A study conducted by the cryptocurrency exchange Gemini determined that approximately 41% of the surveyed individuals from Brazil and Indonesia own digital assets. The United States and the United Kingdom are far behind with respectively 20% and 18%.
Brazil and Indonesia: the world leaders
US-based crypto platform Gemini surveyed nearly 30,000 people in 20 countries to find out which part of the population has jumped into the digital asset universe. According to the results, Brazil and Indonesia are the clear leaders as 41% of respondents from these countries admitted to holding bitcoins or altcoins.
Gemini determined that nations which have experienced a significant economic crisis in recent months are much more inclined to purchase digital currencies as a hedge against inflation. 64% of the questioned Indonesians, for example, believe in that concept.
The main motive for those who have already jumped on the bandwagon is the long-term investment potential of crypto.
The numbers in leading economies like the USA and the UK are quite different. The crypto adoption rate there is respectively 20% and 18%. Moreover, only 16% of the American respondents and 15% of the European ones agreed that digital assets are an appropriate investment tool in times of surging inflation.
Subsequently, Gemini determined that almost half of all crypto holders in the United States, Latin America and the Asia-Pacific region entered the market for the first time in 2021. Earlier this year, Huobi Group estimated that 7 out of 10 started investing last year. .
What is the Crypto Environment in Brazil and Indonesia?
It is worth observing the digital asset ecosystem, the latest developments, and the government’s attitude towards the industry in the leading countries from the survey – Brazil and Indonesia.
South America’s largest nation seems to have a much friendlier stance than the Asian state. In November last year, Brazilian politician Luizão Goulart proposed a bill allowing public and private sector workers to receive their salaries in bitcoin.
Earlier this year, the mayor of Rio de Janeiro – Eduardo Paes – presented his intentions to allocate 1% of the city’s Treasury in BTC. Last week, the megalopolis’ authorities announced that residents will be able to pay taxes in digital currencies as of 2023.
The Indonesian government is the opposite. Several months ago, the National Ulema Council (MUI) proposed banning the use of cryptography, citing Sharia. Specifically, the organization has declared the industry “haram” (prohibited). Soon after, another Islamic entity – Tarjih 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 prohibited local firms from using, offering, or facilitating cryptocurrency services.
