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Blockchain analytics firm Chainalysis has released its 2022 Cryptocurrency Adoption Index. Vietnam, the Philippines, India, and China are among the countries with the highest crypto adoption . While overall adoption slows around the world in bear markets, it “remains above pre-bull market levels,” the company said.

Latest Chainalysis Cryptocurrency Adoption Index

Chainalysis released an excerpt from its upcoming report titled “2022 Geography of Cryptocurrency” on Wednesday. It highlights the company’s 2022 Global Crypto Adoption Index, which ranked all countries based on their use of different types of cryptocurrency services, the blockchain data firm explained.

According to the index, Vietnam tops the list, followed by the Philippines, Ukraine, India, the United States, Pakistan, Brazil, Thailand, Russia and China.

Top 10 countries with highest cryptocurrency adoption. Source: Chainalysis 2022 Global Crypto Adoption Index

Detailed on-chain analysis:

Overall adoption slows around the world during a bear market, but remains above pre-bull market levels.

Additionally, the blockchain analytics firm noted that “emerging markets dominate the global crypto adoption index.”

Additionally, the company explained that China finally re-entered the top 10 of its Global Cryptocurrency Adoption Index this year after ranking 13th last year.

“Our sub-indices show that China is particularly strong in the use of centralized services, ranking second in transaction volume adjusted for purchasing power, both at the overall level and at the level of the sale. retail,” Chainalysis described.

“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 blockchain analytics firm said, in specifying:

Our data suggests the ban was either ineffective or loosely enforced.

What do you think of Chainalysis’ crypto adoption rankings? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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