Blockchain analysis company Chainalysis published a ‘The 2022 Geography of Cryptocurrency Report’. Per it the top 5 countries on the global crypto adoption index are:
1. Vietnam is first in the ranking of cryptocurrency adoption for the second year in a row. The country shows “extremely high purchasing power and population-adjusted adoption across centralised, DeFi, and P2P cryptocurrency tools,” the report noted.
2. The Philippines made a giant leap from 15th to 2nd place.”Both of these countries have similar growth drivers: play-to-earn (P2E) games and remittances,” said the report.
3. Ukraine. Among the reasons for the popularity of cryptocurrency in Ukraine, analysts single out the following: government support, the developed IT sector, instability of the national currency, etc.
4. India. Most often, cryptocurrency in India is not used for earning, but for transferring money, or saving funds during the instability of the national currency.
5. The United States sits in 5th place, up from 8th in 2021 and 6th in 2020. “Perhaps most interesting is the fact that the United States is by far the highest-ranked developed The 2022 Global Crypto Adoption Index 10 market country on our index and one of only two to make the top 20 along with the UK,” adding analysts.
The top 10 list further includes Pakistan, Brazil, Thailand, Russia, and China, per the overall index ranking.