From South Africa to Latin America, developing countries currently top cryptocurrency usage

NEW DELHI: The call for the use of cryptocurrency in the West and in Europe could well be to invest in the most lucrative and stable digital asset for long-term investments.
But in developing countries with a changing economy, people turn to cryptocurrencies under difficult economic conditions to send remittances to the diaspora or to seek financial help with rising unemployment.
Separate surveys – carried out by Statista in March 2021 and Finder and Chainalysis in August 2021 – on the ownership, introduction and use of cryptocurrencies ranked such developing countries among the top 20.
Nigeria in South Africa, Vietnam and the Philippines in Southeast Asia, and Venezuela and Argentina in Latin America were the top names in the survey.
Here are their stories:
Nigeria:
According to the global Statista survey in March 2021, this country had the highest cryptocurrency usage at 32 percent.
Strict regulations and high fees for incoming transfers made cryptocurrency the obvious choice for Nigerian expatriates to send money across borders to their families.
Oddly enough, Nigeria’s official records showed a steady and sharp decline in remittances from $ 2.5 billion in January 2021 to $ 54.4 million in September 2021.
However, remittances continued to come in through the private cryptocurrency services. The government is currently planning to introduce its own e-naira to replace the cryptocurrency.
Vietnam:
This country’s economic crisis pales in comparison to its indomitable eagerness to thrive through cryptocurrency services. It was ranked first in the Chainalysis Adoption Index.
Previously, the use of cryptocurrencies in Vietnam was dominated by the need to send remittances to families for support, while it is now being rerouted for future investments.
In September 2021, Vietnam saw a resurgence in crypto mining activity and the demand for mining rigs with the rise in the price of altcoins and bitcoin. However, crypto mining is still not a regulated activity in Vietnam.
Philippines:
The Philippines are among the top five countries in the world to receive remittances from overseas, with an annual remittance of $ 32.5 billion, according to the World Bank.
Recognizing the impact of cryptocurrencies on revolutionizing diaspora remittances and fundraising opportunities in the country, the Central Bank of the Philippines approved several crypto exchanges to operate as remittance and remittance companies in the country. The acceptance of cryptocurrencies increased here both for investments and for income generation.
Fillipinos also make up 40 percent of over 1 million Axie Infinity players. With unemployment rampant after the pandemic, many locals saw this as an economic opportunity. Axie Infinity, a crypto-based play-to-earn game, has helped unemployed people in the Philippines, Brazil and Venezuela.
Venezuela:
Exploding inflation in 2020 with a minimum wage below $ 10 and Venezuela’s cheap electricity have jointly fueled the crypto boom in that country.
Cryptocurrencies are an easy and inexpensive way for Venezuela’s 5 million diaspora to send money transfers home.
Cheap energy has led to a thriving crypto mining activity. Crypto mining has been a regulated activity in Venezuela since November 2020. For those who can’t buy expensive mining machines, getting into the crypto game Axie Infinity through scholarships is another route.
Argentina:
This Latin American country, with 45 percent inflation, 42 percent poverty, and a 9.9 percent drop in GDP in 2020, had gained 2 million cryptocurrency users by May 2021. From these economic troubles, Argentines have sought refuge in cryptocurrency services and trading.
Colombia at number 11 and Brazil at number 14 in the Chainalysis cryptocurrency adoption index have also adjusted to the use of cryptocurrencies to hedge against various economic problems in these countries.
(For the latest crypto news, investment tips, and real-time price updates, follow our Cryptocurrency page.)

source https://www.bisayanews.com/2021/09/18/from-south-africa-to-latin-america-developing-countries-currently-top-cryptocurrency-usage/