Emerging markets like Vietnam, India and Indonesia are leading the way in adopting cryptocurrencies, highlighting important use cases for digital assets associated with remittances and financial inclusion.
A survey by Finder of 42,000 people in 27 countries found that Vietnam had the highest adoption rate, with 41% of respondents saying they bought cryptocurrency. Twenty percent of Vietnamese said they bought Bitcoin (BTC), which was the highest among all the countries surveyed.
Although Vietnam’s strong outperformance may seem surprising on the surface, the Finder poll confirmed other data showing the Southeast Asian country is beating over its weight in adopting crypto. As Cointelegraph reported in June, Vietnam ranked 13th in terms of realized Bitcon recoveries for 2020 – even though it only has the 53rd largest economy in terms of gross domestic product.
Related: Report: Vietnam’s Prime Minister calls on the state bank to test the digital currency on the blockchain
Regarding the Motivation for Buying Crypto in Vietnam, the Finder Report Claimed:
“Wire transfer may have played an important role in these numbers, with cryptocurrency being an option for migrants who want to send money home and avoid exchange fees.”
Acceptance rates were also very high across Asia, with 30% of respondents in Indonesia and India saying they had bought crypto. In Malaysia it was 29% and in the Philippines 28%.
On the other side of the spectrum, adoption rates were lowest in the United Kingdom and the United States, at 8% and 9%, respectively.
Each country represented in the survey had between 1,160 and 2,511 respondents. “Due to the different Google infrastructure in each area, not all surveys were nationwide representative,” the report said.
The report also documented strong adoption trends in many Latin American countries, with 22% of Brazilian respondents saying they had bought crypto. The digital asset class is growing rapidly across the continent, partly due to rising inflation, tighter capital controls, and deteriorating budgetary outlook. The region is now home to at least two crypto exchange unicorns, a term used for startups that have valued at $ 1 billion or more.
Related: Latin American bitcoin exchange Mercado receives $ 200 million from SoftBank