Which Countries Have Recorded the Highest Trade in Crypto-Currencies? | Eye On Annapolis – Eye On Annapolis

Even if the concept of digital currency has established itself among many, it is inevitable that some regions in the world will make more progress in developing this trading system in terms of technology, national liquidity rate, the volatility of the available crypto-currencies, and the efficiency of exchange platforms allowed to prevail in the country by law.

The past year has seen drastic changes in the world economy alongside most of the logistics based industries of commodity business witnessing a downfall in shares, this has displayed before people the fragility of depending on all-physical and manual storage of assets and inspired investors to move to flexible measures of trading like hot-wallets and DEx software. It is remarkable, noticing the development of crypto-trading in smaller countries with comparatively low liquidity rate in USD but a higher one in their national currency, therefore attracting international traders for gaining higher profits in terms of paper currency. Some countries allow the hot-line chains to carry out business outside the country which allows citizen traders to exchange with foreign traders, however, some countries, despite their high volume of inflow do not allow international trade by law and hot-line wallets are disbanded. Here is a list of the countries in which crypto-trading is most popular:

  1. Nigeria

As recorded in 2020 Nigeria has grossed the highest trade in crypto-currency internationally. With over 32% of the total annual trade generated in the past year, Nigeria allows buying and selling of almost all crypto-currencies both outside and inside the country. All existing and newly launched hot-wallets, as well as DEx platforms, can operate there however there are negligible agencies physically set up in the country because the government does not authorize digital currency as legal tender money as a result of which major trades are made according to the liquidity rate in international USD.

  1. Vietnam

Vietnam contributes the second-highest inflow to the world’s crypto-trading with as much as 21% of the total amount. The country is quite popular for its cheap paper currency and attracts many tourists for the same reason. A cheap yet luxurious vacation in Vietnam is often on the wish list of many people. But there is also another benefit of this depreciation of their legal tender money. Many international traders and agencies fly in to trade in crypto-currencies to buy more at a lesser price than most of the developing countries in Asia and Africa. The location of Vietnam is favorable both by sea and by air, making it the growing hub of business investitures.

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  1. Philippines

Again, the small and upcoming island country of the Philippines is aggravating its international trade of crypto-currencies by the same method of depreciation and foreign inflow as Vietnam. The Philippines is also well known for its fast technological advancements in the fields of business app ventures and AI-operated soft-wares preferable for modern-day trading.

  1. China

Unavoidable among the chief Asian countries, China holds a lot of the potential inflow to the international crypto market. But the catch is that the government only allows one legitimate organization i.e. crypto market to arrange hot-line trading within the country and only in the fixed currency of the Chinese Yuan. Despite this strict measure applied by the Chinese government, the country continues to be a major contributor to the world’s crypto-currency trade with over 7% of the total trade generated holding a position right above the United States of America. The credit for this progress should be given to the only existing, long-term crypto-investment firm. They allow free exchange and trading of Yuan with other valid legal tenders in China over a secured, data-encrypted online platform.

These were just a few examples of countries that contribute the largest percentile of crypto-inflow all around the world and ensure a successful future of both open and close-ended block-chains to trade within. Apart from these countries there are several others up and running in the business of the world’s most affluent digitized asset storage system and unit – bitcoin (BTC). Namely, America, Canada, the Eurasian states of Turkey, Germany, and even Peru, thanks to the free DEx platforms crypto-currencies have emerged as the cheapest solution to transfer money and other asset value of huge worth across international borders without having to worry about data security or laundering.

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Category: Local News, NEWS

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