Since cryptocurrencies have been around for so long, many nations have passed legislation regulating them. While some of the top cryptocurrency-friendly nations adopted a more liberal approach and enabled the industry to flourish, other nations have enacted stringent crypto regulations.
Let’s look at the nations where the majority of the populace is actively involved in the cryptocurrency sector.
India
With almost 300 million people, India has the highest proportion of crypto users overall, even though this number only accounts for 29% of the country’s adult population. In a 50-page concept note published in October, the Reserve Bank of India (RBI) announced the creation of two CBDCs: a retail CBDC for people and enterprises, and a wholesale CBDC to facilitate interbank transactions.
Soon after, the RBI invited eight commercial banks to take part in the CBDC launch trial stage at the beginning of this month. In four cities throughout the nation, the financial firms include the ICICI Bank, Yes Bank, State Bank of India, and IDFC First Bank.
China
With 93 million active crypto users, China came in second, but that represents just 8% of the country’s total population. China is very strict with the use and trading of cryptocurrencies. They have imposed ban multiple times in the past.
Nigeria
The third place is occupied by Nigeria with 56% of the adult population. In an effort to promote the usage of CBDC, the Nigerian Central Bank (CBN) recently proposed to outlaw ATM cash withdrawals of more than $225 per week. On December 6, the Nigerian apex bank released a circular informing financial institutions that people and businesses would now only be permitted to withdraw $45 (20,000 NGN) per day and also $225 (100,000 NGN) per week from ATMs.
Indonesia
The fourth place is bagged by Indonesia. 28% of Indonesia’s adult population is engaged in the crypto sector. In…
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