The cryptocurrency industry has seen narrative shifts in recent years. Several governments went from condemning the market to publicly embracing it. Therefore, the countries that dominate the space in terms of adoption have been changing. More recently, Triple-A data revealed that the United Arab Emirates [UAE] Much was invested in industry, while the
According to the survey, a notable 30.4% of the UAE population owns cryptocurrencies. But with reports circulating that the United Arab Emirates could ban the use of cryptocurrencies for payments, things may be going badly for the nation. The Central Bank of the United Arab Emirates [CBUAE] Board of Directors examined projects on June 5 under the financial infrastructure [FIT] program, which is an initiative to support digital transformation in the nation. Irina Heaver, a cryptocurrency lawyer, believes that the UAE may ban cryptocurrency payments in light of the recently published law.
Going forward, Vietnam can be a strong competitor to the United Arab Emirates. According to the survey, there has been a significant increase in the number of people owning cryptocurrencies in Vietnam, where 21.2% of the population, or more than 21 million people, are interested in the space. This is notable considering how small the nation is compared to developed countries like the United States and Singapore.
Also read: UAE leads Middle East in cryptocurrency adoption, 72% own BTC
The United States continues to have the largest number of cryptocurrency holders
Although 53 million Americans currently own cryptocurrencies, the United States ranks third. This is because the former figure only accounts for 15.6% of the countryโs total population. Given the recent interest in cryptocurrencies shown by US President Joe Biden and former US President Donald Trump, the country could see growth soon.
Adoption rates are 13.5% and 13.4% respectively in other countries such as Iran and the Philippines. Despite Brazilโs efforts to boost the sector, only 12% of its population has been using cryptocurrencies.
Also Read: Binance to Move UAE Operations to Local Exchange Binance FZE
