The interest and the boom in the use of cryptocurrencies and blockchain Over the past five years, operations in this ecosystem have become more accessible and simple. Consequently, has facilitated exchanges of these digital currencies among users of countries whose economies have particularities of inflation, structural government controls that hinder the democratization of finance or the lack of accessibility to banking systems.
At present, Several nations are leading its adoption as a means of payment, as an investment against inflation and even for international transactions such as remittances or the purchase of goods and services, and even for games on the blockchain.
BUY BITCOINJust like Cryptocurrencies operate through a decentralized distribution network free from government policies, Blockchain technology offers not only greater security in financial transactions, but also much greater freedom, since anyone wishing to invest only needs a device with internet access.
Interesting Facts
The most popular currency is Bitcoin, the first digital currency that paved the way for transactions and investments in decentralized finance (DeFi). Growing interest and flexibility in use has allowed cryptocurrencies to simplify the process of buying, selling, and accessing them. In the last five years, the Bitcoin value went from about $63,224 per token about $83.000 per token for the last week of March 2025.
For this date, These are the main countries that adopted and integrated cryptocurrencies into their economy., according to the Global Consumer Survey conducted by Statista:
- Nigeria: 32%
- Philippines: 20%
- Vietnam: 16%
- Türkiye and Peru: 15%
- Argentina: 14%
- Sweden: 11%
- China 7%
- United States: 6%
- Germany: 5%
- Japan: 4%
If we talk about the main regions of the planet, Africa is the first economy who uses cryptocurrencies the most. Latin America follows, where the adoption of these virtual currencies among countries such as Colombia, Chile, and Mexico has served to alleviate inflation and as an investment method, although these nations remain with lower levels of adoption compared to Peru, Venezuela, and Argentina, where users turn to digital assets due to the incessant devaluation of their national currencies.
Finally, we have Asia, a continent that although most of its countries have had strong regulation and taxes on transactions (with Japan being the first in the world to create a legal framework for digital assets), Users have seen in cryptocurrencies a way to act economically outside their central banks and with greater freedom.
Nigeria, the Philippines, and Vietnam: Why are they standing out in the blockchain landscape?
As we can see in the research done by the statistics platform Statista, Nigeria, the Philippines, and Vietnam top the global list of nations with the highest cryptocurrency adoption. integrated into their traditional economies and as everyday use to pay for goods and services or as an investment vehicle.
But Why does this pattern occur in nations that are so different in geography, culture, and economic systems? These are the reasons that unite three countries that have opted for the economy within DeFi platforms:
Inclusion of unbanked citizens
Cryptocurrencies and DeFi in general have provided an alternative to the traditional financial system. In Nigeria and Vietnam, many ordinary people lack access to private banking, making it difficult for them to access the national commercial system.
BUY BITCOINParticularly, Nigeria has used digital assets to face challenges such as inflation, foreign exchange restrictions and difficulties in accessing banking servicesThis last characteristic is shared by Vietnam and the Philippines, whose rural populations (which represent the national majority) lack traditional bank accounts or access to debit card payments or online transfers.
Palliative method against inflation
Many In Nigeria, they have turned to cryptocurrencies as a way to protect their savings against the depreciation of the local currency, the naira. But let's look at this in figures: in 2020, annual inflation was located about 13%, in 2021 reached higher levels at 16%, in 2022Although there were attempts by the government to stabilize the economy, inflation exceeded 18%, in 2023 it closed at 20% y in 2024 by 34,8%. At the close of March 2025 was located in 23,18%. This is why Nigerians transform every naira into a digital asset as a way to save and avoid seeing their purchasing power turned into salt and water.
Sending remittances to relatives
Cryptocurrencies have made it easier to send international remittances, which are an important source of income for many Nigerian families. Thanks to DeFi platforms Money transfers from abroad have become faster and cheaper, eliminating the need for international banks with highly expensive fees.
According to the World Bank, Nigeria is one of the largest recipients of remittances in AfricaThe multilateral organization estimates that in 2024, the nation received approximately $19.840 billion in remittances from Nigerians in Europe and the United States to relatives in their home countries.
Access to innovation in retail businesses
Cryptocurrency adoption in Nigeria, Vietnam and the Philippines has also encouraged the growth of digital commerce in retail businesses, as well as the birth of technology startups.
PREPARE YOUR WALLETObviously, This has created new business opportunities, jobs and has driven innovation. in these nations of small merchants and industrialists who, without the support of the possibilities offered by blockchain and DeFi, would not have been able to emerge and prosper.
Regulation and its challenges to achieve balance
The massification of digital asset operations in Nigeria, Vietnam and the Philippines has raised regulatory challengesAuthorities in all three countries are grappling with the need to create regulations and the challenges posed by their residents, who see the benefits of DeFi for a variety of purposes.
In Nigeria, since 2021, the Central Bank of Nigeria (CBN) has banned financial institutions to facilitate cryptocurrency transactions. However, Nigerians are turning to peer-to-peer (P2P) exchanges to conduct transactions.
BUY ETHEREUMTo counter this palpable situation, in October 2021, the government launched its own digital currency, called eNaira, but these efforts were unsuccessful and The citizen still prefers Bitcoin, Ethereum, Cardano, Solana and other blockchains for their operations.
In Philippines, For its part, the regulation of cryptocurrencies is mainly supervised by the Central Bank of the Philippines o Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission o Securities and Exchange Commission (SEC). The current law requires digital asset operators to register and comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
For its part, In Vietnam, the government does not recognize cryptocurrencies as a legal means of payment.This means that digital assets cannot be used to conduct commercial transactions within the country. However, The authorities do not prohibit possession or trade of cryptocurrencies as digital assets on online platforms.
Given the rise of these DeFi assets, The State Bank of Vietnam has issued several warnings on the risks associated with cryptocurrencies, highlighting volatility, the possibility of fraud, and their use in illegal activities.
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Despite controls and regulations, Many Nigerians, Vietnamese, and Filipinos see cryptocurrencies as an opportunity to protect themselves from inflation, generate additional income, and access payment platforms and economic transactions. and opportunities to invest in an economic environment in which traditional investment options may be limited.
