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Cryptocurrency usage substantially increased in Peru, India, Indonesia and Nigeria

Peru India, Indonesia and Nigeria lead the pack in terms of highest increase of cryptocurrency usage.

Image by surajsodha0 from Pixabay

Thu, 13 Aug 2020, 07:57 am UTC

Cryptocurrency adoption has been increasing across the globe as digital coins are increasingly being used as a payment option with the various social distancing measures put in place due to the coronavirus pandemic. Based on a recent report, Peru, India, Indonesia, and Nigeria are the top countries with the biggest increase in crypto wallet creation and usage.

Data from Blockchain.com revealed the top ten countries with the highest increase of wallet creations and usage in recent months, which specifically mentioned three countries, according to Bitcoin.com. “In July we saw a number of countries increase their fraction of total Blockchain wallet transactions, most notably Peru, India, and Indonesia,” the report noted.

Nigeria was also mentioned for the sharp rise in cryptocurrency usage in the last four months up to July. “Nigeria has been the most trending country in recent months,” the Blockchain.com report stated, according to Medium. “It has increased by 60% its usage of Blockchain.com web wallet since April 2020.”

In the report’s trending countries section, it noted the top ten countries in terms of an increase in crypto usage from June to July. The top spot went to Peru (18.3% increase in usage), followed by India (2nd – 17.4%), Indonesia (3rd – 12.6%), Côte d’Ivoire (4th – 11.7%), Nigeria (5th – 10.7%), Japan (6th – 9.8%), the Philippines (7th – 7.7%), Venezuela (8th – 7.3%), Bangladesh (9th – 6.9%), and Bulgaria (10th – 5.8%).

“Japan has once again joined the Top-10 increasing country list, alongside the best-performing country in recent months, Nigeria, with a 60% increase since April,” the reported added. “Nigeria has also been the country in the world with the most relative interest in Bitcoin according to Google search data.”

The uncertain regulatory climate in India has not dampened interest in digital currencies. “Despite the uncertain regulatory climate, India ranks second in a global survey of the rise in crypto usage for July vs June,” the report noted.

Meanwhile, the report likewise listed the top countries which saw a decrease in cryptocurrency usage for the second month in a row. They are Korea (27 percent decrease), Denmark (24.7%), Morocco (22.6%), Dominican Republic (21.4%), Hong Kong (15.7%), Kenya (15%), Moldova (14.1%), Brazil (13%), Vietnam (12.1%), and United Arab Emirates (11.4%).

“Meanwhile, the fraction of transactions sent from Morocco and Hong Kong have been lower than usual, with both countries in the Top-10 decreasing countries for the second month in a row,” the report said.

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