TOP 10 countries for cryptocurrency adoption in 2022.
The ranking of countries most actively using cryptocurrency in 2022 includes the following states:
1. Vietnam. The main reason for the growing popularity of cryptocurrencies is remittances, which account for 5% of the country's GDP. Accepting cryptocurrency payments allows residents to avoid high bank fees. In second place are cryptocurrency-based P2E ("play and earn") games, which are played by 23% of Vietnamese.
2. Philippines. As in Vietnam, the Philippines uses cryptocurrency for international transfers (9.6% of GDP) and P2E games (25% of the population).
3. Ukraine. The growing popularity of cryptocurrencies is associated with the events of February 2022. It is mainly used to accept payments from abroad. A significant part of the transfers were donations — more than $65 million was received in cryptocurrency.
4. India. In 2021, this country ranked second in the ranking, but in 2022 it was in fourth. The reason is a 30% tax on cryptocurrency income, as well as an additional 1% fee for each transaction. Nevertheless, Indians continue to make payments in cryptocurrency abroad. A number of cryptocurrency projects are being developed in the country aimed at improving the well-being of rural residents.
5. United States. The main reason for the popularity of cryptocurrency is DeFi-based projects.
6. Pakistan. As in India, in Pakistan, the distribution of cryptocurrency is restricted by the government. A ban on cryptocurrency and measures to prevent the outflow of capital from the country are being discussed. Nevertheless, in 2022, Pakistanis actively used cryptocurrency to make international transactions.
7. Brazil. Basically, local residents are attracted by speculative investments. This is due to low interest rates. The cryptocurrency market is gaining popularity in the country faster than the traditional exchange has previously developed.
8. Thailand. Users from this country, as well as in Vietnam or the Philippines, are actively involved in P2E games, where NFTs are in-game items.
9. Russia. The use of cryptocurrency in Russia in 2022 is closely related to the events of February 2022 and subsequent sanctions, as a result of which international payments have become difficult.
10. China. Despite a 31.1% drop in transaction volume due to the crypto ban imposed in 2021, China remains the largest cryptocurrency market in the region.
Use of cryptocurrency in 2023.
According to Chainalysis data and UN statistics, cryptocurrency is most in demand in developing countries. Users buy it as a protection against the volatility of fiat money, as an investment.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.
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