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Despite crypto being a global, borderless digital asset, a pro-crypto stance in the U.S. significantly bolsters the global crypto market, benefiting the industry worldwide. And so, with swarms of headlines on the pro-crypto U.S. government, it is crucial that the crypto market keeps its eyes on emerging markets, which are equally as fundamental for crypto adoption and penetration. In the 2024 Chainalysis Geography of Crypto Report, Vietnam, Nigeria, Indonesia and the Philippines were all ranked in the Top 5 for global crypto adoption. In these nations, cryptocurrencies have become a reliable alternative for savings and transactions, for remittances, for entrepreneurship and innovation, and for accessible financial independence.
In this article, we take a closer look at how cryptocurrency is facilitating innovation, financial inclusion and cross-border payments in Africa and other countries, and how emerging markets’ impact on the global economy will help contribute to mass crypto adoption.
Mass crypto adoption in Africa
Africa has become a key driver of global cryptocurrency adoption, principally due to the use cases crypto lends itself to: expanding mobile penetration, unique economic challenges, entrepreneurial spirit, unbanked communities and a rapidly growing population. With over 1.4 billion people and projections indicating 2.3 billion by 2050, Africa’s demand for accessible financial solutions and services continues to rise.
Crypto adoption in Africa stems mainly from their practical application of digital assets, such as facilitating business transactions, providing protection against inflation and enabling efficient and affordable cross-border transactions and remittances. Many Africans across the continent face steep financial hurdles, including 10% transaction fees for cross-border payments and exorbitant interest rates on microloans, which can reach 27% per month.
Countries such as Nigeria, Kenya and South Africa are leading the charge in DeFi innovation. Sub-Saharan Africa, in particular, has emerged as a leader in DeFi adoption, due to the population’s limited access to banking services. Like in other areas of the world, such as Indonesia, crypto solutions are proving essential in helping to address financial inclusion deficiencies, by offering a more flexible and accessible alternative.
Why are emerging markets important for crypto?
Developed markets such as the U.S. might be the main influencers of the global economy, but emerging markets also play a hugely important role by contributing to its growth and vitality. Emerging markets, generally characterized by rapid economic development and industrialization, are projected to account for approximately 65% of global economic growth by 2035. This contribution will stem from their expanding customer bases, increasing industrial output, and integration into global trade networks.
Countries such as China, India and Brazil, once classed as emerging markets, are now major economic powerhouses, each with a unique influence over global markets. As nations on a similar trajectory continue to develop, their concurrent adoption of cryptocurrencies could have a significant impact on the overall crypto market. As emerging markets embrace crypto solutions to address economic challenges and empower unbanked populations, they help contribute to increased transaction volume, wealth creation and distribution, liquidity, and the mainstream acceptance of digital assets.
The impact of emerging markets on the crypto space
Beyond Africa, the impact of emerging markets on the crypto space is increasing, and in turn, helping to drive mass crypto adoption, with several regions showing significant growth. In Southeast Asia, Vietnam and Indonesia are consistently ranked among the Top 5 nations for crypto adoption, in part due to a need for alternative financial solutions. The Philippines has also seen a surge in crypto adoption, largely due to the popularity of play-to-earn games and digital remittance services, which provide low-cost and efficient alternatives for cross-border transfers.
Latin America is another notable region embracing digital currencies. Many people in Brazil, Argentina and Venezuela have turned to cryptocurrencies to combat economic instability and inflation. In Venezuela, where hyperinflation has devalued the local currency (the average inflation rate is estimated to be around 150% in 2025), crypto has become a crucial means for preserving wealth and conducting everyday transactions. Similarly, in Argentina, with its infamously volatile economic conditions, (annual inflation rate sped past 211% in December) citizens are seeking financial stability in stablecoins, permitting more reliable financial management and transactions.
For more on crypto trends, or to learn how to integrate crypto payments into your business’ workflow, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.
