2021 Global Crypto Adoption Index: Five countries have ranked the highest in cryptocurrency adoption – Vietnam, India, Pakistan, Ukraine and Kenya.
The report compared the countries‘ cryptocurrency adoption based on three main parameters – on-chain retail value transferred, cryptocurrency value received, and peer-to-peer exchange trade volume between June 2020 and June 2021.
The index ranked 154 countries to measure the level of #cryptocurrency adoption and usage with every country being ranked between 0 and 1. The closer the score is to 1, the higher the rank.
1️⃣Global cryptocurrency adoption is skyrocketing” has grown by over 2300% since Q3 2019 and over 881% in the last year
2️⃣China and the US both dropped in the rankings, because P2P trading volume declined. Last year, China ranked fourth and the US sixth. This year, the US is eighth and China 13th.
3️⃣ Top 5 countries fast facts
- Vietnam: cryptocurrencies not authorised. the country ranked first with 20% claiming to have purchased Bitcoin.“Remittance payments may have played a significant role in these numbers, with cryptocurrency an option for migrants who avoid exchange fees“
- India: ranked second in cryptocurrency adoption, with a user base of 7.3 million and more than $21.8 billion in trading volumes this year.
India’s „huge expatriate population“(18 Mn people making it the largest expatriate population in the world) makes it the world’s number one remittance recipient in the crypto space.
- Pakistan, ranked third where crypto is not illegal.
It has seen a recent boom in trading and mining cryptocurrency, with interest picking up on social media and transactions on online exchanges. The global money laundering watchdog Financial Action Task Force has asked the gov to regulate the industry. FATF monitors terror financing and money laundering, and Pakistan is on its grey list.
- Ukraine, ranked fourth, is the latest country to legalize cryptocurrency. The daily turnover of virtual assets in the country stands at $37,000.
- Kenya, ranked fifth, has more citizens directly trading cryptocurrencies with each other more than elsewhere in the world.
4️⃣Adoption in emerging markets grows, powered by P2P platforms
Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela rank high on the index. Residents of other African countries are also jumping into the opportunity to cushion remittances and cross-border businesses from costly transfer fees and the risks of weakening currencies.
5️⃣P2P exchange trade volume: Top 5 countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.