Cryptocurrency adoption is growing at an impressive rate. This new technology has myriad of uses. The technology impacts payment, transaction, and records handling. Cryptocurrency technology also affects the way large organizations, financial institutions, and governments operate.
Cryptocurrency adoption makes services efficient, and it also promotes privacy. Note that this article is from a personal perspective and you have a right to your opinion. Below are the top leading countries in cryptocurrency adoption across the world.
South Korea is the number one country currently experiencing significant growth in cryptocurrency adoption. The country legalized cryptocurrency transactions at the start of 2020. The legalization of digital currencies in South Korea saw the Bitcoin surge by 3% to $ 9,155 in March 2020.
In 2019, the South Korean government did some test runs on blockchain regulation, planning to embrace crypto adoption within its borders. The first study group for the South Korean blockchain regulation and improvement launched in June 2018. The group focused on applying distributed computing systems, smart contracts, personal privacy, virtual signatures, and electronic documents.
Besides, the South Korean research group focused on different institutional areas where cryptocurrency adoption can earn widespread adoption. These institutional areas were logistics and distribution, public services, finance, healthcare, and energy. Consequently, more cryptocurrency companies such as Ripple sought partnerships with South Korea. Ripple is a cryptocurrency payment network.
For the longest time, India was the biggest jurisdiction opposing cryptocurrencies and private digital currency payments systems. India even banned cryptocurrency at some point. However, in March 2020, India’s supreme court lifted the ban by the Reverse Bank of India (RBI), thus embracing cryptocurrency adoption.
Cryptocurrencies got banned in India in April 2018. After the ban, several cryptocurrency firms and exchanges moved to more crypto-friendly locations such as Singapore and Japan. Moreover, after the ban lifting, some cryptocurrency companies moved to India to facilitate cryptocurrency services. There are cryptocurrency startups in India backed by Binance exchange. These startups are set to make India benefit more from cryptocurrency adoption. These startups are Mactic. Marlin Protocol, WazirXIndia.
China is one country that upholds digital currency adoption. The China government even invented its own virtual central bank currency ( CBDC). In February 2020, China confirmed more than $12.4 billion transactions in its blockchain in three months by over 30 financial institutions in that country.
During this CoronaVirus crash, China greatly needs cryptocurrency incorporation to reduce interactions led by physical payments. Gradually, China adopting digital means of payments using cryptocurrencies to avoid the virus’s spread through cash. Nonetheless, the digital Yuan is the only legal digital currency in China.