The use of cryptocurrencies, as well as concerns and calls for market regulation, is increasing all the time.
According to a report by Chainanalysis that examines data from July 2021, Vietnam has by far the most cryptocurrency users. Vietnam, in particular, is unquestionably first, because the value of cryptocurrency transactions is extremely high, while the number of payments is also extremely high.
According to a report by Chainanalysis, one of the reasons cryptocurrencies have become so popular in Vietnam - and other developing economies - is that they are used as an investment tool.
When the value of the local currency falls, they are used to boost the value of savings.
As a result, cryptocurrencies are extremely popular in Venezuela, Argentina, and Turkey, as shown in the map below.
Cryptocurrencies are also used in peer-to-peer payments in emerging economies, particularly in some African countries, such as Nigeria and Kenya, according to the Chainanalysis report. Such transactions allow users to avoid using other tools that may incur fees, such as bank transfers.
India, China, and Brazil are the three countries with the highest volume of transactions.
In terms of developed economies, cryptocurrencies appear to be widely used in the United States, as well as the United Kingdom, Canada, South Africa, and Australia.
The cases of Russia and Ukraine are particularly noteworthy, where many cryptocurrencies are also traded, but this is due to a lack of trust in institutions, according to Chainanalysis findings. They could also be used to avoid paying taxes.
By fLEXI tEAM