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Cryptocurrencies are all the rage in developing countries

UN data show that cryptocurrencies are attracting great interest in developing countries. A news that is not to everyone’s taste.

Crypto UN

Cryptos are on the rise

According to the latest UN report, emerging economies dominate in the holding of digital assets. At the top of the list, Ukraine and Russia, which have flocked to cryptocurrencies: “
mnnaies when the conflict between them broke out. A way for Ukrainians to preserve their heritage and for Russians to take part in the ecoรงรง scene
despite the sanctions. In third place, we have Venezuela, whose economic situation is marked by hyperinflation.

The 20 countries that held the most cryptocurrencies in the world in 2021

According to the UN report, of the 20 countries that are included in the ranking, only 5 are advanced economies. These are Singapore (4th), the United States (6th), and further the United Kingdom, Korea and Australia. That said, Asian countries are the majority with India, Vietnam, Thailand, the Philippines and Pakistan in addition. In this dynamic, Africa is not left out. The continent is solidly represented with the presence of Kenya (5th), South Africa (8th) and Nigeria (9th).

Given from the UN highlight the fact that cryptocurrencies are increasingly perceived for what they really are: a refuge for some, a liberating hand for others. Therefore, it seems more obvious than ever that cryptoassets will play an important role in defining a new economic era.

In recent years, there has been an explosion in demand for cryptocurrencies. This adoption was mainly observed during the Covid-19 pandemic. A period of political drift that has led people to question the functioning of fiat money and alternatives to prevent inflation.

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Junie MAFFOCK avatar
Junie MAFFOCK

I came to blockchain out of curiosity and I stayed there out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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