Emerging markets lead global adoption index: Chainalysis report

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While global adoption slowed due to the chilling winds caused by the cryptocurrency winter, emerging markets are under fire in terms of crypto adoption as they overtake high-income countries in an index that measures adoption.

in a report titled 2022 Global Crypto Adoption Index, Blockchain data platform Chainalysis analyzed millions of crypto transactions, web traffic, and other on-chain metrics around the world to determine which countries are at the top in terms of cryptocurrency adoption.

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The results show that in terms of crypto adoption, emerging markets are at the fore. According to the data, lower-middle-income countries such as Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia rank among the top 20 countries in terms of composite index scores, with Vietnam at No. one place.

Upper-middle income countries such as Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador also made it to the list, while the United States and the United Kingdom are the only representatives of high-income countries within the index.

In addition to the adoption rankings, the report also showed that even though adoption slowed amid the bear market, adoption levels are still higher by the industry than before the 2020 bull run.

related: From Valley to Oasis: Swiss and Dubai Crypto Union Team Up

On 9 September, two bitcoiners went on a mission to get merchants within the UK to adopt bitcoin (BTC). British BTC advocate James Dewar and MSW went to a town in England to talk to restaurants and cafes to try to persuade them to accept bitcoin. Convinced 3 out of 63 shops and accepted BTC on the spot.

In an interview in August, Coinfirm executive Durgum Mushtaha told Cointelegraph that anti-money laundering (AML) and know-your-customer (KYC) procedures will promote more mainstream crypto adoption. According to the executive, the next bull run will be driven by a better crypto image where fear ends.