There has been an evident increase in the usage of cryptocurrencies in the last few years. The market reached such growth that even some countries decided to make Bitcoin a legal tender and offer crypto as means of payment.
However, based on the latest research conducted by the International Monetary Fund, some people are more likely to use crypto than others.
Residents of Corrupt Countries Use Crypto the Most
In the report, the IMF found that the usage of cryptocurrencies is significantly higher among the residents of corrupt countries.
What’s more, the survey of thousands of residents in 55 countries revealed that cryptocurrency usage is also highly established in countries with strict financial restrictions, such as those where it’s hard or impossible to move money in and out of the state.
Additionally, the current levels of inflation around the world make Bitcoin more popular. Those who use it also believe it’s more stable than local currencies in the long run.
Since crypto is often used in strict countries where moving foreign capital is hard, digital assets are also considered handy for tax evasion and avoiding other government regulations.