Research from 2022 shows that cryptocurrency adoption is typically highest in developing economies across Asia, Africa, and Latin America. Among the top ten countries with the largest share of crypto users are low- and middle-income Nigeria, the Philippines, South Africa, Argentina, Indonesia, and Brazil. Furthermore, Bitcoin has been a legally recognized currency in El Salvador since 2021 and in the Central African Republic. Crypto adoption in developing countries is driven by the unique opportunities that cryptocurrencies offer, such as their utility as a store of value compared to volatile local currencies, low trust in governments, and their role in cross-border remittances. However, adoption by merchants is a barrier to its success. The benefits of cryptocurrency adoption in developing countries include financial inclusion, reduced cost of cross-border remittances, and expanded economic opportunities. However, the volatility of cryptocurrency can be detrimental to financial stability, and the rise of cryptocurrencies in developing countries poses threats to financial stability, domestic resource mobilization, and the security of monetary systems.

How do you see the future of cryptocurrencies in developing countries? Will they continue to grow in popularity, or will governments and traditional financial institutions succeed in stifling their adoption?

Research from 2022 shows that cryptocurrency adoption is typically highest in developing economies across Asia, Africa, and Latin America. Among the top ten countries with the largest share of crypto users are low- and middle-income nations such as Thailand (20%), Nigeria, the Philippines, South Africa (each 19%), Argentina (18%), Indonesia, and Brazil (each 16%).

Where is the link to prove it?