Asia Aces Global Crypto Adoption with China in Top 10 by DailyCoin

Emerging markets, especially in Asia, dominate the global crypto adoption index, with Vietnam in the top spot, while the United States jumped to fifth, according to Chainalysis’ 2022 ‘Global Crypto Adoption Index’.

The analysis was conducted using data from 154 countries’ quarterly index scores, from Q2 2019 to present, and re-indexing these numbers to illustrate the growth rate of crypto adoption around the world.

Along with Vietnam and the United States, the Philippines, Ukraine, India, Pakistan, Brazil, Thailand, Russia and China entered the top 10 of the Global Crypto Adoption Index.

“A look at the sub-rankings shows that Vietnam shows extremely high purchasing power and population-adjusted usage across centralized, DeFi and P2P cryptocurrency tools. Other sources have also noted Vietnam’s love for cryptocurrency,” the report said.

Meanwhile, a recent survey conducted by Finder ranked India number one in terms of the global adoption of Play to Earn (P2E) and non-fungible token (NFT) games.

It was further revealed that African blockchain firms reportedly raised nearly three times as much in the first and second quarters of 2022 ($304 million) as they had in total in 2021, at $127 million.

The 2022 Chainalysis report found that while growth has become more sporadic with the onset of the latest bear market, global adoption remains well above the levels that preceded the 2020 bull market, underscoring that overall adoption slowed worldwide due to the bear market, but remained above pre-bull market levels.

“Our data shows that global adoption has leveled off over the past year after growing consistently since mid-2019,” Chainalysis said.

China enters the top 10 again

Perhaps surprisingly, China reclaimed its place in the top ten of the Global Crypto Adoption Index this year after being placed 13th in 2021.

China has shown a strong front when it comes to the use of centralized services. “This is particularly interesting given the Chinese government’s crackdown on cryptocurrency activity, which includes a ban on all cryptocurrency trading announced in September 2021,” the report said. “Our data suggest that the ban has either been ineffective or loosely enforced.”

On the other side

• Emerging markets such as Vietnam were found to have dominated global crypto adoption largely because cryptocurrency provides unique, tangible benefits to people living in unstable economic conditions, such as those observed in low-middle income countries.
• It has been noted that users in low-middle and upper-middle income countries often rely on cryptocurrency to send remittances, preserve their savings during times of fiat currency volatility, and fulfill other financial needs unique to their economies. These countries also tend to lean on and stabilize currencies more than other countries.

Why you should care

The US is by far the highest ranked developed market country on the Global Crypto Adoption Index, but increasing adoption from here could prove to be a challenging prospect for the country.

Read more about India’s ranking in the crypto world:

India ranks #1 in global usage of Play-to-Earn and NFT games

Relevant topics about crypto adoption:

GameStop (NYSE: ) Announces Partnership with FTX.US to Boost Crypto Adoption

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