In spite of the fact that the industry around cryptocurrencies is expanding at an unprecedented rate, there are still a significant number of nations that have not yet fully embraced cryptocurrency.
There are 105 nations that recognize cryptocurrencies, but some aren’t the biggest supporters of digital currency. New research from Forexsuggest shared with Finbold that reveals the countries with the slowest adoption of crypto – from crypto ATMs to owners.
Specifically, the research looked at data on cryptocurrency owners, cryptocurrency ATMs, and yearly cryptocurrency searches in each nation to determine which nations are the most anti-crypto in the globe.
Saudi Arabia, which has a cryptocurrency, has a quasi-legal status; although there are no limits on people purchasing crypto, banks have implemented a permanent ban on cryptocurrency transactions since 2018. Only 1.48% of Saudis possess cryptocurrency, yielding an anti-crypto score of 8.83/10, ranking it top.
With a score of 8.50, Denmark is the second most anti-crypto nation. With no Bitcoin ATMs in the nation and just 1.39% of individuals possessing any cryptocurrency, it seems that the Danish people are still unsure of the potential advantages that digital and decentralized currencies might provide.
Top 10 most anti-crypto countries. Source: Forexsuggest
Iceland has a Crypto Adoption score of 0
Iceland achieved an anti-crypto score of 8.30 overall. Only 1.01% of Icelanders possess crypto, and there are no Bitcoin ATMs, while the Nordic country received a score of 0 on the Crypto Adoption Index.
With just 1.01% of the population owning cryptocurrencies, Iceland has the lowest percentage of crypto ownership in the OECD, which indicates that digital currencies have not yet achieved widespread popularity among the general public. As a result of a shortfall of hydro energy supply, Iceland even went to the extreme measure of turning off power supplies to Bitcoin miners.
Japan is the country with the fewest number of searches for crypto-related phrases per person than any other nation in the world.
Japan has the fewest crypto searches. Source: Forexsuggest
Only 8,796 crypto-related searches are conducted per million persons in Japan, which is under 2,000 searches per million people less than India, which comes in the second position.