The crypto industry has been expanding at an unprecedented pace in recent years and cryptocurrencies are becoming more popular in more and more countries. However, there are still a number of countries that have not yet fully embraced cryptocurrencies, and do not seem to intend to do so for the time being.
There are currently 105 countries that recognize cryptocurrencies, which are regularly updated in the crypto news. New research from Forex Suggestion also shows the countries with the slowest adoption of crypto.
“We wanted to find out which countries are the most anti-crypto.” According to Forex Suggest. “To do this, we looked at a range of factors, including crypto ownership, crypto-related Google searches, and the number of Bitcoin vending machines in each country compared to the population.”
“We also looked at each country’s score on the 2021 Chainalysis Crypto Adoption Index. When we looked at the legality of crypto in each country, we assigned each country a score of 3. 3 meant crypto is legal, 2 meant crypto is legal but banned in banks, while 1 meant crypto is legal but with other more significant restrictions.”
So the study looked at data on crypto owners, crypto ATMs, and annual cryptocurrency searches in each country to determine which countries are the most “anti-crypto” in the world.
Which countries are at the top?
Japan is the country with the fewest number of searches for crypto-related phrases per person, but does not appear in the top 3.
Saudi Arabia has the highest anti-crypto score. There are theoretically no restrictions on people who own crypto, but banks have put in place a permanent ban on crypto transactions since 2018.
Only 1.48% of Saudis own cryptocurrency, yielding an anti-crypto score of 8.83/10, putting it at the top.
With a score of 8.50, Denmark is number 2. There are none Bitcoinvending machines in the country and only 1.39% of residents own crypto. The Danish population does not seem to dare to enter the crypto market yet. Perhaps not enough is known about the potential benefits that digital and decentralized currencies can bring.
Iceland only 1% crypto owners
Whoever thought that few people in Denmark own crypto will be surprised about Iceland. In this country, only 1.01% of the population owns crypto. Also, there are no Bitcoin vending machines in the country.
Iceland achieved an overall anti-crypto score of 8.30, placing it at number 3. Due to a shortage of hydropower, Iceland even went to the extreme measure of cutting power to Bitcoin miners.
