Meet the Most Crypto-Ready Countries in 2023
Some countries are more crypto ready than others. Let’s find out which.
When you think of the countries that have adopted crypto the most which come to your mind?
El Salvador, Argentina, Nigeria?
Well, not according to the chart by HedgewithCrypto, a consultancy and info-hub for the crypto market.
It shows a completely different hierarchy of countries, which according to the authors, are subject to “the greatest crypto adoption over the past three decades (scored out of 10)”.
Top of the list is Australia, with a 7.37 score followed closely by the US (7), Brazil (6.81), the UAE (6.41), and Hong Kong (6,4).
Other countries are lagging behind slightly. Taiwan’s score is 6.2 while India’s, Canada’s, and Turkey’s ranges between 6.12 and 6.07.
Singapore’s crypto-readiness score stands at 6.02.
The most crypto-ready countries in 2023. Source: HedgewithCrypto
According to HedgewithCrypto, they compared nations’ crypto adoption rate, number of crypto ATMs, and number of Google searches for crypto.
These findings substantially contradict that of Chainalysis last updated in 2021.
Back then the company published a map, according to which countries like Vietnam were in the lead. These findings were reiterated by the company in their 2022 “Geography of Cryptocurrency” report.
Meanwhile, Australia, the current leader in terms of crypto-readinness, was substantially lagging behind.
The map also featured Ukraine and the aggressor state Russia among those with high cryptocurrency adoption index.
Other countries, which seem to have had high adoption index were Nigeria and Kenya.
Though much has changed since 2021 and 2022, with Vietnam declaring that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fine in 2023, one of the reasons why the results differ could be due to varying methodologies that the two agencies employed when assessing the country's readiness. To that end, HedgewithCrypto apparently did not factor in crypto legislation that has a great impact on the country’s crypto-readinnes as a whole.
The rating comes at a time when the US Securities and Exchange Commission has initiated a crackdown on the crypto industry in the country.. The agency is preparing for the hearing was two crypto behemoths. They include Coinbase and finance.
Previously GNCrypto reported about the judicial system as a new blockchain governance mechanism.
