The New Global Crypto Adoption Index for 2022 by blockchain intelligence firm Chainalysis contains several surprises, perhaps the most notable being that China remains one of the top 10 countries for crypto adoption despite banning almost everything crypto.
The data shows that China’s position is particularly strong when it comes to the use of centralized services, according to the report that accompanies the index. He noted that this means the Chinese ban has “either been ineffective or loosely enforced”.
China’s position as number 10 on the list of countries with the highest levels of crypto adoption puts it ahead of countries such as Turkey, Argentina, and the United Kingdom. Turkey and Argentina are two countries where residents have turned to crypto as their country struggles with extremely high inflation, while the UK is one of the largest and largest economies from Europe.
Southeast Asia leads in adoption
Meanwhile, the top two spots on the list were taken by Vietnam and the Philippines, two Southeast Asian countries well-known as hotspots for metaverses and gambling-related crypto games to win in particular. Among other things, Ho Chi Minh City in Vietnam is home to the development team behind the popular gambling game to win Axie Infinity (AXS).
As number three on the list came Ukraine, which stood out as pro-crypto in several ways. Among other things, Ukraine has benefited from accepting crypto donations to help its defense efforts against Russia in the ongoing war. Additionally, non-fungible tokens (NFTs) and metaverse-related initiatives such as Meta History: War Museum also played a role in his defense fundraising efforts.
The United States arrived as a country with the 5e highest level of crypto adoption.
Understandably, crypto adoption has slowed globally this year thanks to bearish market conditions, Chainalysis wrote in the report. Yet he also said the data suggests that many of those who entered crypto in 2020 and 2021 stayed despite the price drop.
This proves that crypto markets have been “surprisingly resilient,” the report said, adding that many large holders “are optimistic about the market rebound, which keeps market fundamentals relatively healthy.”