More than half of the world’s countries, or 99 out of 195 countries, now allow cryptocurrencies, according to new research from insurance broker HelloSafe Belgium.
There are about 20,000 cryptocurrencies traded around the world today, worth about $1.7 trillion. About $91 billion is traded this way every 24 hours! Mostly in bitcoin and ethereum.
In all EU countries, and therefore in Belgium, the use of digital currencies is legalized. The European Union has recently risen to the top spot in the global market in terms of the number of transactions, with the European market representing nearly one trillion dollars of digital currencies in 2021.
The EU is also in the process of developing a Crypto Asset Market Regulation (MiCA) with the goal of creating a clear legal framework for these transactions using cryptocurrencies.
After Europe, America is the continent with the most countries allowing cryptocurrencies (18 countries or 51.4% of the Americas), followed by Asia with 16 countries (34% of the Asian continent), l Oceania with 3 countries (18.7% of the continent) and finally Africa with 9 countries (17.6% of the continent).
Additionally, the only two countries in the world that have allowed bitcoin as legal tender are El Salvador (since September 7, 2021) and the Central African Republic (since April 27, 2022).
Despite the volatility, digital currencies appear to provide new alternatives to deal with monetary imbalances such as inflation, or even facilitate and reduce the cost of international money transfers, according to the study.