Turkey Leads the World in Cryptocurrency Adoption

What do you think is the leading country for cryptocurrency adoption? Do you think it is the US? Or maybe you believe it is a Latin American country.

Yet, the Statistica Global Consumer Survey for 2019 gives us a different answer. Turkey is the number one nation in this respect, according to this report.

Turkey leads the world in cryptocurrency adoption
Image courtesy of Shutterstock

How Popular Are Cryptocurrencies in Turkey?

20% of Turkish residents are familiar with digital currencies, according to this global survey. Around a fifth of the population have some experience with these currencies. This is the highest rate on the planet.

The rate of cryptocurrency adoption here is likely to grow even more. President Recep Tayyip Erdoğan has mentioned the possibility of a digital lira. He said that testing of this new currency should be finished next year.

Turkish regulators were reluctant to approve these currencies at first, according to reports. A few years ago, the country was far from ideal for Bitcoin use. For example, the Turkish government said in 2017 that Bitcoin wasn’t compatible with Islam.

However, there was a survey carried out by ING in 2015, showing that 45% of the Turks thought that the likes of Bitcoin (BTC) were the future of online transactions. Turkey led Europe and elsewhere in this and other areas.

Why Has Cryptocurrency Use Grown So Much?

One of the key factors in this growth was that PayPal was banned here in 2016. This led to a big increase in the use of Bitcoin and other virtual coins.

Online gaming is another reason why there has been such a high level of cryptocurrency adoption in Turkey. There are an estimated 30 million online gamers here. Many of them are familiar with digital currencies or other virtual assets.

Economic and political instability in the country has helped to drive this growth. The national currency has been highly volatile because of this. The crypto-ready population has been encouraged to move into digital money by price shifts in the lira.

What Are the Other Countries with High Cryptocurrency Adoption Rates?

So, Turkey is the world leader according to this survey. This country is ahead of Brazil, Colombia, Argentina, and South Africa. Brazil and Colombia each have 18% adoption rates.

The crypto market is moving quickly now. A number of countries are also close to making decisions on cryptocurrencies. Some will introduce harsher regulations, others will produce their own tokens.  For instance, Tunisia was recently reported to be considering an e-Dinar. Therefore, we can expect to see adoption rates rise in different parts of the world in the near future.