Emerging economies have taken the lead when it comes to adopting cryptocurrencies. Vietnam, Indonesia, and India are ahead of the curve in accepting digital assets, highlighting the important use cases of crypto assets related to remittances and financial inclusion.
A recent survey was conducted to evaluate the rate at which digital assets are being adopted across 27 countries in Europe, Asia, and the United States of America. The survey of 42,000 people showed that across all 27 countries in each respective continent, Vietnam had the highest adoption rate in the world. According to the survey results, 41% in total had claimed they had purchased crypto assets, while 20% of Vietnamese respondents claimed they had purchased Bitcoin, which is the highest rate of Bitcoin and crypto adoption among all countries polled.
The primary driving force behind Vietnam’s high crypto adoption rate is said to be remittance payment, as mentioned in the report. Remittance payment might have played a major role in motivating the natives to purchase crypto assets at such an exceeding rate. Migrants from Southeast Asian countries send money back to their native homeland via cryptocurrencies to avoid exchange fees.
Vietnam’s outperformance might appear as a surprise on the surface, but the data reports indicate that the Southeast Asian country is in the lead when it comes to crypto adoption. In a previous report earlier in June, Vietnam was ranked at 13 for highest bitcoin gains in 2020 even though Vietnam is only the 53rd largest economy in terms of Gross Domestic Product (GDP).
Western nations were shown to have the lowest adoption rate in the survey report. The United Kingdom and the United States were shown to be at 8% and 9%, respectively. Meanwhile, Asia showed the highest number of adoption rates, 30% of respondents from India and Indonesia claimed to have purchased digital assets. The survey showed that 29% of respondents from Malaysia, and 28% of respondents in the Philippines had purchased cryptocurrencies.
The report highlighted that due to varying infrastructure in each priority, the surveys were not all nationally representative even though each country had 1,160 to 2,511 respondents.
Latin American countries had strong adoption trends as well, 22% of respondents from Brazil claimed to have purchased cryptocurrencies. Digital assets in Latin American countries are growing rapidly due to inflation and deteriorating fiscal outlook. the region is home to two crypto-exchange unicorns.
