A study by cryptocurrency exchange Gemini found that approximately 41% of people surveyed from Brazil and Indonesia own digital assets. The United States and the United Kingdom are far behind at 20% and 18% respectively.
Brazil and Indonesia: the world leaders
US-based crypto platform Gemini questioned nearly 30,000 people in 20 countries to find out how much of the population jumped into the digital asset universe. According to the results, Brazil and Indonesia are the undisputed leaders, with 41% of people surveyed from those nations admitting to owning bitcoins or altcoins.
Gemini determined that nations that have experienced a significant economic crisis in recent months are much more inclined to purchase digital currencies as a hedge against inflation. 64% of Indonesians surveyed, for example, believe in that concept.
The main reason for those who have already jumped on the bandwagon is the long-term investment potential of cryptocurrencies.
The figures in leading economies like the US and the UK are quite different. The cryptocurrency adoption rate there is 20% and 18%, respectively. Furthermore, only 16% of US and 15% of European respondents agreed that digital assets are an appropriate investment tool in times of rising inflation.
Gemini subsequently determined that almost half of all cryptocurrency holders in the US, Latin America, and the Asia Pacific region entered the market for the first time in 2021. Earlier this year, Huobi Group estimated that 7 of every 10 started investing last year. .
What is the crypto environment in Brazil and Indonesia?
It is worth looking at the digital asset ecosystem, the latest developments and the government’s attitude towards the industry in the leading countries in the survey: Brazil and Indonesia.
South America’s largest nation appears to have a much friendlier stance than the Asian state. In November of last year, Brazilian politician Luizão Goulart proposed a bill to allow public and private sector workers to receive their salaries in bitcoin.
Earlier this year, the mayor of Rio de Janeiro, Eduardo Paes, presented his intentions to allocate 1% of the city’s Treasury in BTC. Last week, the authorities of the megalopolis announced that residents will be able to pay taxes in digital currencies from 2023.
The Indonesian government is in the opposite corner. Several months ago, the National Council of Ulema (MUI) proposed to ban the use of cryptocurrencies, citing Sharia law. Specifically, the organization declared the industry “haram” (forbidden). Shortly after, another Islamic entity, Tarjih Muhammadiyah, issued a fatwa against the use of digital assets.
Indonesia’s main currency watchdog, the Financial Services Authority (OJK), is also against the sector. In January, it banned local businesses from using, offering or facilitating cryptocurrency services.
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This post Brazil and Indonesia, world leaders in cryptocurrency adoption: Gemini survey
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