Africa is also increasing its use of cryptocurrency. Africa's largest economy, Nigeria is setting an example for the rest of the world. In a survey conducted by Statista, out of 74 countries, Nigerians were the most likely to accept cryptocurrency and use it.
According to bitcoin.com, Nigerians opted for cryptocurrency as a way to send money to their overseas workers and families. Traditional methods involved, high costs which made them turn to local cryptocurrency exchanges. Nigeria also depends on cellphones to send money and pay at local shops. Hence, businesses in the country have been adding multiple cryptocurrency plugins to their payment options, giving Nigerians another way to use cryptocurrencies.
After Nigeria, Vietnam and the Philippines come second and third (respectively) in using the most amount of cryptocurrency. While the Philippines's Central Bank has approved the applications of cryptocurrencies, the government is setting up a blockchain app called bonds. ph with Unionbank to allocate government bonds. Unionbank has also installed a Bitcoin ATM in Makati, indicating the mainstream use of digital coins.
Apart from Africa and Southeast Asia, Latin America is also showing green flags to this new technology. Peru, Brazil, Colombia, Argentina, Mexico, and Chile are the countries that are actively using cryptocurrencies. In Europe, Switzerland leads followed by Greece. And finally, Japan and Denmark are the countries that use cryptocurrency the least, according to the survey.
In descending order, here are the countries that use cryptocurrencies the most along with a percentage of use.
1. Nigeria 32%
2. Vietnam 21%
3. Philippines 20%
4. Turkey 16%
5. Peru 16%
6. Switzerland 11%
7. China 7%
8. U.S 6%
9. Germany 5%
10. Japan 4%
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.