Emerging Economies Dominate 2021 Global Crypto Adoption Index of Chainalysis

Sahaj  |  Aug 19, 2021

The 2021 global crypto index of Chainalysis shared a report that gave indications that the worldwide adoption of crypto assets surged 880% with P2P platforms driving cryptocurrency usage in emerging economies. India, Vietnam, and Pakistan are leading the world in terms of crypto adoption along with understanding the need for P2P monetary systems in emerging economies.

Emerging Economies Leading 2021 Global Crypto Adoption Index of Chainalysis

The 2021 Global Crypto Adoption Index of Chainalysis executed the evaluation of 154 countries based on three key metrics that are, on-chain cryptocurrency value received, on-chain retail value transferred, and peer-to-peer exchange trade volume.

Talking about the index results, Vietnam managed to score the first position for its strong performance across all three metrics. India scored a second position but it did perform exceptionally well for on-chain value received. Pakistan ranked third in the list.

The countries that managed to enter the top 20 list were largely made up of emerging economies with countries like Togo, Tanzania, and Afghanistan making the rank. 

In addition to this, it should be noted that the US and China slipped to eighth and thirteenth rank respectively.

LocalBitcoins and Paxful Leading the Adoption Surge

Two P2P crypto exchanges like Paxful and LocalBitcoins are leading the adoption growth particularly in countries like Vietnam, Nigeria, Kenya, and Venezuela. 

Chainalysis laid and emphasis on the volume of the transactions and noted:

“P2P platforms have a greater share of total transaction volume made up of smaller, retail-sized payments under $10,000 worth of cryptocurrency.”

Earlier in the month of August, Nigeria was ranked first in the world for Bitcoin Google searches.

Moreover, it should be noted that in Latin America, several countries are exploring the possibility of increased mainstream adoption of digital assets such as Bitcoin.

Back in the month of June, El Salvador became the first country in the world to recognize BTC as a legit tender.

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