Ukraine ranks first in the ranking of the number of cryptocurrency holders

Ukraine was ranked first in the ranking of countries with the largest share of cryptocurrency owners among the population, presented in a review by the UN Conference on Trade and Development. Russia’s share is 11.9%. The top 10 also includes Venezuela (10.3%), Singapore (9.4%), Kenya (8.5%), the United States (8.3%), India (7.3%), South Africa (7.1%), Nigeria (6.3%), and Colombia (6.1%).

The review notes that there are currently more than 19 thousand different cryptocurrencies in the world, while in 2018 there were only 1.5 thousand. There are currently more than 450 crypto exchanges. Their daily trading turnover reached a peak of $ 500 billion in May 2021, equivalent to the maximum daily trading volume reached on the world’s second largest stock exchange, Nasdaq, in January 2022.

Experts identify two main reasons for the growing interest in cryptocurrencies among developing countries. First, during the pandemic, cryptocurrencies were popular due to their speed of transactions and low fees for transfers, as the cost of traditional money transfers was very high during this period. Secondly, cryptocurrencies are more commonly used by middle-income people, and when many developing countries faced increased risks of currency depreciation and inflation due to the pandemic. Therefore, cryptocurrencies have become the best way to save money.