Which countries are crypto hubs? Why is Ukraine among the countries that use the most cryptocurrencies?

The excitement for crypto has become a reality, with Bitcoin, the world’s best-known cryptocurrency, now having more than 180 million users worldwide and more than 18,000 businesses accepting crypto payments.

However, cryptocurrencies have not spread in the same way in every country, their adoption is scattered around the world.

Which countries are crypto hubs?

Research by payment transactions comparison site Merchant Machine found that the United States (US), Ukraine and the UK are leaders in crypto usage when comparing the number of cryptocurrency holders, businesses that accept crypto, and the amount of Bitcoin ATMs available.

It is not surprising that developed countries such as the UK and the USA are on the podium. Because the USA has the second highest number of crypto money holders in the world with 27 million, and the highest percentage of crypto holders compared to its total population is located in this country. In addition, the USA is clearly ahead of other countries with more than 33 thousand crypto money ATMs.

But for Ukraine, which took the second place in the ranking, these explanations do not explain why crypto money is important in the country. The top 10 countries on the list are as follows:

10. Colombia

9. Vietnam

8. Netherlands

7. France

6. Russia

5. Thailand

4. India

3. England

2. Ukraine

1. USA

How did crypto become so important in Ukraine?

The reason why Ukraine is the second country after the USA in terms of crypto usage is the war with Russia that has been going on since February 24.

But the adoption of cryptocurrencies in Ukraine predates the war. In the 2021 global index prepared by the crypto research group Chainalysis, the country was in the fourth place in the ranking of the countries with the highest cryptocurrency adoption.

But as soon as the war against Russia began, the Ukrainian government made a strategic decision to expand the use of crypto to support its economy.

On the second day of the war, Ukraine’s Minister of Digital Transformation Mykhailo Fedorov demanded the creation of official government wallets that could accept payments in cryptocurrency.

Thanks to this move, Kyiv has raised more than 120 million euros in cryptocurrencies since the beginning of the Russian occupation. Thanks to this significant amount, while the military units were supported, the purchase of military equipment was supported.

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