Cryptocurrency is widely used in many countries and is a popular alternative to traditional bank accounts. El Salvador, for example, has invested millions into Bitcoin and has approved the use of the virtual currency as legal tender. President Nayib Bukele has made this announcement in order to ease the financial burdens of people there. Since most of the country's citizens do not have bank accounts, this move will facilitate transactions.
According to the Chainalysis index, most of the world's emerging economies are among the top users of crypto. The index takes into account factors such as GDP and average person wealth. The United States slipped from sixth to eighth place in the list, while China fell from fourth to thirteenth. However, there are some positive signs for the future of crypto adoption in emerging markets. Among them is the government's willingness to remove capital controls, which has hampered the growth of the crypto industry.
Besides emerging markets, the English-speaking countries are also among the largest users of crypto. Among English-speaking countries, the United States, the UK, Canada, Australia, and South Africa are the most active users. In terms of usage, India, China, and Brazil are also popular crypto markets. However, some countries are still skeptical of the new technology.
While most countries are skeptical, a number of countries have already made their adoption of crypto legal and regulated. Currently, only Vietnam is not legalizing cryptocurrency. And there are other countries where the crypto community is growing, including Venezuela, Canada, and the Philippines. But there are still many questions left unanswered.
The biggest crypto market by country is still relatively small, but the global industry is growing. This means that the biggest markets by country may differ in a few years. In fact, by 2025, the world's crypto market could look very different. Currently, China, the UK, and North America account for 18% of total crypto transaction value. Vietnam, however, is leading the way, with Nigeria and Kenya also ranked highly.