This country is leading in ‘Global Cryptocurrency Adoption Index’

Emerging markets are leading the cryptocurrency adoption index globally, says a Chainalysis report. It adds that lower-middle income countries hold a majority of the positions in the top 20 countries in terms of crypto adoption.

Titled The 2022 Global Crypto Adoption Index, the report analyzed a large number of cryptocurrency transactions and other related metrics across the world to determine which countries are leading the adoption of cryptocurrency in the world.

Lower-middle income countries lead

Data shows that lower-middle income countries like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia populate the list of the top 20 countries in terms of overall index score.

The only high-income country among the top five countries is the United States, with the United Kingdom in the 17th position.

Upper-middle-income countries like Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador also populate the list.

We can observe that the global adoption of cryptocurrency reached its current all-time high in the second quarter of 2021 but come the crypto crash of 2022, it significantly dropped. Still, global cryptocurrency adoption remains well above its pre-bull market 2019 levels, the report added.