Vietnam, Philippines, India, China Among Top Countries for Crypto Adoption, Chainalysis Global Index Shows – Featured Bitcoin News

Blockchain analytics firm Chainalysis has published its 2022 Cryptocurrency Adoption Index. Vietnam, the Philippines, India and China are among the countries with the highest crypto adoption. While overall adoption is slowing worldwide in bear markets, it “remains above pre-bull market levels,” the firm said.

Chainalysis’ latest cryptocurrency adoption index

Chainalysis published an excerpt of its upcoming report titled “2022 Geography of Cryptocurrency” on Wednesday. It highlights the company’s 2022 Global Crypto Adoption Index, which ranked all countries based on their adoption of different types of cryptocurrency services, the blockchain data firm explained.

According to the index, Vietnam tops the list overall, followed by the Philippines, Ukraine, India, USA, Pakistan, Brazil, Thailand, Russia and China.

Top 10 countries with the highest use of cryptocurrency. Source: Chainalysis’ 2022 Global Crypto Adoption Index

Detailed chain analysis:

Overall adoption declines worldwide in the bear market, but remains above pre-bull market levels.

Moreover, the blockchain research firm noted that “emerging markets dominate the global crypto adoption index.”

In addition, the firm explained that China finally entered the top 10 of its global cryptocurrency adoption index this year after coming in 13th last year.

“Our sub-indices show that China is particularly strong in the use of centralized services, placing second overall for purchasing power-adjusted transaction volume at both the aggregate and detail levels,” Chainalysis described.

“This is particularly interesting given the Chinese government’s crackdown on cryptocurrency activity, which includes a ban on all cryptocurrency trading announced in September 2021,” the blockchain research firm said, elaborating:

Our data suggests that the ban has either been ineffective or loosely enforced.

What do you think of Chainalysis’ crypto adoption rankings? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.

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