Connect with us

Crypto Adoption

Jamaica to Launch Digital Dollar in 2022, Says Prime Minister

Jamaica to Launch Digital Dollar in 2022, Says Prime Minister

Published

on

The Bank of Jamaica will launch its digital currency – the Jamaican dollar – soon this year.

Prime Minister Andrew Holness remarked that the new plan would serve the country’s digital payment foundation and facilitate further plans like financial inclusion, increase transaction speed and reduce banking costs for citizens.

In a Twitter post, Holness revealed the news and several other schemes to be implemented soon.

The Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.

Advertisement

— Andrew Holness (@AndrewHolnessJM) February 10, 2022

In December 2021, the Bank of Jamaica said that it had successfully completed a pilot project issuing 230 million digital Jamaican dollars.

The government came up with the central bank digital currency system to include a majority of Jamaicans who are away from the financial system and make them a part of the formal financial benefits. The virtual currency would then replace 5% of Jamaican dollars each year.

For creating the digital currency, Jamaica has joined the Bahamas and Eastern Caribbean Central Bank.

The National Commercial Bank has signed up 57 customers to access the new currency.  The customers can sign up for a digital wallet and deposit funds in exchange for digital currency.

Advertisement

Apart from the digitalization of currency, the government looks forward to implementing large infrastructure projects like the Southern Coastal Highway Improvement project, four-lane roadway construction from Harbour View to Yallahs, new Houses of Parliament, etc.

adoption

Worldwide Crypto Ownership Cross 320 Million, Here Are The Countries Leading The Charge

Published

on

Worldwide Crypto Ownership Cross 320 Million, Here Are The Countries Leading The Charge

Crypto adoption worldwide has accelerated in the last couple of years. Thanks are especially in order to the 2021 bull run that saw the price of bitcoin reach as high as $69,000, triggering an influx of new users into the market, both on the retail and institutional investor side. As it now stands, there are now more than 320 million crypto users around the world, according to recent data. Here are the countries that dominate the list.

The United States Takes The Lead

The United States has actually seen one of the most rapid adoptions of cryptocurrencies. Data from Triple A shows that there are more than 46 million crypto users in the country. This is made even more evident that more than 80% of all crypto ATMs installed in the world exist in this region. So in total, the United States has 13.74% of its total population who are crypto users.

Coming in second is India. Over the years, there have been reports of Indians flocking to cryptocurrency as the new gold. Their numbers have grown rapidly as a result, and there are now more than 27.4 million crypto users in the region. However, this only makes up about 2% of the total Indian population. Pakistan comes in 3rd place with more than 26.4 million crypto users, accounting for 11.5% of the total population.

Advertisement




Total market cap falls to $976 billion | Source: Crypto Total Market Cap on TradingView.com

Nigeria unsurprisingly comes in 4th place. The economic situation in the country has gotten worse over time with double-digit inflation, and residents have turned to cryptocurrency to maintain the value of their wealth. The country has more than 22.3 million users, making up 10.34% of the total population.

Vietnam comes in 5th place with more than 20.2 million users. However, despite being 5th, it is the country with the largest percentage of the population using crypto, with 20.27%. This puts it ahead of China, with 19.88 million, and Brazil, with 16.65 million. Russia, Indonesia, and South Africa complete the top 10 with 14.6 million, 12.23 million, and 7.7 million, respectively. 

Crypto Spreads Over The Continents

On a control-by-country scale, the United States led the charge in terms of adoption, but when zoomed out and looked at from the perspective of continents as a whole, the West is quickly dethroned. Instead, Asians lead the charge in this regard.

The data shows that Asia boasts 130 million crypto users. In contrast, the African continent has 53 million uses. This puts North America in 3rd place with a total of 51 million users. Europe follows with 43 million, and South America with 27 million. Oceania came out to 1 million users.

Holder demographics are also skewed towards the male popular. In total, 63% of all crypto users are men, while 37% are females. 72% of all users are under the age of 34, indicating that the market appeals to the younger popular. The majority (71%) have at least a Bachelor’s degree.

Advertisement




Featured image from Finance Feeds, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Continue Reading

awareness

While Almost 80% Of Russians Know Crypto, Only 6% Understand It Well, Survey Finds

Published

on

While Almost 80% Of Russians Know Crypto, Only 6% Understand It Well, Survey Finds

The overwhelming majority of Russians in big cities are well aware of the term cryptocurrency but those with a good understanding of the topic are quite a small proportion, a new poll has indicated. Experts say that currency restrictions imposed earlier this year are helping growth in interest and adoption.

A Third of Russians Ready to Buy Crypto Assets Within Months

Just 6% of Russian internet users understand cryptocurrencies relatively well, although 80% have heard about them. The findings come from a survey conducted by hardware wallet developer Tangem among 2,100 residents of Russian cities with a population exceeding 100,000.

Some 45% of the respondents have a positive attitude towards the digital coins and almost an equal number (46%) are neutral, while 9% view them negatively, the company established. Being able to earn capital gains is the main motive for those willing to buy, while the assets’ lack of backing is the key factor for rejection.

Advertisement




Close to a third (31%) of the polled are ready to buy cryptocurrency in the next six months, almost the same number, 30%, are not planning to do this at all, and 40% are undecided, the Russian business daily Kommersant noted in an article quoting the study. 72% of the participants have never bought cryptocurrency.

Over two-thirds of the investors (68%) decided to buy crypto out of a desire to understand what kind of instrument it is. Another 22% wanted to save, and 19% to diversify their investments. Around 18% acquired decentralized digital money to pay for goods and services and 16% hedged against inflation and foreign exchange rate fluctuations.

Popularity of Crypto Grows Due to Foreign Currency Restrictions

Among those who now hold cryptocurrency (24%), 7% own digital assets worth up to $100 in fiat equivalent, 9% – from $100 to $1,000, 8% – over $1,000. Involvement of both ordinary Russian investors and investment funds in cryptocurrencies remains low, according to Vladislav Utushkin, founder of the To The Moon group of companies.

There is no legal and legitimate way to buy or sell cryptocurrencies in Russia right now, pointed out Sergey Mendeleev, executive director of Indefi Smart Bank. Besides the possibility of losing money, there is also the risk of account blocking by banks, he added.

At the same time, the currency restrictions enforced by the authorities in Moscow this past spring amid mounting Western sanctions over the war in Ukraine, which hurt the Russian ruble, have significantly accelerated crypto adoption, noted Nikita Vassev, founder the Terracrypto forum which hosts discussions on mining, decentralized finance, and crypto legalization.

Advertisement




Vassev elaborated that many continue to transfer money out of Russia using stablecoins or bitcoin and exchange it back for fiat currency in countries such as Georgia or the United Arab Emirates. Chief Financial Officer of ICB Fund, Chen Limin, noted that even before this trend began, Russians owned an estimated 5 trillion rubles ($67 billion at the time) in cryptocurrencies, according to an estimate announced by the Chair of the parliamentary Financial Market Committee Anatoly Aksakov.

Tags in this story

awareness, Crypto, Crypto Adoption, crypto investments, Cryptocurrencies, Cryptocurrency, currency restrictions, Hold, Interest, invest, knowledge, own, Poll, Russia, russian, Sanctions, Survey, Understanding

Do you expect understanding of cryptocurrency among Russians to increase with wider adoption? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement




Image Credits: Shutterstock, Pixabay, Wiki Commons, Aleksey Matrenin

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement




Continue Reading

ATMs

Number Of Crypto ATMs Installed Worldwide Reaches New Milestone

Published

on

Number Of Crypto ATMs Installed Worldwide Reaches New Milestone

With crypto adoption advancing rapidly over the last year, the installation of new crypto ATMs worldwide has also followed this accelerated rate. The number of countries where crypto ATMs are available remains on the rise too. Over the course of 2021, a large number of ATMs were installed as more countries accepted them. This time around, the number of crypto ATMs in the world has hit a new high, indicating that adoption remains high.

39,000 Crypto ATMs Worldwide

The rapid growth of crypto worldwide is embodied in the number of ATMs around the globe. This month, the space celebrated a new milestone in regards to these machines, which have now surpassed a total of 39,000 ATMs installed worldwide.

Data from Coinatmradar shows that the number now sits at 39,015 ATMs installed across 78 countries. Most of the installations have happened in the last two years. Back on January 1st, 2020, the total number of crypto ATMs worldwide sat at 6,364 ATMs. Growing more than 513% in the time since then to its current level. 

Advertisement




Market cap surpasses $1.1 trillion | Source: Crypto Total Market Cap on TradingView.com

During this time, the number of ATM manufacturers has also grown more than 100%. It is now sitting above 15,000 manufacturers from the 2,000 that dominated the space back at the beginning of 2020. This has facilitated competition in this industry, and the cost of using crypto ATMs has plummeted as a result. 

The United States Continues To Dominated

Most of the growth in the installation of ATMs has been happening in the United States. This is due to the acceptance rate of cryptocurrencies in the region and also the tendency to try out new tech. For this reason, more than 80% of all crypto ATMs installed worldwide have been in the United States.

It currently has a total of 34,301 ATMs out of the 39,015 ATMs that are currently live. It puts it at approximately 88% dominance in this industry. No other country comes close in this regard, and the United States has more crypto ATMs than all the other 77 countries combined. 

Other countries which are seeing higher rates of installations include Canada, Spain, and El Salvador. The United Kingdom is interesting in this regard because while other countries are seeing the number of available crypto ATMs rise over the last two years, it has seen its numbers plummet. Currently, there are only about 22 ATMs in the UK.

There are currently 46 producers around the world with a total of 615 operations. As for businesses who bitcoin to cash and cash to bitcoin services, it currently sits at 324,114, with the US making up about half of this number.

Advertisement




Featured image from Gadgets 360, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Continue Reading

Top posts

CryptoSlate Wrapped Daily: Bitcoin up 22% vs crypto stocks; Russia blocks OKX; US, EU set to discuss crypto regulation CryptoSlate Wrapped Daily: Bitcoin up 22% vs crypto stocks; Russia blocks OKX; US, EU set to discuss crypto regulation
Wrapped32 mins ago

CryptoSlate Wrapped Daily: Bitcoin up 22% vs crypto stocks; Russia blocks OKX; US, EU set to discuss crypto regulation

CryptoSlate Wrapped Daily: Bitcoin up 22% vs crypto stocks; Russia blocks OKX; US, EU set to discuss crypto regulation Christian...

Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022 Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022
Bitcoin3 hours ago

Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Tony Spilotro I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content...

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M
Bear Market3 hours ago

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M Liam ‘Akiba’ Wright · 3 mins...

GMX Token, Arbitrum Favorite Get Listed On Binance, What Next? GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?
GMX3 hours ago

GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement. ...

What the Employee Retention Credit Means for You What the Employee Retention Credit Means for You
Uncategorized3 hours ago

What the Employee Retention Credit Means for You

When you file an annual tax return for your business, there are several tax credits of which you may take...

American Modern Car Insurance Review American Modern Car Insurance Review
Uncategorized4 hours ago

American Modern Car Insurance Review

American Modern Ratings at a Glance American Modern offers car insurance for personalized and collectible vehicles. The company offers coverage...

Your Employer Doesn’t Pay for Dental Insurance – Is it Worth Buying? Your Employer Doesn’t Pay for Dental Insurance – Is it Worth Buying?
Uncategorized4 hours ago

Your Employer Doesn’t Pay for Dental Insurance – Is it Worth Buying?

Only 40% of private companies offer dental benefits to their employees, according to the U.S. Bureau of Labor Statistics. If...

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council
BAYC5 hours ago

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council

The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored...

Russia blocks crypto exchange OKX without disclosing reason Russia blocks crypto exchange OKX without disclosing reason
Exchanges6 hours ago

Russia blocks crypto exchange OKX without disclosing reason

Russia blocks crypto exchange OKX without disclosing reason Zeynep Geylan · 9 mins ago · 1 min read The authorities...

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure? Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?
CFTC6 hours ago

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network’s move to a proof of...

It Is Not Just Meta In The Metaverse, Know The Other Tech Giants Shaping The Metaverse It Is Not Just Meta In The Metaverse, Know The Other Tech Giants Shaping The Metaverse
Latest News7 hours ago

It Is Not Just Meta In The Metaverse, Know The Other Tech Giants Shaping The Metaverse

The buzzword of the moment is ‘metaverse’. But who came up with this? This whole concept started with Meta CEO...

Bitcoin briefly trades above $20k as traders ape into futures Bitcoin briefly trades above $20k as traders ape into futures
Analysis7 hours ago

Bitcoin briefly trades above $20k as traders ape into futures

Bitcoin briefly trades above $20k as traders ape into futures Oluwapelumi Adejumo · 5 hours ago · 2 min read...

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day
$1.26 million7 hours ago

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day

Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset...

Do Kwon deems news of $40M crypto freeze a ‘falsehood’ Do Kwon deems news of $40M crypto freeze a ‘falsehood’
Binance7 hours ago

Do Kwon deems news of $40M crypto freeze a ‘falsehood’

Do Kwon deems news of $40M crypto freeze a ‘falsehood’ Oluwapelumi Adejumo · 6 hours ago · 2 min read...

Curious About I Bonds? Join Our Free Workshop Curious About I Bonds? Join Our Free Workshop
Curious7 hours ago

Curious About I Bonds? Join Our Free Workshop

Credit: Rita-Soledad Fernández Paulino Personal finance expert Rita-Soledad Fernández Paulino is the founder of Wealth Para Todos. She’ll be hosting...

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September Biggest Movers: DOGE, XRP Hit Highest Point Since Late September
Analysis8 hours ago

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day....

Bitcoin mining pool Poolin in distress following liquidity crisis Bitcoin mining pool Poolin in distress following liquidity crisis
Mining8 hours ago

Bitcoin mining pool Poolin in distress following liquidity crisis

Bitcoin mining pool Poolin in distress following liquidity crisis Samuel Wan · 6 hours ago · 2 min read The...

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion
$31 Trillion9 hours ago

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion

A recently published forecast stemming from the Federal Reserve Bank of Cleveland’s Inflation Nowcasting data indicates upcoming U.S. consumer price...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone