Emerging economies such as Vietnam, India and Indonesia are leading the charge of adopting cryptocurrency, highlighting important use cases for digital assets linked to remittances and financial inclusion.
Founder survey of 42,000 people across 27 countries revealed that Vietnam has the highest adoption rate, with 41% of respondents claiming 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 oversupply may seem surprising, Finder’s survey confirmed other data showing that the Southeast Asian country outweighs its weight when it comes to cryptocurrency adoption. As Cointelegraph reported in June, Vietnam occupied the 13th rank of realized Bitcon earnings for 2020 – despite having only the 53rd largest economy based on gross domestic product.
Related: Report: Vietnam’s prime minister calls on state bank to test digital currency on the blockchain
On the incentive to buy crypto in Vietnam, the Finder report stated:
“Cash may have played a major role in these numbers, with cryptocurrency eligible for migrants who want to send money home and avoid exchange fees.”
Adoption rates have also been very high across Asia, with 30% of respondents in Indonesia and India claiming to buy crypto. That figure was 29% in Malaysia and 28% in the Philippines.
On the opposite side of the spectrum, adoption rates were lowest in the UK and US respectively with 8% and 9% respectively.
Each country represented by the survey had between 1,160 and 2,511 respondents. “Due to the diverse Google infrastructure in each territory, not all surveys were nationally representative,” the report said.
The report also documented strong adoption trends in many Latin American countries, with 22% of Brazilian respondents claiming to buy crypto. The digital asset class is growing rapidly across the continent, in part due to rising inflation, tighter capital controls and a deteriorating fiscal outlook. The region is now home to at least two crib-exchange unicorns, a term used for start-ups that have reached a valuation of $ 1 billion or more.
Related: The Latin American Bitcoin Market Exchange charges $ 200M from SoftBank