While digital currency mass adoption may still take a little longer to materialize, the impact of digital currencies around the world is visible.
There are several countries today that are truly seeing the benefits of cryptocurrency and are willing to take the’ risk’ while others are yet undecided on the next move for them.
In the crypto sphere, the phrase “mass adoption” has been a popular topic, probably since the creation of cryptocurrency.
Unfortunately, however, the word does not seem to match the digital currency’s increasing popularity. Is the future bright for the adoption of cryptocurrency?
Some nations around the globe, such as China and India, have chosen to crackdown on everything concerning cryptocurrency even to the extent of subduing the fundamental technology, blockchain, in an attempt to disrupt any progress of the currency in those countries.
That said, more nations are becoming more receptive to the idea and advantages of the emerging industry, generating stricter regulation for virtual currencies and their roles as an asset. They are neither for nor against the development.
Other nations have even chosen to go beyond regulations and have created an atmosphere in which cryptocurrency can really develop, some countries are more cryptocurrency-friendly than others.
Where Is Crypto Adoption the Highest?
According to publications, it is quite amazing to find these countries leading the way in the adoption of virtual currencies:
Maybe it’s not surprising that 20% of Turks own a good number of cryptocurrencies in this country. Cryptocurrencies seem to breed like rabbits in nations where bank trust are small, where the currency is prone to sudden downturns, and its leaders have a shaky connection with the U.S. This speaks volume of a country like Turkey.
Turkey has all the components to make digital currency acceptance high with a dictatorial ruler on the helm of affairs willfully silencing any contentious issues and throwing rivals into jail.
However, interestingly, if you search out the top nations on Bitcoin searches over the internet, Turkey may never make the list. The astute Turks seem to understand precisely what it is and how to purchase it.
Brazil, like its northern neighbor, is hardly in financial difficulties. In April, though, inflation reached its largest level in four years. Brazil traded a record of 100,000 Bitcoins in 24 hours in the same month. That’s a huge amount, an equivalent of almost USD 500 million.
While there is a continuous confrontation with banks, progress is never cut short. Santander bank was compelled in February to maintain the account of Bitcoin Max’s by the justice system.
With inflation increasing and an infamously corrupt government, it’s no wonder that this country’s cryptocurrency prospect is booming.
Colombia is 18 percent in joint second place for countries that own the largest quantity of cryptocurrency or use it. With a Bitcoin-friendly state and home to well over a million refugees from Venezuela, many individuals here use Bitcoin as an opportunity to give protection to their assets. Others, however, are managing or using their global companies as an investment vehicle.
ARGENTINA & SOUTH AFRICA
They are in joint third place as countries where its citizens use digital currencies fairly well. From South America to Africa, Argentina and South Africa demonstrate high acceptance of cryptocurrency at 16% of the population for each country.
Argentina appears frequently high up in Google’s Bitcoin searches. Its population is obviously interested in finding an option for storing U.S. dollars to shield their wealth.
With 54 % inflation and an ever-increasing education on Bitcoin, and the fact that you can use it to pay for government transportation, it is logical that there is a strong adoption of cryptocurrency here.
Despite the latest regulatory clampdown, interest in virtual currencies in South Africa continues to grow. Many see it as a practical way to send global payments, protect assets, and invest.
In Japan, when it comes to the implementation of cryptocurrency, only 3 percent of its otherwise super tech-savvy population trader or owned cryptocurrencies.
Perhaps the most surprising fact, though, is that the study does not include South Korea, a significant player in the cryptocurrency sphere. Considering that this nation accounts for about 30% of all global trading, it seems a little odd.
Is it a very small proportion of Koreans that move all these digital coins, a lot more still needs to be revealed!
Future Adoption of Digital Currencies
Analysts have long anticipated that sincere and committed involvement in blockchain and cryptocurrency space by governments and organizational players demonstrates how the sectors will mature.
Crypto merchant bank founder (Galaxy Digital), Michael Novogratz, lately said institutional investors will drive the movement of the digital currency bull-run.
Several reports on high tech companies becoming more engaged in blockchain and cryptocurrency technology, point to further recognition and implementation of both the blockchain technology and digital currencies. Will institutional investors be the next to drive further digital currency?
1. Samsung to Include a Digital Wallet in its latest smartphone
A report from the Wall Street Journal (WSJ) released on September 5th says that the latest version of Samsung’s Galaxy Note 10 will feature a not just a cryptocurrency wallet, but also free coins accompanying it.
Sources familiar with the integration informed WSJ that South Korean tech giant, Kakao Corp. will issue its affiliate cryptocurrency KLAY to smartphone consumers straight from Samsung.
Expanding cryptocurrency capacities on a widespread phone has the opportunity to take more individuals into the cryptocurrency space and simplify the uninitiated use of digital assets.
2. Japan grants exchange license to a LINE subsidiary
The granting of an exchange permit to the LINE subsidiary, LVC Corporation, was a major milestone accomplishment in Japan.
The Japanese messaging giant, LINE, has focused on cryptocurrency developments and blockchain adoption. They have shown a progressive approach to cryptocurrencies, involving senior managers and public officials in shaping how cryptos are growing rapidly.
3. PwC Luxembourg to Begin acceptance of Bitcoin payments
The Big Four auditing business PwC’s Luxembourg branch has announced that from 1 October 2019 it will begin accepting Bitcoin payments. The firm claims its decision to open up to crypto payments is for its commitment to the requirements of clients as well as promoting the growing industry of cryptocurrency.
4. HSBC utilizes blockchain platform to issue loan letter on Sept. 2
The giant in the banking and financial services field, HSBC, completed the first letter of credit on a blockchain denominated yuan. The company used R3’s Corda-powered Voltron platform for blockchain software for a cross-border transaction, where MTC Electronics exported a shipment of LCD products to its parent company.
Even since getting created, the blockchain technology has seen huge implementation in the financial services sectors, as it can decrease transaction times, expenses and provide a more safe and transparent account of agreements and funding.
5. National cryptocurrency in the Marshall Islands
Minister to Marshall Islands President and Environment, David Paul, lately published an article describing the nature of the upcoming domestic digital currency, the Marshallese Sovereign (SOV).
The government is aiming to create Marshalle’s monetary policy more independent by issuing the SOV, as it is presently using the U.S. dollar. The government has chosen to base the currency on a blockchain protocol because it does not believe that a centralized system is appropriate for a tiny nation of 50,000 individuals spread over 1,000 Pacific islands.
This instance of blockchain adoption demonstrates how technology, even at the domestic level, can solve concrete and real financial problems.
Asia’s Role in Cryptocurrency Adoption
Different Asian nations have emerged as leaders in cryptocurrency space, and in the near future, they are ready to become even more influential. The degree to which countries like Japan, the People’s Republic of China, and the Republic of Korea can successfully adopt crypto will have a major impact on global adoption.
Three of the top five cryptocurrency exchange firms are in Hong Kong, China, and since 2017, Asia has seen a rise of about 50 percent in blockchain and cryptocurrency employment. Bitcoin may have even begun in Japan, though none of its roots are certain. Some of the first mining activities in the world have also begun in Japan.
The region plays an important part in today’s cryptocurrency markets whether or not Bitcoin began in Asia.
One such important crypto figure is China, although its history with the currency has been rocky. Different variables have resulted in the popularity of crypto in China.
They include: the government’s strict control of the yuan; the yuan’s instability; the growth of individual wealth that leads some to seek alternative currencies; and the inexpensive energy and hardware of the country that makes mining more economical.
Because of these variables, China has become the world leader when it comes to Bitcoin mining, with 70 percent of the country’s computing energy. The nation also has more blockchain and cryptocurrency-related patents than any other country and has three times as many patents as the United States, the nation with the second-highest number of patents. Since 2016, the amount of blockchain and crypto patents coming from China has increased greatly.
The latest crackdown by the government has endangered the booming crypto company of the nation. Even digital currencies were outlawed several times by the nation. This has resulted in other nations around the globe to take on larger roles, including Japan.
Japan’s trading rate rose from one percent to six percent in 2017. Stores across the nation have begun accepting cryptocurrency payments. In addition, Japan’s three largest banks, SMBC, MUFJ, and Mizuho, have even supported the largest Bitcoin exchange in the nation, bitFlyer.
Ripple, a U.S.-based electronic payment firm, works to further legitimize cryptocurrencies with Japanese banks. Creating an application that allows clients to settle cash transfers using blockchain technology is already working with about 60 banks in Japan. This initiative could introduce blockchain into the mainstream of finance.
Other Asian nations are also warming up to use crypto. A suite of applications called Kakao, that includes the payment app KakaoPay, is working to incorporate Kakao in the Republic of Korea. Approximately 12,000 merchants and millions of consumers use Kakao.
Users and merchants can readily send and receive crypto payments with these systems once they have been completed. The country’s leading hotel reservation platform, Yeogi Eottae, is also working to incorporate digital currencies with Bithumb, Korea’s biggest crypto exchange. You will now able to use cryptocurrencies to book flights.
Governments in Asian nations have endorsed cryptocurrencies development in some ways, these governments were a barrier to its acceptance at other times.
Though the crackdown of the People’s Republic of China on cryptocurrencies has devastated the trading and market management of the country, however, some have speculated that the country is planning to lift its ban.
Recently, the Chinese government introduced its own crypto index, which is a pointer that something positive is just about to happen. Interestingly, the index places Ethereum in the top place.
Also on the blockchain, the People’s Republic of China retained a more favorable stance. President Xi Jinping even included the technology, calling it a ‘breakthrough’, in the 13th Five-Year Plan.
The Royal Mint of the People’s Republic of China has begun investing in blockchain technology and digitizing the yuan.
The competition from Japan and other neighboring countries may be one possible reason why China is considering returning to crypto trading.
Historically, Japan’s government has been less involved in crypto markets than China. The Japanese government has recently begun to take action to fully legitimize cryptocurrencies and introduce them to the mainstream public.
It has introduced a virtual exchange, wallet and payment provider licensing program and is taking measures to improve transparency.
Signs point to a future perspective of cryptocurrencies that is even more acceptable. Takuya Hirai, a proponent of blockchain systems, is the new head of Japan’s Ministry of Science, Technology and IT, who supposedly played an essential part in writing last year’s law that legalized crypto exchanges in Japan. Among other things, the ministry is accountable for supervising economic technology-related policies.
Cryptocurrencies also help Asian-country investors to invest more in wide-reaching economies. Asian investors managed 40% of worldwide venture capital funding in 2017, compared to 44% of American investors. Digital currencies are perfect as they are not based on any country’s currency for international trading.
Some of the world’s most innovative and cryptocurrencies-accepting nations are in Asia, and how cryptocurrencies are addressed by these nations will have a major impact on how the remainder of the globe does the same.
If governments crackdown on crypto in Asia, they may force other countries to assume a management position n the use of these assets. Other nations are likely to follow suit if they become more engaged and see more achievement.
Signs indicate that in the coming years, Asia will take a more active role in the crypto circle.
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