There have always been questions as to who is buying cryptocurrencies and for which specific purpose. In undeveloped countries, the adoption of crypto assets is progressing rather quickly, according to a new report. 

For years now, people have claimed how Bitcoin can transform Arica in terms of finance.

Crypto Adoption in Developing Nations

For equally as long, there has been little to no evidence of crypto adoption across that continent.

If the new report by Onfo is to be believed, things are not necessarily as black-and-white.

Although its method of research is rather limited and doesn’t represent the entire world, there are some interesting conclusions.

Developing nations are more willing to give Bitcoin and top altcoins a fair chance.

In this research, the company labeled Russia as a developing nation, even though it is maintaining a non-crypto policy for now.

Even so, there is a clear network effect in developing and underdeveloped countries.

That is to be expected, as those people have an incentive to embrace any form of money and ensure others do the same.

Projecting this on Africa, the overall rate of crypto adoption in that nation may be far better than expected.

Unfortunately, this report offers no real conclusions or insights, as its sample pool is simply too limited.