Diving into the dynamic landscape of 2023’s global cryptocurrency developments.
This report delves into the latest consumer insights of web3 adoption with in-depth analysis across various countries, alongside a comprehensive exploration of adoption initiatives spearheaded by both financial institutions and governments worldwide.

Consumer Insights

92% of people know what Cryptocurrencies are!
The report from Consensys (2023)
Based on the Global Survey on Web3 and Crypto conducted by Consensys, which involved interviews with 15,158 individuals aged 18 to 65 across 15 countries in North and South America, Europe, Africa, and Asia in collaboration with YouGov, it was revealed that approximately 92% of the global respondents are aware of cryptocurrencies. Among them, 50% assert that they also possess an understanding of these digital assets. Notably, countries such as Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%) exhibit a higher comprehension of cryptocurrencies. Conversely, the percentage of individuals claiming to understand crypto is lower in Indonesia and Japan, with only one in three respondents expressing knowledge of these digital currencies.
40% of surveyed respondents have owned cryptocurrencies!
The report from Consensys (2023)
Overall, 40% of surveyed respondents currently own or have previously purchased cryptocurrencies. The countries with the highest percentage of past or present cryptocurrency owners include the United States, the Philippines, Vietnam, India, Nigeria, and South Africa. Conversely, Japan, Argentina, Mexico, and several European countries (France, Germany, the UK) lag behind.

The report from Consensys (2023)
Willingness to invest in cryptocurrencies is predominantly seen in Asia and Africa. Specifically, Nigeria (90% express a definite or probable intent to invest), South Africa (78%), the Philippines (57%), Vietnam (57%), Indonesia (56%), and India (53%) showcase a strong inclination toward crypto investment. This is opposite in Europe and Japan, where a significant proportion of respondents assert that they will definitely not invest in cryptocurrencies.
Worldwide, people view cryptocurrency as the “Future of Money” and an “alternative to the traditional financial system.” However, when it comes to European countries, there’s a higher tendency to link it with not-so-positive aspects like speculation, especially in places like France and Germany, or concerns about scams and phishing. It’s interesting to note that in the US, there’s a significant connection between crypto and an alternative to the traditional financial system, but at the same time, there are some worries about potential scams and phishing.
This may be due to news after news coming out of crypto financial services failing to meet US’s unstable regulatory requirements.
Crypto’s had back-to-back-to-back Black Swan events over the last year…
https://twitter.com/ChrisJBakke/status/1727024189549449666
https://twitter.com/Cryptofung/status/1727032664811794779
The overall bankruptcies among centralized cryptocurrency exchanges (CEX) have had an impact on people’s confidence and trust in blockchain, crypto, and Web3.
However, respondents in Germany, Vietnam, India, and South Africa are more likely to say that it had no impact on their trust in the ecosystem.
The report from Consensys (2023)
Respondents in the US, India, South Korea, Nigeria, and South Africa are the most familiar with the Metaverse, while countries in Europe, Latin America, and Japan are the least familiar.
The report from Consensys (2023)
This is an intriguing result, particularly in light of the EU’s numerous announcements positioning itself as a leader in the metaverse space. To underscore its commitment, the EU even hosted a 24-hour party in its $400,000 metaverse to appeal to young people. While the metaverse and cryptocurrencies don’t necessarily fall under the same technology umbrella, the EU appears to be one of the most skeptical regions toward crypto, associating it with negative aspects such as speculation (especially in France and Germany) or scams/phishing. This may be indicative of a cautious approach by consumers in the EU when it comes to adopting new technologies.
https://www.entrepreneur.com/business-news/the-eu-hosted-a-400000-metaverse-party-but-no-one-showed/440409
The United States, India, South Africa, and particularly Nigeria are the countries where respondents are most familiar with NFT. Conversely, South American and European countries, along with Japan, have the highest proportion of respondents who are not familiar with NFTs.
The report from Consensys (2023)

Bank adoption

In 2023, there were several developments from banking institutions for the adoption of web3, which will ultimately contribute to the normalization of cryptocurrency for everyday consumers. Let’s take a look at some of these cases.

• Thai Kbank has launched a $100 million fund to invest in web3 and artificial intelligence startups1. The fund, dubbed KXVC, has specifically been set up by KBank’s tech arm, Kasikorn Business Technology Group (KBTG). The fund will focus on supporting startups that offer solutions for consumer and corporate customers, such as AI-powered chatbots, cybersecurity, nodes validators, zero-knowledge proofs (ZKP), wallets, and NFTs. (https://www.coindesk.com/business/2023/09/14/thailands-kbank-starts-100m-fund-targeting-ai-and-web3/)
• Japan has released a new law, effective from June 1, 2023, allowing banks and other operators to issue stablecoins, which are cryptocurrencies backed by assets such as the yen. One example case presented was by DCJPY Project: A cryptocurrency project led by DeCurret Holdings, aiming to launch a digital currency backed by Japanese yen in July 2024.Aozora Bank is the leading issuer of the DCJPY, and one of the 70 companies in the consortium participating in the DCJPY Network. (https://cointelegraph.com/news/crypto-japanese-yen-backed-digital-currency-dcjpy-july-2024)

Country adoption

There were multiple countrywide initiatives that pushed for Web3 adoption. Here are some examples.

• Japan’s PM on Web3: Fumio Kishida, the prime minister of Japan, announced that the country’s annual policy outline includes measures to improve the environment for Web3 businesses. Kishida continued to say that Web3 is part of his flagship economic policy of new capitalism, which aims to drive growth and wealth distribution by focusing on innovation, startups and digital transformation. (https://www.coindesk.com/policy/2023/07/25/japan-signals-more-web3-promotion-policies-are-to-come/)
• Dubai’s AI and Web3 Campus: Dubai offers a 90% registration subsidy for web3 and AI companies seeking licenses in the city, aiming to create the largest pro-tech hub in the MENA region. DIFC Innovation Hub: The licenses will be issued by the Dubai International Financial Center, which provides state-of-the-art AI systems, lab innovations, training, and funding for web3 and AI firms.(https://cryptonews.com/news/dubai-offers-web3-ai-firms-90-license-fee-cut-seeks-host-largest-tech-firms-mena.htm)
• Bitcoin Freedom Visa: A novel residency program by El Salvador that offers permanent residency and citizenship for foreign nationals who invest $1 million worth of Bitcoin.The program is specifically designed for Bitcoin enthusiasts who want to enjoy the benefits of El Salvador’s crypto-friendly policies and lifestyle.

Conclusions

The interconnected themes of trust, familiarity, and adoption provide a comprehensive overview of global sentiments towards the evolving landscapes of blockchain, crypto, and Web3. These trends are poised to significantly influence the trajectory of finance, technology, and the interconnected digital realms in the coming years.
2023 was an year with handful events for web3 industry.
As we progress, it is noteworthy to observe the innovative initiatives emerging from each country, contributing to the ongoing dynamics of this transformative era. Presently, nations are engaged in a competitive landscape, actively striving to create an environment that facilitates consumer participation in the expanding digital economy. It is evident that governments, countries, financial institutions, and businesses are collaboratively engaging to educate consumers, ensuring a smooth transition into this new era. I am excited to witness the further development in 2024 at the front seat!
Resource used: https://consensys.io/blog/global-survey-on-crypto-and-web3-press-release
https://medium.com/@natsuneoki/the-2023-state-of-global-crypto-adoption-7484d6c07b2b