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Eastern Europe draws attention as more natives begin participating in cryptocurrencies

By Tyler Smith – Cryptocurrency Broker

The newest Chainalysis report confirms Eastern Europe as the global region with the highest number of cryptocurrency adopters and participants. The below tries to understand this trend, despite these figures coming out of a country where cryptocurrency trading has been previously banned and where the digital asset classes have remained outside of the law.

User adoption climbs steadily as Russia and Ukraine lead in the number of people buying Bitcoin.

Analytics firm Chainalysis have developed the Global Crypto Acceptance Index to measure the usage and implementation of cryptocurrencies world-wide. With this, the platform aims to capture insightful data into how and why people buy and sell Bitcoin.    

According to the report, the most significant rate of user adoption is taking place in Eastern Europe. The region which includes Russia, Ukraine, Belarus, Romania, Bulgaria, Hungary, and the Czech Republic is the fourth largest digital asset market, accounting for 12% of the global transaction volume. In a 1 Year period examined in the report, Russia has sent over $16.8 billion in volume worth of cryptocurrency transactions, with Ukraine having sent over $8.2 billion. For many, not only are these trading volumes considerable, but when one examines the size of the populations and economies, the figures are indicative of much higher adoption levels.

Regarding Russia, patterns in cryptocurrency adoption have often correlated with Government behavior and announcements. For this reason, it is important to note that such an increase in popularity is unlikely to continue at the same rate. In recent months for example, Vladimir Putin and his office have heightened restrictions and laws surrounding buying and selling cryptocurrency. While the country has progressed by recognizing a new digital asset class, they conversely ban these as a means of payment.

In contrast, Ukraine has appeared less responsive when governing the crypto sector. Only up until recently, cryptocurrencies remained outside of the law with little authoritative oversight. The country’s stance on crypto is however, about to change, with tighter monitoring practices and products already rolled out earlier in the year.

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