LOCALIZATION: A MUST FOR CRYPTO ADOPTION
Wondering how to expand your crypto business into new markets? Rely on a language service provider for effective localization.
Cryptocurrencies have taken the financial world by storm. They offer a much-needed decentralized and borderless alternative to traditional currencies.
This blog post aims to shed light on cryptocurrency adoption and usage around the world, with a focus on three interesting non-English-speaking cases. Moreover, we’ll offer insights into effective localization strategies for crypto companies seeking to expand into new markets.Top of Form
Ready to join the crypto revolution?
Where are people embracing crypto the most?
The obvious answer may seem, “in the wealthiest countries.” But the blockchain data platform Chainalysis goes beyond ranking the nations with the highest transaction volumes. In their 2023 Geography of Cryptocurrency Report, they analyze where common people are putting most of their wealth into cryptocurrency.
This approach seeks to understand how different economic and cultural circumstances impact crypto usage.
So, let’s find out which 20 countries are the heaviest users of cryptocurrencies:
- India.
- Nigeria.
- Vietnam.
- US.
- Ukraine.
- Philippine.
- Indonesia.
- Pakistan.
- Brazil.
- Thailand.
- China.
- Turkey.
- Russia.
- United Kingdom.
- Argentina.
- Mexico.
- Bangladesh.
- Japan.
- Canada.
- Morocco.
Now, here’s some food for thought: only two out of these 20 countries are native English speakers.
What are adopters using crypto for?
Most users resort to crypto with a view to:
- Sending remittances overseas.
- Protecting their savings against currency volatility.
- Having an alternative peer-to-peer (P2P) payment method.
- Avoiding taxes.
Cryptocurrency has proved to be a lifeline for some countries with a history of financial and political stability. Two clear examples are:
- Argentina – providing relief in its currency crisis.
This country is now in the midst of a cycle of extreme currency devaluation (51.6% in the year leading up to July 2023). This, together with towering inflation and restrictions against buying foreign currencies, makes it difficult for people to save.
And they’ve found an escape from this situation thanks to crypto. In particular, stablecoins have become very popular.
- Venezuela – resisting the oppression of the Maduro regime.
During the Covid crisis, doctors and nurses received direct aid thanks to cryptocurrency. With Maduro having full control of the banks and refusing financial help, making a direct cash transfer was out of the question.
So, cryptocurrency wallets were the answer. Funds were transferred to trusted individuals, who in turn made sure they went to healthcare professionals.
El Salvador – Bitcoin becomes legal tender.
This Spanish-speaking country made history in crypto in September 2021. It became the first country in the world to adopt Bitcoin as legal tender alongside the U.S. dollar.
A significant part of the Salvadorans doesn’t have access to banking services. So, the government aimed to increase financial inclusion by providing them with other financial options.
Crypto would also make it easier to send remittances to El Salvador from abroad. Remittances play a crucial role in the Salvadoran economy, accounting for 26.2% of the country’s GDP.
Now, this is how the government went about Bitcoin adoption:
- Bitcoin as legal tender.
As of September 2021, Bitcoin became an official means of payment, alongside the U.S. dollar.
- Launch of Chivo Wallet.
This mobile wallet app allows users to send and receive Bitcoin. Plus, it offers incentives (e.g., a $30 bonus to encourage adoption).
- Bitcoin ATMs available.
Bitcoin ATMs across the country make it easier for citizens to buy and sell Bitcoin.
The government’s adoption of crypto has led bitcoin companies to look into El Salvador. Two examples are Bitcoin rewards app Fold and payments processor and exchange Strike.
But let’s not forget that El Salvador is a Spanish-speaking country…
As a bitcoin company, what should your first step be if you wish to enter it?
Localization. In other words, tailoring your user experience to the needs of the local population.
Which encompasses these 5 aspects:
- Translating technical content.
Your website, platform, or app must be available in your target country’s official language.
Now, blockchain currencies demand a thorough knowledge of computing and finance. So, you’ll need to find native linguists with a thorough understanding of the crypto industry.
- Localizing the user interface.
Cryptocurrency wallets and trading platforms should have an intuitive and easy-to-use interface. It must be in line with the cultural context, clear, and offer a consistent experience across platforms and devices.
Easier said than done! UI localization is no easy task. Apart from localizing the text, linguists will have to work hand in hand with designers and developers.
3. Localizing payment methods.
Customers need to feel safe when investing in cryptocurrency. They must have peace of mind when submitting money and making transactions.
That’s why you should find out which methods of payment they are used to working with, and include them in your platform.
- Localizing legal requirements.
Adapting your crypto operations to the legal framework of the country in which you’ll operate is a must. And quite a challenge! Cryptocurrency regulations can vary greatly from one jurisdiction to another
Relying on a translator with expertise in legal terminology and local regulations is key to ensuring compliance.
- Providing customer education and support.
Educational materials and resources on Bitcoin and its usage must be available in the local language.
But that’s only the start. Customers should get answers to their inquiries or concerns. Providing multilingual support shows you’re committed to serving users in the country where you’re a newcomer.
There’s no denying it: localizing cryptocurrencies and their related content is a tough and complex task.
How about letting a specialized language service provider take it off your hands? Click here to tell us about your needs. We’ll be glad to assist you!
