The best cryptocurrencies do not have a central issuing or regulatory authority, and instead, use a decentralized system to record transactions and issue new units of the currency. His influence became more dominant in many countries. A large number of investors are looking for promising digital currencies to secure their future returns.
With the arrival of cryptocurrencies all over the world, some countries have legislated about them. While many countries take a more relaxed approach to cryptocurrency, others have imposed strict regulations on it.
Although cryptocurrencies are unregulated, the best cheap cryptocurrencies are safer and less prone to fraud thanks to blockchain technology. Currently, about 10% of the total world population owns some form of cryptocurrency.
The adoption of Bitcoin and other cryptocurrencies has increased by more than 800% compared to 2021, and here are the 10 countries whose inhabitants adopt cryptocurrencies the most as a percentage of the population.
Thailand
Thailand tops the list of countries exposed to the impact of cryptocurrencies. About 20.1% of Thai internet users own cryptocurrency.
Bitkub is the number one cryptocurrency exchange in Thailand, with 72% of Thais using it.
Philippines
The Philippines ranks second in the list of countries that are embracing cryptocurrency trading internationally, as it is used by 19.4% of total cryptocurrency dealers, while the platform “PDAX is the local cryptocurrency exchange in the Philippines that allows Filipinos to trade cryptocurrencies.
Nearly 7 million Filipinos, or about 6.13% of the total population, are estimated to own cryptocurrency, according to Analytics Insight, consulted by Al Arabiya.net.
Nigeria
The third country in the world to adopt cryptocurrencies is Nigeria, with 19.4% of the population owning cryptocurrencies.
Nigerians are the most open to cryptocurrency trading and spending, but the country is not alone in quickly embracing what was often a buzzword until very recently.
The most exchanged cryptocurrency is Bitcoin, and other well-known cryptocurrencies in Nigeria incorporate Scramble, Wave (XRP), and PayChatik. With a total crypto market trading volume reaching $400 million, Nigeria ranks third in seeing the impact of cryptocurrency volatility.
South Africa
South Africa comes next in the list of countries exposed to the impact of cryptocurrencies.
In South Africa, more than 19% of Internet users own a cryptocurrency. So far, South Africa does not consider cryptocurrencies to be “legal tender” – or a currency that can be used in a trade like regular fiat currencies.
South Korea
South Korea has around 13.4% of the world's cryptocurrency owners.
South Korea has long been referred to as a cryptocurrency hotspot in Asia. Nearly 30% of all cryptocurrency trading in the world is done on the Korean market.
However, at present, it is not legal to own, sell, and buy crypto assets in the country as per the crypto regulations issued by the South Korean government.
Argentina
Argentina has acted as a regional leader in the cryptocurrency space. Under Argentina's national constitution, the only authority capable of issuing legal currency is the central bank.
Argentina has a rich history of early adoption of cryptocurrencies, in part to hedge against inflation and circumvent bans on transferring foreign currency outside its borders. Although cryptocurrencies are not banned, the Argentinian government has issued cryptocurrency regulations regarding cryptocurrencies, particularly in the areas of taxation and anti-money laundering.
Malaysia
Malaysia is among the countries most impacted by cryptocurrency with 13.2% of global cryptocurrency owners. Bank Negara - the central bank of Malaysia - has approved specific cryptocurrencies that can be transacted, namely: Bitcoin, Ether, Bitcoin Cash, Ripple, Litecoin, and some other currencies.
Interested persons can buy cryptocurrencies on any exchange registered in Malaysia.
Turkey
On average, Turkey accounts for 18.6% of cryptocurrency owners. With the economy declining and the national currency depreciating, it is no surprise that Turkey is taking the lead in cryptocurrency ownership.
The anonymous co-owner of Bitcoin.org tweeted about the massive increase in traffic from Turkish investors in mid-2022, saying this is how Bitcoin is taking over the world. It is estimated that more than 2.4 million people, or 2.94% of the total population of Turkey, currently own cryptocurrency.
Brazil
Brazil registers 16.1% of cryptocurrency owners. Amid Brazil's cryptocurrency boom, many global exchanges, such as Binance, Coinbase, and Crypto.com, consider the country to be Latin America's top market in 2022.
It is estimated that 16 million people, or 7.8% of the total Brazilian population, currently own cryptocurrency.
Indonesia
Indonesia has 16.4% cryptocurrency ownership. Bitcoin, Ether, Cardano, and Polkadot are some of the legal digital assets in Indonesia.
Currently, Bitcoin is the most popular cryptocurrency in the country and remains the digital currency with the highest transaction values among Indonesian investors.