41% Of Brazilians And Indonesians Have Invested In Crypto Assets
According to a study conducted by crypto exchange Gemini, 41% of the surveyed individuals from Brazil and Indonesia own digital assets. In the United States and the United Kingdom only 20% and 18%, respectively, own crypto.
Gemini queried almost 30,000 people across 20 countries to better understand out what percentage of the population has adopted digital assets. The results show that Brazil and Indonesia are the leaders as 41% of the surveyed people from those nations admitted holding crypto assets.
The study revealed that nations which have experienced a significant economic crisis in recent months are much more geared towards buying digital currencies to battle inflation, which was the case for 64% of the questioned Indonesians, for example.
However, the main reason for those who have already acquired digital assets, is their long-term investment potential.
The numbers in strong economies like the USA and the UK look very different. The crypto adoption rate there is respectively 20% and 18%. Only 16% of the American respondents and 15% of the European, agreed that digital assets are a good investment product in times of fast rising inflation.
According to Gemini, almost 50% of all crypto holders in the USA, Latin America, and the Asia Pacific region have entered the market for the first time in 2021.
Crypto in Brazil and Indonesia
The approaches towards digital asset ecosystem, the latest developments, and the government’s attitude towards the crypto industry in the leading countries from the survey – Brazil and Indonesia – are quite different.
Brazil seems to have a much friendlier stance than Indonesia. In November last year, the Brazilian politician Luizão Goulart proposed a bill to allow public and private sector workers to receive their salaries in Bitcoin.
In January this year, the mayor of Rio de Janeiro – Eduardo Paes – presented his intentions to allocate 1% of the city’s Treasury in Bitcoin. Last week, the megalopolis’ authorities announced that residents will be able to pay taxes in digital currencies as of 2023.
The Indonesian government’s stance looks a lot different. In September last year, the country announced that instead of a ban on crypto assets, it will create tight regulations around them. Indonsia’s central bank’s also has plans to launch a CDBC to combat crypto.
Indonesia’s top monetary regulator – the Financial Services Authority (OJK) – is also against the sector. In January, it prohibited local firms from using, offering, or facilitating cryptocurrency services.
