Vietnam Ranks Second After Nigeria In The Use Of Cryptocurrency

Statista, a German market and consumer data company, conducted a survey that ranked Vietnam second behind Nigeria in terms of cryptocurrency usage. The results of a survey conducted by Statista showed that about 21% of the total respondents in Vietnam are using or owning cryptoassets in 2020. The survey was conducted in a total of 74 countries, among which Nigeria ranked first for the highest cryptocurrency usage.

Nigeria managed to secure the top rank due to its dependence on remittances and the multipurposeness of peer-to-peer payments via smartphones, which ultimately led to a sharp increase in the use of cryptocurrency in the African economy. According to Bitcoin.com, most of the time Nigerians use their phones to send money to each other or pay at local stores. In addition, the incredibly expensive costs of making cross-border transactions forced Nigerians to turn to local crypto exchanges.

The State Bank of Vietnam has refused to recognize cryptocurrency as legal tender. He also warned people in Vietnam about the risk of owning, trading or using cryptoassets in any form, as it is not protected by government laws. In May, the Vietnamese Ministry of Finance created a group in charge of researching and proposing regulated policies for the management of cryptoassets.

Image: The Conversation