UAE, Vietnam Beat USA In Global Cryptocurrency Adoption

Sahana Kiran
Source – Watcher Guru

The cryptocurrency industry has seen narrative shifts over the last couple of years. Several governments went from condemning the market to publicly embracing it. Therefore, the countries dominating the space in terms of adoption have been shifting. More recently, data from Triple-A revealed that the United Arab Emirates [UAE] was heavily invested in the industry, while the

According to the survey, a notable 30.4% of the UAE’s population owned cryptocurrency. But with reports circulating that the UAE could forbid the use of cryptocurrencies for payment, things may be going south 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 attorney, thinks that the UAE may outlaw cryptocurrency payments in light of the recently published law.

Moving on, Vietnam may be a strong competitor to the UAE. According to the survey, there has been a significant increase in the number of individuals who hold cryptocurrencies in Vietnam, where 21.2% of the population, or over 21 million people, are interested in the space. This is remarkable considering how small the nation is compared to developed countries like the USA and Singapore.


Also Read: UAE Leads Middle East In Cryptocurrency Adoption, 72% Hold BTC

USA Still Has the Highest Number of Cryptocurrency Holders

Even though 53 million Americans presently hold cryptocurrencies, the United States ranks third. This is because the above figure only accounts for 15.6% of the total population of the nation. Given the recent interest in cryptocurrency shown by US President Joe Biden and former US President Donald Trump, the nation may experience growth soon.

Adoption rates are 13.5% and 13.4%, respectively, in other nations like Iran and the Philippines. Despite Brazil’s efforts to boost the sector, only 12% of its population has been using cryptocurrency.

Also Read: Binance To Shift UAE Operations To Local Exchange Binance FZE