How Crypto is Used Around the World

Cryptocurrency is one of the most revolutionary technological innovations of the modern era, largely due to its broad range of applications. It functions as an investment tool, a form of digital currency, a gateway to decentralized blockchain systems, a hedge against inflation, and much more. What makes crypto particularly fascinating is how it’s used in diverse ways across the globe. From investing to payments, the role of cryptocurrencies varies significantly depending on the country. Let’s take a look at how different nations are integrating crypto into their economies and daily lives.

South Korea: Investment and Gambling

South Korea is one of the leading adopters of cryptocurrency in East Asia, with a crypto adoption rate between 10% and 15%. The country’s crypto trading volume rivals that of the United States, underscoring its popularity. Investment is a primary use case, partly driven by restrictions in traditional investment avenues, making crypto an attractive alternative for many South Koreans. In addition to investment, crypto has also found a significant niche in the world of online gambling. With a strong culture of casino gaming and sports betting, crypto has become a favored method of payment in South Korean gambling platforms. According to experts like Nora Kim, the number of crypto casinos serving this market continues to grow, adding more options for players who prefer using digital currencies over traditional methods.

El Salvador: Legal Tender for Daily Transactions

El Salvador made global headlines as the first country to officially recognize cryptocurrency as legal tender. As a result, crypto in El Salvador is primarily used as a medium of exchange alongside traditional fiat currency. Businesses across the country accept Bitcoin and other cryptocurrencies as payment for goods and services. While adoption rates have not reached the sky-high expectations many had, the use of crypto for day-to-day expenses remains steady. Beyond local payments, Salvadorans also use digital currencies as a hedge against inflation, with some saving in crypto assets to protect their wealth from the country’s high inflation rate. Speculative trading also plays a role, as many individuals look to profit from market fluctuations.

United States: Investment, Payment, and Innovation

The United States is one of the largest markets for cryptocurrency, with a wide variety of use cases. On the investment front, the U.S. is home to some of the world’s largest crypto exchanges and financial platforms, offering everything from spot ETFs to futures contracts. Crypto has also made significant inroads in retail and consumer payments. Major corporations, including Microsoft, accept cryptocurrency for their products and services, and a growing number of local businesses are following suit. The U.S. is also a global leader in blockchain innovation, hosting numerous decentralized finance (DeFi) platforms, NFT projects, and blockchain-based applications. This diverse usage has helped the U.S. remain at the forefront of the global crypto revolution.

Malta: A Blockchain-Friendly Hub

Known as “Blockchain Island,” Malta has become a hotspot for crypto companies, thanks to its favorable regulatory environment and advantageous tax laws. As a result, the country offers numerous avenues for citizens and visitors to engage with cryptocurrency. One of the most popular uses is in the gambling sector, with both online and land-based casinos offering crypto-based betting. On a broader scale, Malta has integrated crypto into everyday transactions through well-established payment systems, allowing users to purchase goods and services using digital currencies. Additionally, the country’s robust legal framework has fostered a surge in crypto investments, making Malta an attractive destination for both investors and crypto entrepreneurs.

China: A Complex Landscape

China presents a more complex scenario when it comes to cryptocurrency. On the one hand, the Chinese government has cracked down on crypto trading, mining operations, and related activities, with strict regulations in place to limit crypto usage. Despite this, Chinese investors often find ways around the ban, using VPNs and other tools to continue trading on foreign exchanges. On the other hand, China has launched its own Central Bank Digital Currency (CBDC), the Digital Yuan, which is legally recognized and used for everyday transactions via e-wallets. While cryptocurrencies like Bitcoin are restricted, the government-backed CBDC presents a legal alternative for those looking to use digital currency in their daily lives.

Brazil: A Rising Crypto Power

Brazil is rapidly emerging as a leader in cryptocurrency adoption in Latin America. The country has seen a sharp increase in the percentage of crypto owners, with both individual investors and businesses increasingly accepting digital assets. While many Brazilians use cryptocurrency as a speculative investment, the country has also seen growth in the number of businesses willing to accept crypto payments for goods and services. Major global exchanges like Bybit have opened operations in Brazil, alongside local platforms like Nanu Exchange, feeding into the growing demand for crypto trading. With a large population and increasing interest in digital currencies, Brazil is poised to play a more influential role in the global crypto market.

United Kingdom: Slowly Embracing Blockchain

The United Kingdom has made significant strides in becoming a hub for blockchain innovation, though it still lags behind countries like the United States in terms of crypto adoption. Crypto trading has steadily risen, with an increasing number of UK-based traders investing in digital currencies. The country has also witnessed growing interest in using crypto for everyday purchases, including in sectors like gambling. The UK’s extensive sports betting market has naturally integrated cryptocurrency into its operations, with many platforms now accepting digital assets. As the regulatory environment evolves and more businesses adopt crypto, the UK’s role in the global cryptocurrency space will continue to expand.