A new report from blockchain data platform Chainalysis indicates that crypto adoption is surging around the globe, with residents of one particular country leading the way.
Vietnam tops Chainalysis’ 2021 Global Crypto Adoption Index, with strong numbers in total cryptocurrency activity, on-chain retail value transferred, and peer-to-peer (P2P) exchange trade volume.
The Southeast Asian country has made more than one recent crypto list. Earlier this month, Vietnam ranked second on Binance’s list of the top five countries in terms of crypto adoption.
India, Pakistan, Ukraine and Kenya round out Chainalysis’s top five, respectively.
The blockchain data platform weighted the rankings by purchasing power parity (PPP) in order to favor countries that have an amount of crypto activity that is more significant based on the wealth of the average person and the value of money within the countries, according to the Chainalysis report.
“Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela rank high on our index in large part because they have huge transaction volumes on peer-to-peer (P2P) platforms when adjusted for PPP per capita and internet-using population. Our interviews with experts in these countries revealed that many residents use P2P cryptocurrency exchanges as their primary on-ramp into cryptocurrency, often because they don’t have access to centralized exchanges.”
Chainalysis adds that the overall level of cryptocurrency adoption around the globe is “skyrocketing” and that the factors driving these rates may differ from region to region.
“Our research suggests that reasons for this increased adoption differ around the world – in emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions, while adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.”
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