A study conducted by cryptocurrency exchange Gemini determined that nearly 41% of surveyed individuals in Brazil and Indonesia hold digital assets. The United States and the United Kingdom are far behind with 20% and 18% respectively.
Brazil and Indonesia: Global Leaders
US-based crypto platform Gemini questioned nearly 30,000 people from 20 countries to find out what part of the population has jumped into the digital asset universe. According to the results, Brazil and Indonesia are the undisputed leaders as 41% of the people in those countries have admitted to holding bitcoins or altcoins.
Gemini determined that countries that have experienced a significant economic crisis in recent months are more willing to buy digital currencies as a hedge against inflation. For example, 64% of the Indonesians questioned, believe in that concept.
For those who have already jumped on the bandwagon, crypto has long-term investment potential.
The numbers vary greatly in major economies such as the United States and Britain. The crypto adoption rates are 20% and 18% respectively. Furthermore, only 16% of American respondents and 15% of Europeans agreed that digital assets are a suitable investment tool in times of rising inflation.
Subsequently, Gemini determined that nearly half of all crypto holders in the United States, Latin America and Asia Pacific have entered the market for the first time in 2021. Earlier this year, the Huobi Group estimated that 7 out of 10 have started investing in the past year. ,
What is the crypto environment in Brazil and Indonesia?
It is worth looking at the digital asset ecosystem, the latest developments and the attitude of the government towards the industry in the leading countries – Brazil and Indonesia from the survey.
The largest nation in South America seems to have a more friendly stance than an Asian state. In November last year, Brazilian politician Luizo Goulart proposed a bill to allow public and private sector employees to receive their salaries in bitcoin.
Earlier this year, the mayor of Rio de Janeiro – Eduardo Paes – presented his intention to allocate 1% of the city’s coffers in BTC. Last week, megalopolis officials announced that residents would be able to pay taxes in digital currencies by 2023.
The Indonesian government is on the opposite corner. Several months ago, the National Ulema Council (MUI) proposed a ban on the use of crypto, citing Sharia law. Specifically, the organization declared the industry “haram” (prohibited). Soon after, another Islamic organization – Tarajih Muhammadiyah – issued a fatwa against the use of digital assets.
Indonesia’s top monetary watchdog – the Financial Services Authority (OJK) – is also against the sector. In January, it banned local firms from using, offering or facilitating cryptocurrency services.
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