- The Financial Services Authority (OJK), Indonesia’s primary monetary authority, is likewise opposed to the sector. It barred local businesses from utilizing, offering, or enabling cryptocurrency services in January.
- In 2021, approximately half of all crypto holders in the United States, Latin America, and the Asia Pacific entered the market for the first time, according to Gemini. The Huobi Group projected earlier this year that 7 out of 10 people had started investing in the previous year.
- Gemini, a cryptocurrency exchange based in the United States, polled approximately 30,000 people in 20 countries to determine what percentage of the population had invested in digital assets.
According to a study conducted by bitcoin exchanger Gemini, 41% of people polled in Brazil as well as Indonesia hold virtual currencies. With 20% and 18%, respectively, the United States and the United Kingdom lag far behind.
Brazil As Well As Indonesia Are Two Of The World’s Most Powerful Countries
Gemini, a cryptocurrency exchange based in the United States, polled approximately 30,000 people in 20 countries to determine what percentage of the population had invested in digital assets. According to the findings, Brazil and Indonesia are indisputable leaders, with 41% of people admitting to owning bitcoins or altcoins in those countries. Countries that have recently undergone a big economic crisis are more ready to buy digital currencies as a hedge against inflation, according to Gemini. For instance, 64 percent of Indonesians polled believe in the notion.
Cryptocurrency has long-term financial possibilities for those who have already jumped on board. In big economies like the United States and the United Kingdom, the figures vary substantially. The adoption rates of cryptocurrencies are 20% and 18%, respectively. In addition, only 16 percent of Americans and 15% of Europeans feel that digital assets are a good financial strategy in times of rising inflation.
In 2021, approximately half of all crypto holders in the United States, Latin America, and the Asia Pacific entered the market for the first time, according to Gemini. The Huobi Group projected earlier this year that 7 out of 10 people had started investing in the previous year. The digital asset ecosystem, recent advancements, and government attitudes toward the business in the leading countries – Brazil and Indonesia – are all worth considering.
How Is The Current State Of The Cryptocurrency Markets Like Brazil As Well As Indonesia?
The largest South American country appears to be more welcoming than an Asian country. Luizo Goulart, a Brazilian senator, presented a bill in November of last year that would allow public and private sector employees to get their pay in bitcoin. Eduardo Paes, the mayor of Rio de Janeiro, said earlier this year that 1% of the city’s funds would be invested in Bitcoin. Megacities declared this week that people will be able to pay taxes in digital currencies by 2023.
On the other side of the street is the Indonesian government. The National Ulema Council (MUI) suggested a ban on the usage of cryptocurrency a few months ago, citing Sharia law as justification. The industry was declared “haram” by the organization (prohibited). Soon after, Tarjih Muhammadiyah, another Islamic organization, issued a fatwa prohibiting the usage of digital assets. The Financial Services Authority (OJK), Indonesia’s primary monetary authority, is likewise opposed to the sector. It barred local businesses from utilizing, offering, or enabling cryptocurrency services in January.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/05/as-per-the-gemini-study-brazil-as-well-as-indonesia-are-the-world-champions-for-cryptocurrency-use/