Global Crypto Adoption: A Visual Ranking of Leading Countries

Global Crypto Adoption: A Visual Ranking of Leading Countries

Background to the Chart

This chart ranks the top 10 -20 countries in the world based on how much people use cryptocurrency —not just for investing, but also for common activities (such as sending and receiving money, borrowing and lending, remittance, buying and selling, saving or accessing digital financial tools). It looks at:

• How much crypto is used in these country (overall and in retail—i.e. personal use)
• Whether people use centralized exchanges (like Binance) or DeFi tools (like wallets or lending platforms)
• How adoption compares to the country’s population and economy

Analyzing The Leading Countries Adopting Crypto

Cryptocurrency (‘crypto’) is a type of digital money that works without banks. It is a digital finance tool that has encountered opposition from traditional institutions – particularly Central Banks who once formed a coalition against cryptocurrencies in 2021 but over the years, some countries have changed their stance against cryptocurrency. President Bukele and Faustin-Archange Touadéra legalized bitcoin in El Salvador and Central African Republic respectively; President Trump received crypto donations during his election campaign and established a Strategic Bitcoin Reserve when he got into office and in Pakistan, founder of a cryptocurrency exchange was appointed as strategic advisor to the government, a change from the earlier stance to ban crypto in 2022. Why is crypto still popular?  What are the popular countries that have adopted crypto?

• Despite Central bank of India’s (RBI) attempt to ban banks from dealing with crypto in 2018, India is the world’s most populous country and is ranked number 1 for the adoption of crypto. Similarly, Nigeria, ranked number 2, has had regulatory crackdowns and a central bank clampdown on crypto use over money laundering concerns, Nigerians are adopting the use of decentralized finance (DeFi) and peer-to-peer (P2P) platforms. This paradox suggests crypto is filling economic gaps that formal systems are failing to address.
• Both India and Nigeria have large unbanked population, high interest in technology, huge youth population.
• Indonesia leads globally in DeFi value received and retail DeFi, which means many users avoid exchanges and go straight to digital tools like wallets and smart contracts. This indicates that Indonesians prefer cheaper, faster access to digital money without banks.
• U.S. ranks number 4 overall kept afloat by high centralized service usage. However, its retail adoption is conspicuously weaker (ranked number 12 in retail), implying institutions and large players dominate activity and supporting a narrative that U.S. crypto activity is more investment/speculation-driven rather than necessity-based.
• Vietnam, Pakistan, and Philippines all have strong showings in retail metrics. These are remittance-heavy economies where crypto is increasingly being used for cross-border transfers, especially among overseas workers sending money home.
• Currently in unfriendly diplomatic relations, neighbors Ukraine and Russia maintain strong positions due to wartime conditions and sanctions. Crypto has become an alternative financial tool in both countries, despite global sanctions and restrictions.

• Asia (especially Central & Southern) is the epicenter of Crypto adoption with countries like India, Vietnam, Indonesia, Pakistan, Thailand, Cambodia, South Korea, China and Philippines all featuring in the ranking. Asia has the population base of over 2 billion people within the top 10 when combined.

• Only neighboring countries—Ukraine and Russia; Türkiye and the UK feature in the top 20 from Europe. The geopolitical conflict between Ukraine and Russia, combined with financial sanctions could be a reason citizens of these countries opt for crypto as an alternative. The fluctuating currency in Türkiye is a push factor for crypto use while in U.K., the FCA is highly interested and active in crypto regulations.
• In North America, centralized exchange activity is higher, reflecting a more regulated investment approach. In January 2025, the U.S. President launched the $TRUMP coin and has indicated interest in government’s involvement in regulating crypto activity. While there is very low retail adoption in Canada, platforms like Coinbase are used for trading and investments in North America.
• In South America, crypto helps countries like Venezuela & Argentina fight inflation— citizens can use it to store value better than the local currency does.

The African Crypto Feature

Despite restrictions from the government and regulators, Nigeria is the African continent’s leader in the use of crypto leader. User behavior and government’s stance is at odds. The Nigerian government, citing terrorism financing and money laundering, has tried to limit crypto activity. While the founder of Binance was prosecuted in the U.S., the Nigerian government charged executives from the company to court, citing currency manipulation.

Country Population and Crypto Use

Crypto Adoption: Control vs Necessity

• Crypto adoption is global, but people use it for very different reasons. Some use it for remittances, protection from inflation or to avoid unreliable banking. Where trust and use in traditional finance is low, crypto is an alternative option to the users. Countries trying to suppress adoption of crypto inadvertently encourage decentralization and bypass of regulatory restrictions. In Asia and Africa, the adoption could be linked to faster access; in South America, to combat inflation and protect the value of money; in North America and Europe, for remittances, investment and trading. It is important to note that some of these countries on this list of top countries adopting crypto in 2024 also rank high in global remittance destinations.

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