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UAE, Vietnam Beat US in Global Cryptocurrency Adoption
The cryptocurrency industry has seen narrative shifts over the past couple of years. Several governments have gone from condemning the market to publicly embracing it. Therefore, the countries that dominate the space in terms of adoption have moved on. Most recently, Triple-A data revealed that the U.A.E [UAE] has been heavily invested in the sector, while the
According to the survey, a notable 30.4% of the UAE population owned cryptocurrencies. But with reports circulating that the UAE may ban the use of cryptocurrencies for payments, things could go south for the nation. The Central Bank of the United Arab Emirates [CBUAE] Board of Directors examined projects on June 5 in the area of financial infrastructure [FIT] program, which is an initiative to support digital transformation in the nation. Irina Heaver, a cryptocurrency lawyer, thinks the UAE could ban cryptocurrency payments in light of the recently published law.
Moving on, Vietnam could be a strong competitor to the UAE. According to the survey, there has been a significant increase in the number of individuals holding cryptocurrency in Vietnam, where 21.2% of the population, or over 21 million people, are interested in the space. This is remarkable considering how small the nation is compared to developed countries like the United States and Singapore.
Read also: UAE Leads Middle East in Cryptocurrency Adoption, 72% Hold BTC
The United States Still Has the Most Cryptocurrency Holders
Even though 53 million Americans currently hold cryptocurrencies, the United States ranks third. This is because the above figure represents only 15.6% of the nation’s total population. Given the recent interest in cryptocurrencies shown by US President Joe Biden and former US President Donald Trump, the nation may soon experience growth.
Adoption rates are 13.5% and 13.4% respectively in other nations such as Iran and the Philippines. Despite Brazil’s efforts to boost the sector, only 12% of its population has used cryptocurrency.
Read also: Binance to move operations in the UAE to local exchange Binance FZE