What We Have Covered in This Article
Last Updated on June 13, 2023 by Editor Futurescope
Crypto users are simply people who have adopted the use of digital currencies like Ethereum, Bitcoin, and Litecoin for transactions. As of December 2021, the number of cryptocurrency users had significantly increased, with over 100 million people involved in digital currencies worldwide. This number has also considerably grown in 2023. But which countries are spearheading this growth?
Here are the top five countries with the most crypto users in 2023.
United Arab Emirates (UAE)
The UAE is among the most progressive nations in the world when it comes to tech advancements and digital currencies. The Gulf nation has a well-regulated cryptocurrency market and it allows its citizens to use digital currencies without the fear of legal action.
Cryptocurrency users in the United Arab Emirates also get access to different online trading platforms and services together with educational materials. That has encouraged many people to invest and use crypto assets, with an estimated 27.67% of the country’s residents using cryptocurrency users in 2023.
Vietnam
Vietnam is one of the most outstanding countries in the digital currency space. The Vietnamese government has taken a proactive stance to regulate the crypto market, giving users more certainty about the market’s future.
Additionally, Vietnam has implemented multiple initiatives in helping to promote the adoption of cryptocurrencies. That includes launching a blockchain-based online payment system to allow businesses to launch their own tokens. Such initiative has promoted digital currencies in the country, with an estimated 26% of Vietnam’s citizens using cryptocurrencies in 2023.
United States
While the US crypto markets are relatively new in the industry, they have managed to attract a large number of users within a short time. In 2023, about 13.7% of the American population are crypto users and the number is gradually growing. The move also allows casino players to use cryptocurrencies on Bitcoin poker sites without any legal repercussions. That’s largely because of the country’s open attitude towards crypto assets and its technologically advanced financial infrastructure. Even better, many blockchain-based projects are being launched in the country.
Philippines
The Philippines boasts one of the fastest-growing economies in Asia, with a large number of people embracing digital currencies. The country’s progressive financial sector and the tech-savvy nature of its population have contributed to the mass adoption of cryptocurrencies in the nation.
That’s further supported by the country’s government, which announced its plans of regulating the market in 2017. As such, data shows that at least 13% of Filipinos are crypto users in 2023.
India
India is among the world’s largest countries in terms of population and it has seen a significant surge in the number of crypto users in the last five years. This growth in the number of crypto users is largely because of the government’s openness towards new technologies like the blockchain, artificial intelligence, and cryptocurrencies.
India also has strong consumer demand for cryptocurrencies because of the perceived benefits of digital currencies over fiat payments. As such, market experts estimate that 11.5% of Indians are using digital currencies in 2023.
Conclusion
Overall, these five countries offer an insightful look at the global penetration of cryptocurrencies. As more countries start recognizing the potential of digital assets, we can expect to witness further growth in the coming years. Additionally, the blockchain technology is still evolving and its maturity will add more prominent features to the users’ lives.
