Top 5 Countries with the Biggest Interest in Cryptocurrency

The cryptocurrency industry is attracting more and more attention as the global population becomes more sophisticated. Different countries have different attitudes towards this emerging technology. While some of them are friendly, others remain reluctant. However, this does not stop people from taking an interest in digital assets.

Based on the number of searches for cryptocurrency-related terms such as "which cryptocurrency to invest in" and "cryptocurrency trading" over the past 12 months, it's easy to see which countries have the most interest in cryptocurrencies. CoinIdol, a world blockchain news outlet, has created a list of the top 5 countries whose population has a high awareness and interest in cryptocurrencies.

Ukraine

Ukraine has a population of nearly 44.5 million. About 5.65 million of Ukrainians are interested in cryptocurrencies, including Bitcoin, which is about 12.73% of the population. 

It is no wonder that Ukraine ranks first in such an assessment. Especially since the Ukrainian government is quite friendly towards the cryptocurrency industry. The Ukrainian parliament has passed a law legitimizing and regulating BTC and other forms of cryptocurrencies.

The local population is allowed to trade (buy, sell) and exchange cryptocurrencies, but crypto companies and exchanges dealing in crypto assets are strictly monitored by law enforcement agencies. There are no restrictions on mining either. Any citizen can set up a mining farm, even at their home, provided they use and pay for municipal electricity properly. This year, the country's police busted several illegal mining farms whose operators used various means to avoid paying for the energy they used.

Russia

In Russia, more men and women know about cryptocurrencies than Gen Z. Russia has a population of over 144 million people and according to the new findings, about 17.2 million are interested in cryptocurrencies, which is 11.91% of the population.

Moreover, Russians are actively engaged in cryptocurrency mining. In 2021, the demand for cryptocurrency mining equipment increased 14 times. In the first month of 2022, it increased by another 1.5 times. 

However, the government's attitude to this industry is quite ambiguous. The Bank of Russia insists on the need to ban the industry, citing the risks it poses to citizens. On the other hand, citizens themselves seem to show great interest in this emerging technology. The country's president, Vladimir Putin, also does not share this opposition. During a video conference with the State Duma, he instructed deputies to draft a set of rules for mining cryptocurrencies so that it is beneficial for both the population and the national economy.

Kenya

Kenya has a population of about 53 million and about 4.5 million (8.52%) of the total population are interested in cryptocurrencies. According to a study by Chainalysis, Kenyans trade cryptocurrencies via the P2P method more than any other country in the world.

As in many developing countries, a large portion of the Kenyan population is unbanked, making it logical for them to seek alternatives. For this reason, the crypto industry is booming in this African country. Kenyan farmers are using digital assets to store value and protect their savings from inflation. And the country's central bank is considering the introduction of Bitcoin if the devaluation of the national currency continues. So it seems only natural that Kenyans are showing such a keen interest in cryptocurrencies.

United States

Cryptocurrencies have attracted the attention of both federal and state governments in the United States. There are over 328.5 million people in the United States and about 27.3 million of them are interested in cryptocurrencies such as Bitcoin, Ethereum, and other forms of digital currencies. This represents about 8.31% of the population. 

Cryptocurrencies are becoming increasingly popular in the US. Some politicians in the country actively support their adoption. For example, two mayors of US cities have converted their salary into bitcoin. By the end of January, New York City Mayor Eric Adams had already received his first paycheck in BTC. 

In addition, the U.S. has become a leader in mining cryptocurrencies after China imposed a blanket ban on the industry. Currently, Texas and Wyoming are competing to become the crypto mining capital of the world. In order to attract miners from around the world, both states offer numerous incentives and renewable energy for the industry.

India

India is home to more than 1.37 billion people, and of those, about 100 million are interested in cryptocurrencies, accounting for 7.30% of the country's population. 

The interest is booming despite the regulatory uncertainties. Currently, cryptocurrency is not yet regulated by law in India. In recent years, the Reserve Bank of India (RBI) has attempted to impose a blanket ban on the industry, following China's lead. Although the government does not seem to share this hostility, the ban is still a possibility.

In response to the massive increase in cryptocurrency transactions, the Indian government has introduced a 30% tax on income earned from cryptocurrencies. The new bill was announced on February 4, 2022. Nevertheless, in an interview with Outlook Magazine, Indian Finance Minister T.V. Somanathan said that the government has not yet decided on its stance. He argued that the fact that cryptocurrencies are taxed does not mean they cannot be banned. Currently, all options are open.