India ranked 2nd in Global Crypto Adoption Index 2021, Vietnam tops

According to the 2nd Edition of Global Crypto Adoption Index 2021 released by Chainalysis, a crypto-analysis firm, India with a score of 0.37 ranked 2nd out of 154 countries. Vietnam topped the index.

• It aims to provide an objective measure of which countries have the highest level of Cryptocurrency adoption.
• The index ranks countries based on 3 indicators such as On-chain value received, On-chain retail value received and Peer-to-Peer (P2P) exchange trade volume
• India improved to 2nd rank from 11th in the 2020 Global Crypto Adoption Index.

Note: It is the preview of the Global Crypto Adoption Index 2021, the full report will be released in September 2021

Key findings of the report:

i.The worldwide Cryptocurrency adoption grew more than 880% from June 2020 to July 2021 with P2P platforms driving cryptocurrency usage in emerging markets.

ii.Emerging Markets: Countries  like Vietnam, Venezuela, Kenya and Nigeria rank high due to huge transaction volumes on P2P platforms when adjusted for Purchasing Power Parity (PPP) per capita & internet usage population.

• Residents in Emerging markets buy cryptocurrency to preserve their savings from currency devaluation, remittances, purchasing goods etc..
• Central and Southern Asia, Latin America and Africa use P2P platforms more than Western Europe and Eastern Asia.

iii.China & US slips in rankings:

In the 2020 index, China ranked 4th and the United States (US) ranked 6th but they slipped to 13th and 8th position respectively.

• The main reason is their rankings in P2P trade volume weighted for internet-usage population declined drastically.

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About Chainalysis

Chief Executive Officer – Michael Gronager
Headquarters – Newyork, United States of America