Blockchain analytics firm Chainalysis has released its 2022 cryptocurrency adoption index. Vietnam, the Philippines, India, and China are among the countries with the highest crypto adoption. While overall adoption slows globally in bear markets, “it remains above pre-bull market levels,” the firm said.
Chainalysis’ latest cryptocurrency adoption index
Chainalysis released an excerpt of its upcoming report titled “2022 Geography of Cryptocurrency” on Wednesday. It highlights the company’s 2022 Global Crypto Adoption Index, which ranks all countries based on their usage of different types of cryptocurrency services, the blockchain data company explained.
According to the index, Vietnam tops the overall list, followed by the Philippines, Ukraine, India, the United States, Pakistan, Brazil, Thailand, Russia, and China.
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Overall adoption has slowed globally in a bear market, but is still above pre-bull market levels.
Additionally, the blockchain analytics firm noted that “emerging markets dominate the global crypto adoption index.”
The firm also explained that China finally re-entered the top 10 of the global crypto adoption index this year, up from 13th place last year.
“According to our sub-index, China has particularly strong use of centralized services, ranking second overall in purchasing power-adjusted transaction volume both overall and at the retail level,” Chainalysis explained.
“This is particularly interesting given the Chinese government’s crackdown on cryptocurrency activity, including a ban on all cryptocurrency transactions announced in September 2021.”
Our data suggests that the ban is either ineffective or loosely enforced.
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