Vietnam, the Philippines, and Ukraine are the top nations in Chainalysis’ global crypto adoption study

The adoption of digital assets has slowed down during the last 12 months as a result of the crypto winter, but it is still higher than it was during the pre-bull market, according to Chainalysis’ most recent research, “The 2022 Global Crypto Adoption Index.”

Vietnam Reaffirms Global Leadership in Crypto Adoption

Vietnam, the leader from 2021, was ranked top once more, followed closely by the Philippines and the conflict-torn Ukraine. Interestingly, China has returned to the top 10, after its interest in bitcoin substantially declined when the country banned cryptocurrencies in 2021.

According to Chainalysis’ most recent data, the worldwide adoption rate of cryptocurrencies has slowed down after expanding steadily since mid-2019.

The organization used 154 nations in its index methodology, and it concluded that Vietnam, with a score of 1.000, is once again leading the globe in terms of crypto usage. The South East Asian region’s strong interest in blockchain-based gaming may be a factor in the nation’s second straight victory.

21% of Vietnamese consumers have used or owned digital assets at some time in their lives, according to a different Chainalysis research. The top spot belongs to Nigeria, where 32% of the population has used bitcoin or another cryptocurrency to make a purchase.

The Philippines ranks second in “The 2022 Global Crypto Adoption Index” with a score of 0.753, while Ukraine comes in third with a score of 0.694. The economic collapse caused by the armed confrontation with Russia may have contributed to some Ukrainians’ decision to use virtual money instead of fiat.

Overall, the majority of nations in the top 20 list include lower-middle-income economies (Vietnam, the Philippines, Ukraine, Nigeria, Indonesia) and upper-middle-income ones (Brazil, Thailand, Argentina, Turkey). Still, two high-income countries – the USA and the UK – have also found a place on the leaderboard and are respectively 5th and 17th.

It is worth noting that China has shown some improvement. Due to the total ban on everything crypto imposed by the domestic government last year, the nation was 13th in 2021, while in the past 12 months, it has climbed the ladder and is now 10th.

After that period, the numbers moved in waves. When prices tumbled in Q3 2021, so did global crypto adoption, while in Q4, bitcoin and many other coins tapped new ATH, and logically consumers’ interest in the sector surged again.

So far, 2022 has not been that dynamic because of the bear market that has reigned for the bigger part of the year. Despite that negative trend, Chainalysis stated that global cryptocurrency adoption remains higher than pre-bull market levels from 2020.

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