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The adoption of cryptocurrencies is greatest in these 3 countries



For crypto enthusiasts, Germany is probably not the ideal country. As with so many future topics, Germany is still far behind when it comes to adopting cryptocurrencies. Surprisingly, however, the spread of cryptocurrencies is the most advanced in the following 3 countries.  DeFi plays an important role in this.

Chainanalysis: Asian countries lead the way in cryptocurrencies

Despite the ban on transactions and Bitcoin mining in China, Asia is the most emerging market for cryptocurrencies. However, according to a report by Chain analysis , the 3 countries with the largest adoption of cryptocurrencies are in the region. These countries are:

  • Vietnam
  • In the event that
  • Pakistan 

Furthermore, countries like Thailand and the Philippines have a high level of crypto acceptance. Overall, Oceania, Central and South Asia (CSAO) is the fourth largest crypto market in the world and is growing particularly quickly.

Why is the adoption of cryptocurrencies so high in these Asian countries?

The growth described is based primarily on these 3 countries listed. A large portion of the increase in transaction volume came from Decentralized Finance (DeFi). Since May 2020 we have seen a surge in the DeFi sector. 

It is noticeable that the 3 countries with the highest crypto adaptation are countries with an average relatively poor population. In contrast, highly developed Asian countries such as Singapore or Hong Kong are not at the top. In these poorer countries, a large proportion of the people do not have access to a bank account . This makes DeFi more and more attractive to a large group of people.

MetaMask is particularly popular in Southeast Asian countries

In addition to the countries in South Asia, India and Pakistan, in which an extremely large number of people participate in the DeFi sector, Southeast Asia is also a hotspot for the adoption of cryptocurrencies. For example, 20% of all MetaMask users are said to come from the Philippines. The play-to-earn game Axie Infinity is particularly successful there, which accounts for a large part of the transaction volume. 

Cryptocurrencies and, above all, decentralized finance give people who have little access to central exchanges secure access to financial services. Accordingly, there are countries in South and Southeast Asia in which cryptocurrencies and the decentralized services associated with them are more widespread and accepted.

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