An established financial system that’s been around for hundreds of years means stability and prosperity, and that’s why developed countries are as economically stable as they are. However, it also means a lack of flexibility and a lot of barriers to innovation. That’s why developed countries weren’t very fast with crypto integration. However, developing countries have much more room for movements in the economic sphere. Because of that, they are ready to take more risks and introduce innovations faster. Today I want to do a case study of the most crypto-friendly countries and see if there are any trends that can show themselves when Europe and the US will move further in terms of crypto adoption.
An Overview Of The Leading Crypto-Adopting Countries
El Salvador
El Salvador made history by becoming the first country to adopt Bitcoin as legal tender in September 2021. The government’s move has put this small Central American nation at the forefront of the crypto revolution. El Salvador has never emitted its own currency and has always used US dollars. However, right now Bitcoin and USD are both official currencies of El Salvador. Consequently, any business there must accept Bitcoins as a form of payment. According to Yahoo Finance, the latest statistics from 2021 show that El Salvador has over 200 Bitcoin ATMs operating on a daily basis. Moreover, El Salvador’s government is heavily investing in Bitcoin, with 2,381 coins in the portfolio at the time of writing.
Venezuela
Venezuela has faced significant economic instability, and its citizens have turned to cryptocurrencies like Bitcoin as a means of preserving their wealth in the face of hyperinflation. In 2021, the inflation rate in Venezuela was 1,559%. Since buying foreign currencies is prohibited in Venezuela, the population turned to the only anti-inflation asset available: Bitcoin. It is estimated that currently, 2.9 million people in Venezuela own crypto wallets. That’s 10.3% of the total population. To put that into perspective, the global ratio of people who own crypto wallets is 4.2%.
Nigeria
Nigeria has a burgeoning crypto community, with millions of citizens using cryptocurrencies for remittances, investments, and everyday transactions. Nigeria’s crypto transaction volume grew year-over-year and is…
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