Cryptocurrencies are all the rage in developing countries

Data from the UN shows that cryptocurrencies are attracting great interest in developing countries. A news that is not to everyone’s taste.

Cryptos are on the rise

According to the latest UN report, emerging economies dominate in the holding of digital assets. Topping the list are Ukraine and Russia, which have flocked to crypto:”
mnaies when the conflict between them broke out. A way for Ukrainians to preserve their heritage and for Russians to take part in the eco scene
world economy despite the sanctions. In third position we have Venezuela, whose economic situation is marked by hyperinflation.

The 20 countries that held the most cryptocurrencies in the world in 2021

According to the UN report, of the 20 countries in the ranking, only 5 are advanced economies. These are Singapore (4th), the United States (6th), and further afield the United Kingdom, Korea and Australia. That said, Asian countries are in the majority, plus India, Vietnam, Thailand, the Philippines and Pakistan. In this dynamic, Africa is not left out. The continent is strongly represented with the presence of Kenya (5th), South Africa (8th) and Nigeria (9th).

Data highlights the fact that cryptocurrencies are increasingly seen for what they really are: a refuge for some, a liberating hand for others. Therefore, it seems more evident than ever that crypto-assets are going to play an important role in defining a new economic era.

In recent years, there has been an explosion in demand for cryptocurrencies. This adoption was mainly observed during the Covid-19 pandemic. A period of political drift that made people wonder about how fiat money works and the alternatives to prevent inflation.

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