In the past few months, a lot of countries are moving towards cryptocurrencies and are encouraging its wider adoption. Recently, a report by Chainalysis claims that Ukraine has moved towards a greater crypto adoption. This is because the country has left both Russia and China behind in adopting cryptocurrency.
According to the data published by Chainalysis, Ukraine comes at the first place in the Global Crypto Adoption Index 2020. After Ukraine, comes both Russia and Venezuela in this list. This index is prepared by keeping three on-chain metrics as a parameter.
Chainalysis shows uneven crypto developments in many nations
In this report by Chainalysis, it is revealed that there have been uneven crypto developments in most of the nations. In this index, China doesn’t seem to perform well as the country has been ranked at fourth place after Ukraine, Russia and Venezuela. As per the P2P exchange volume, Kenya and Venezuela seems to be the top performing ones. Even though both of them are lacking behind in other metrics, still they are among the top five ones.
Venezuela, an excellent example in crypto adoption
According to the report by Chainalysis, Venezuela emerges as the best example among all the countries in crypto adoption. Venezuelan citizens have widely adopted cryptocurrency and could be seen as a means to reduce the economic stability. The report stated
“Our data shows that Venezuelans use cryptocurrency more when the country’s native fiat currency is losing value to inflation, suggesting that Venezuelans turn to cryptocurrency to preserve savings they may otherwise lose.”
There are several unexpected insights in this report as Vietnam has been ranked at second position as per the on-chain transactions. This seems unexpected because recently the government of Vietnam has made attempts in order to crack down on cryptocurrency. Among this list of top ten countries, there is not even a single European country.