Crypto adoption: Eastern Europe leads the way

Good bitcoins from Russia – People in countries with emerging economies are very fond of cryptocurrencies. We have already seen this on the African continent , but it also turns out that this is the case of the countries of Eastern Europe, much more advanced in the adoption of cryptos than their Western neighbors.

Ukrainians and Russians on crypto

A recent report by Bitcoin Code review has shown that emerging countries are where cryptocurrencies attract the most interest from individuals and small traders. This is for their function as a bargaining chip in everyday economic life , rather than mere speculation .

We thus discover that Ukraine and Russia are the two countries where the adoption of cryptos is the most advanced among the countries of the world. On -chain transactions (on blockchains) are indeed the highest, displaying their purchasing power in a proportional manner.

In dark orange, the regions of the world where crypto adoption is most advanced – Source: Chainalysis
Hydra: a black market supporting crypto-adoption?

Cryptocurrencies being quite frowned upon by the authorities in Russia, it is almost not surprising to discover that a large part of Russians source their cryptocurrency from a parallel market: Hydra , a black market only accessible on the Darknet .

According to the Chainalysis report, Hydra would thus be the 6th largest crypto-asset exchange platform in Russia, in terms of volume and dollar value. Legal exchanges like Kraken thus have less exchange volume than Hydra.

The Deep Web crypto-exchange would have generated more than $ 1.2 billion in crypto- asset-related income in the space of a year (between June 2019 and July 2020). However, ordinary ordinary citizens can very well procure / sell cryptos by this means, these exchanges not necessarily those of hackers, terrorists or other dirty money launderers.

It thus should not see everything in black: the adoption of crypto for purposes legitimate remains widely majority in Eastern countries. So, over the past 12 months, Chainalysis estimates that of the $ 41 billion traded in this region of the world, only 1.4% is actually linked to illicit activity .

All economies whose banking system is not suited to modern payment and money transfer needs are more inclined to use cryptocurrencies. Eastern European countries are therefore no exception, and readily opt for the benefits brought by Bitcoin and its cohort of cryptoassets.