February 6, 2023

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In developed countries, crypto adoption has decelerated due to the surrounding bear market. While on the other hand, the new markets seem enthusiastic to adopt crypto. A worldwide index has revealed that the under-developed countries’ companies have overshadowed higher-income countries in this contest of global adoption.

Chainalysis Report Says Lower-Income Countries Lead the Index of Crypto Adoption

Chainalysis – the platform for the analysis of blockchain data – presented a report with the title The “2022 Global Crypto Adoption Index.” This report has observed millions of crypto-based transfers across the globe, the crypto traffic as well as the rest of the blockchain-related operations. On the bases of this assessment, it has ranked the countries from top to bottom in line with global crypto adoption.

The findings regarding crypto adoption have brought to the front that recently emerging companies are leading in the index. Results indicate that underdeveloped countries such as Indonesia, Kenya, Nepal, Morocco, Nigeria, Pakistan, Ukraine, India, and Vietnam, have secured the top twenty positions in the ranking line specifically Vietnam is the topper of the index.

Just U.K. and U.S. See Wider Crypto Adoption among Higher-Income Nations

Upper-middle-income nations like Ecuador, Colombia, Argentina, Turkey, China, Russia, Thailand, and Brazil also got enrolled in the index. Contrary to that, among the high-income countries, only U.K and U.S are included in the list, as opposed to the expectations.

Besides the adoption grading, the analysis also disclosed that although adoption decelerated during this time of the bear market, its adoption speed is better than that observed in advance of the bull run that took place in 2020.

According to the report, two Bitcoin owners decided on September 9, to allure different traders to join Bitcoin. BTC proponents MSW and James Dewar visited a town in England and persuaded the cafés and restaurant owners to embrace Bitcoin. 3 traders adopted Bitcoin out of approximately 63 as a result of the conducted campaign.

Durgham Mushtaha – executive of Coinfirm – stated in his interview that the Know-Your-Customer (KYC), as well as the Anti-Money Laundering (AML) policies, will play a significant role in motivating the adoption of the crypto industry by the common masses on a mainstream level.

It has also been predicted that the next bull run will be ignited by the crypto adoption on a wider level which is only possible if the crypto image is improved with no fears of getting dissipated.

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