Australia Ranks Last Out of 20 Countries in Digital Currency Ownership: UN Report

July 13, 2022, 10:15 AM AEST - 1 month ago

New data from the United Nations Conference on Trade and Development (UNCTAD) shows that only 3.4 percent of Australians own crypto, placing the country last in a list of 20.

While Ukraine (12.7 percent), Russia (11.9%), Venezuela (10.3) and Singapore (9.4) topped the list, the most surprising result was that Kenya (8.5) was the highest-ranking African country, edging out South Africa (7.1) and Nigeria (6.3):

The result for Nigeria is also significant in that out of a population of 211 million, just over 13 million were owners of digital currencies in 2021.

Crypto Awareness Still Low in Australia

By comparison, a recent study conducted by research firm Roy Morgan found that over a million Australians owned some form of crypto, out of a total population of almost 26 million. Another survey published in December last year found that only one in 10 Australians even knew what a cryptocurrency was.

UNCTAD acknowledged in its findings that cryptocurrencies have grown in popularity in some Third World countries because they are “an attractive channel through which to send remittances”.

UNCTAD also found that middle-income individuals from hyperinflation-hit developing countries either own or hold cryptocurrencies because they are seen “as a way to protect household savings”.

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