Cryptocurrency provides a cipher solution to send money across borders. So, this new form of money is helpful in foreign exchange.
In this move, Central Bank from Philippines gave approval to many crypto exchanges and these are now working as a “remittance and transfer companies” in the country.
Africa is another country that is increasing its use. Its largest economy, Nigeria is setting up example to the world.
Out of 74 countries’ survey conducted by Statista, Nigeria topped as most likely to be accepted cryptocurrency. Nigeria is using cryptocurrency as a way to send money to overseas workers and families.
Next in the list, Vietnam and the Philippines come to second and third position on using the most amount of cryptocurrency.
Nigeria is also using cellphones to send money and pay at local shops. This way, they are adding multiple cryptocurrency plug-ins to their payment options.
As Philippines’ Central Bank approved the applications of cryptocurrencies, the government launched an app named bonds.PH with Unionbank to allocate government bonds.
UnionBank has also installed a Bitcoin ATM in Makati. This indicates the mainstream use of the digital coins.
Latin America’s are also showing interest in this new technology. The countries like Peru, Brazil, Colombia, Argentina, Mexico, and Chile are actively using the cryptocurrencies.
Coming to the Europe, Switzerland leads in the cryptocurency use following to Greek. The countries who are using cryptocurrency are Japan and Denmark, according to the survey.
You can check top countries with their percentage of cryptocurrency use (in descending order) from the list below:
- Nigeria 32%
- Vietnam 21%
- Philippines 20%
- Turkey 16%
- Peru 16%
- Switzerland 11%
- China 7%
- S 6%
- Germany 5%
- Japan 4%.
Click here to check the list of top ten cryptocurrency prices (current)
