TIMES.KY

Cayman Islands, Caribbeanand International News
Friday, Mar 29, 2024

Are these the 10 most crypto-friendly countries in the world?

Are these the 10 most crypto-friendly countries in the world?

Long gone are the times when cryptocurrency was just a niche, far-fetched revolutionary ideal for the people who dreamed of achieving social change through technology, and those who could sniff a good investment.

The hype for crypto has turned into reality, with Bitcoin - the world’s most famous cryptocurrency exchange - now counting over 180 million users globally and over 18,000 businesses across the world currently accepting cryptocurrency payments.

But cryptocurrency hasn’t taken off the same way in every country, with its adoption and use being sporadic across the world.


Which countries are crypto hubs?


A new study by Merchant Machine, a payment processing comparison website, has found that the US, Ukraine, and the UK are the top 3 countries for crypto use worldwide, based on the number of crypto owners, businesses that accept cryptos, and the amount of Bitcoin ATMs available.

The US has the second highest number of crypto owners in the world, over 27 million compared to India’s over 100 million, but the country has the highest percentage of crypto owners compared to its total population.

The number of Bitcoin ATMs across the U.S. also eclipses that of any other nation, with over 33,000 machines compared to Canada’s 2,458. By further comparison, India has only 2 Bitcoin ATMs.

The US has also one of the most powerful economies in the world, which could explain how crypto has taken off there. But the same explanation doesn’t justify why crypto has become so relevant in Ukraine.

This is the full list of the top 10 countries using crypto the most:

10. Colombia

9. Vietnam

8. The Netherlands

7. France

6. Russia

5. Thailand

4. India

3. UK

2. Ukraine

1. US


How has crypto become so relevant in Ukraine?


The reason Ukraine is the second country after the US in terms of crypto use is, unfortunately, due to the war which has been unfolding in the eastern European nation since February 24 when Russian troops invaded.

The country had started embracing cryptocurrency before the beginning of the war and was already ranked fourth for cryptocurrency adoption among its citizens in 2021 in a global index compiled by Chainalysis, a crypto research group.

But as soon as the war against Russia broke out, the Ukrainian government took the strategic decision to expand its use of crypto to support its economy.

On the second day of the war, Ukraine’s digital transformation minister Mykhailo Fedorov reportedly asked his deputy to set up official government wallets that could accept payments in cryptocurrency.

Thanks to this bold move, Kyiv has already raised more than €120 million in crypto since the beginning of the Russian invasion which has helped to support its troops and buy military supplies.


Where can you do business with crypto?


There’s a big difference between owning crypto and being able to get around with crypto, paying for goods and services with digital currency.

In fact, the Merchant Machine’s ranking of countries with the highest number of businesses accepting crypto payments in 2022 looks quite different from the ones ranking crypto adoption. The noticeable difference is the number of European cities on the list.

These are the 10 cities with the highest number of businesses accepting payments in crypto:

10. Amsterdam, The Netherlands (27)

9. Vienna, Austria (34)

8. Madrid, Spain (35)

7. Berlin, Germany (39)

6. Bangkok, Thailand (39)

5. Athens, Greece (43)

4. Paris, France (46)

3. Seoul, South Korea (47)

2. Caracas, Venezuela (58)

1. Bogota, Colombia (86)

Bogota boasts the most businesses accepting cryptocurrency.


The reason Bogota has so many businesses embracing crypto may be related to the fact that the city’s authorities announced a programme in 2021 to finance blockchain companies to turn the Colombian metropolis into a smarter city.

A budget of 2.8 billion pesos (€660,000) was devoted to funding start-ups and developing useful initiatives.

In Venezuela, on the other hand, crypto has been filling the gaps of a failing economy, as hyperinflation and US sanctions have combined to depreciate the Venezuelan currency to the point of making it almost worthless.

Elsewhere, Merchant Machine found Vietnam to be the only country with no businesses currently accepting crypto.

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×