Cryptocurrency has been a topic of discussion in many financial communities ever since its exponential hike in 2019. After producing many crypto millionaires as the bitcoin reached an all-time high, people began taking its use much more seriously. With time people realized that the only two ways to acquire Bitcoin were either through crypto mining or crypto trading. For many, this also became the turning point that allowed people to understand the decentralized nature of the currency. As new organizations formed, and many crypto-based firms started spreading awareness, people and governments started reacting to the currency. 

As the currency was new for many and had many aspects of it that were unexplored, not everyone was happy about its use. Amongst those against were many governments that banned mining or trading crypto until they could get a full grasp of the coin. While some countries were vocally against the change, many governments also accepted the crypto trade with open arms. Countries like the United States of America and the United Arab Emirates became flourishing land for crypto exchanges and companies. The government recognized crypto as a digital asset, this further increased the influence of crypto. 

As you read on you will find 10 countries that are reeling under the impact that crypto has made globally. 

10 countries impacted by Crypto

Here are the ten countries that have been impacted by crypto. 

• Indonesia

Indonesia is a country that has accepted the use of crypto and has many cryptocurrencies that have been categorized as legal for trade. These currencies include Bitcoin, Polkadot, Cardano, and Ether. The country enjoys its position in being one of the only countries where Indonesian investors use cryptocurrencies to complete transactions. 

• South Korea

Nicknamed the hotspot for Asian Crypto Trade, South Korea has been the continent’s leader in trading and owning crypto. However, it is surprising that regulations still dictate that the trade is not legal. In the boundaries of South Korea, it is not legal to buy, sell, or mine crypto, but the market still accounts for 30% of crypto trade worldwide. 

• South Africa

It is estimated that close to 1 out of every 5 users have or are trading in cryptocurrency in South Africa. Despite the fact that the country does not accept the crypto trade as a legal tender, that does not stop the residents from trading and owning the currency. The cryptocurrencies in the country are not regulated and there are no close laws being implemented that indicate the currency being accepted by the government. 

• Malaysia

Cryptocurrency is not a legal tender in the country and does not enjoy the government support that many countries provide to the new currency. At the same time, the national bank does not issue any form of digital currency nor it plans to. Regardless, there are many interested users that buy and sell cryptocurrency actively in the country. Bitcoin, Bitcoin Cash, and Litecoin are all among the currencies that are most commonly traded in the country. 

• Philippines 

The residents of the Philippines were quick to adopt the cryptocurrency trade as a business. With many youths and businesses being attracted to the currency, crypto was seen as the perfect addition to society. People in the country use PDAX to make any exchanges in crypto locally. More than 7 million Filipinos actively trade or own cryptocurrency, making them amongst the highest on the global charts. 

• Argentina

The country has a history of being one of the first to accept the cryptocurrency trade. The people understood it to be a good investment to combat inflation, but the government is yet to officially welcome the crypto trade. In recent times, the government has made no direct statements about the crypto trade or mining being illegal but has made many regulations to combat the use of crypto for tax evasion and money laundering. 

• Nigeria

Uncertain political and economic conditions have always favored cryptocurrency exchange and trade. Nigeria has been one of the countries to adopt the crypto exchange and trade for daily use. The impact of cryptocurrency has been huge in the country with increasing trades in PayChatik, Dash, and Ripple. 

• Turkey

The number of cryptocurrency traders and owners in Turkey fluctuates, but still, it enjoys over 15% crypto ownership rate. Currently, less than 3% of the Turkish population owns cryptocurrency. Many analysts say that Turkey will be one of the countries that allow for the increasing use and adaptability of crypto worldwide. 

• Thailand

Thailand has always been one of the major tourist spots in the world. Along with its increasing tourism and the many sightseeing locations, it is also a country that adapts to a lot of the changes taking place in the world. Most business strategies are targeted towards attracting and facilitating foreigners and tourists, which is why crypto was one of the changes that were quickly adapted. Currently, Thailand has one of the highest shares of users that own currencies. This is not entirely held in Bitcoin but varies in multiple different coins. Currently, most users use the popular crypto exchange platform Bitkub in Thailand. Except for the obvious favorites bitcoin and Ethereum, the Thailand market also enjoys a high volume of trade for Tether. 

• Brazil

A while back Brazil saw a crypto boom which saw many users actively using the locally available crypto exchanges. Many major crypto organizations and exchanges see the country as the leader of Latin America when it comes to crypto trade. In addition, the past few years have seen people using exchanges like Coinbase and Binance actively in the region. 

Conclusion

With time cryptocurrency acceptance and adaptation are increasing around the world. Countries like the United Arab Emirates are becoming the focal point for many large-scale companies. In addition, there are many governments that are now starting to understand that crypto is here to stay. For this very reason, people are increasing the use of crypto and understanding the true potential of a decentralized network of currencies.