Although some so-called “specialists” tend to treat cryptocurrencies more as speculative assets than as an actual form of currency, many businesses around the world already adopted them as a regular means of payment. This is why now you can buy bitcoin with a credit card with ease because it’s becoming widely accepted.
The peer-to-peer trading nature of cryptocurrencies can offer privacy, security, and efficiency for populations in many countries where the bank system and traditional currency do not offer the same hedge.
Besides, it is easier to pay workers abroad utilizing cryptocurrencies instead of traditional exchange, which would be subject to further taxes and sometimes would be blocked based on a country’s legislation.
In this article, you will discover which countries already use cryptocurrency as an everyday currency for purchases.
Ukraine
Currently, Ukraine is the world’s hottest hub when it comes to retail crypto adoption. According to a recent report made by Chainalysis, the Eastern European country has the world’s largest numbers when it comes to the number of on-chain crypto deposits and peer-to-peer exchange trade volume.
With a population of 42 million people, the country is constantly exposed to an unstable economy. Nonetheless, its population has a high index of tech-savvy individuals, which creates a fertile environment for digital activities in general, including digital money, even more now that we have stablecoins that are far more stable than the Bitcoin current price.
Ukrainians actively utilize cryptocurrency to send money for business-to-business and cross-border transactions, which helps to avoid banking regulations and centralized control.
Plus, the Ukrainian government has had a more positive stand towards cryptocurrency than other countries would have, seeking manners to provide fair regulations for the crypto industry in cooperation with the local crypto community, making it one of the best countries for the crypto market.
Singapore
Singapore is already famous for its technology-driven economy and constant search for innovative solutions. The country’s crypto community is thriving, and purchases utilizing digital money as a means of payment are a common thing amongst its citizens.
The MAS (Monetary Authority of Singapore), which is the country’s financial regulatory entity, issued enough regulations to monitor any risks associated with crypto activities (e.g., money laundering and terrorist financing).
On the other hand, the government wants to make sure the legislation does not preclude innovation, which has been highly beneficial for the country’s crypto community.
Plus, many blockchain-based tech firms such as Litecoin, CoinGecko, Huobi, and TenX have established their base of operations in the country.
Argentina
The famous South American country has been famous for constant economic and political turmoil amidst a rich cultural and touristic environment. Counting now more than 44 million inhabitants, Argentina has proven to be fertile soil for cryptocurrency adoption.
Recent changes in government proved once more than relying on central banks and the traditional currency is not the way to go. Fortunately, the use of cryptocurrency provided many Argentinians a way around all the economic turmoil that took the country by storm.
The relationship between Argentina and cryptocurrency is not new, as the country was considered one of the hottest promises for crypto mass adoption. Although the promising scenario did not materialize, many Argentinian companies are taking a step up in terms of innovation.
In 2019, the partnership between Bitex and Alto Viaje (transport card company) permitted Argentinians to pay for travel using BTC. Now, users of Argentina’s state public transport card, known as SUBE (Sistema Único de Boleto Electrónico) are allowed to utilize BTC to pay for their transportation.
Honorable Mentions
In terms of trading volume and everyday usage of cryptocurrency, other countries standout such as:
Russia
Despite its strong regulatory environment, individuals are seeking financial privacy through digital money.
Venezuela
The volatility of the country’s economy made cryptocurrency thrive as an alternative currency (and sometimes save lives as a consequence).
United States
The world’s strongest economy could not be counted out of the list of hottest hubs for cryptocurrency usage, with highlights for cities like San Francisco, New York, and Los Angeles.
Nigeria
Nigerians have traded more than 60k Bitcoins (more than USD 566 million) in the last five years. Reasons behind this spiking popularity of crypto money include social turmoil, issues with central banks, and SEC regulatory acceptance.
Conclusion
So far, cryptocurrencies are only prohibited in Algeria, Bolivia, Ecuador, Bangladesh, Nepal, and Macedonia. In Canada, India, and Thailand, cryptocurrency is permitted but banned by banks, while in Vietnam people are not allowed to utilize crypto as a payment tool.
Nonetheless, many other countries have legislation that is more convenient for the adoption of cryptocurrencies as a means of payment.
Even though the mass-adoption of cryptocurrency as a substitute for traditional money is something that is still far to materialize, it is impossible to deny the impact of digital money in the current economic landscape.
