The report pointed out that the adoption of crypto assets worldwide has jumped by 880%, and peer-to-peer platforms have promoted the adoption of cryptocurrencies in emerging economies.
The adoption rate of cryptocurrencies in Vietnam, India, and Pakistan leads the world, highlighting the high acceptance of peer-to-peer currency systems in emerging economies.
Chainalysis’s 2021 Global Cryptocurrency Adoption Index evaluates 154 countries based on three key indicators: the value of cryptocurrency received on the chain, the retail value transferred on the chain, and the volume of peer-to-peer exchange transactions. Each indicator is weighted by purchasing power parity.
Vietnam received the highest index score due to its strong performance on all three indicators. India is far ahead, but still performs very well in terms of value received on the chain and retail value received on the chain. Pakistan ranks third and performs well on all three indicators.
The top 20 countries are mainly composed of emerging economies, such as Tanzania, Togo and even Afghanistan. Interestingly, the rankings of the United States and China slipped to eighth and thirteenth respectively. Relative to the 2020 index, China ranks fourth, while the United States remains sixth.
A separate study conducted by Australia-based comparison website Finder.com further confirms Vietnam’s strong ranking. In the study of retail users, Vietnam is in a leading position in the survey of cryptocurrency adoption in 27 countries.
Peer-to-peer cryptocurrency exchanges such as LocalBitcoins and Paxful are leading the adoption boom, especially in countries such as Kenya, Nigeria, Vietnam, and Venezuela. Some of these countries have experienced strict capital controls and hyperinflation, making cryptocurrencies an important means of transactions. As Chainalysis pointed out, “In the total transaction volume of P2P platforms, small, retail-scale cryptocurrency payments worth less than US$10,000 make up a larger share”.
As of early August, Nigeria’s “Bitcoin” Google search ranked first in the world. This country of 400 million people has made Sub-Saharan Africa a leader in global P2P Bitcoin transactions.
At the same time, in Latin America, some countries are exploring the possibility of more mainstream acceptance of digital assets such as Bitcoin. In June of this year, El Salvador became the first country in the world to recognize BTC as legal tender.
Post time: Aug-19-2021