In the fourth instalment of its Global Crypto Adoption Index report, the middle class populations of India, Nigeria, and Thailand are driving the adoption of cryptocurrencies by engaging with digital assets.
The Report has share by crypto research firm Chainalysis, .
India has top this index of 154 countries, showing that crypto culture is finding its place in the day-to-day financial and investments activities for Indians.
Nigeria, Vietnam, US, and Ukraine have follow India on the index to secure the second, third, and fourth rankings, respectively.
As per Chainalysis report, India gets the first rank in crypto transactions in both retail and non-retail DeFi transactions.
While in terms of peer-to-peer exchange trade volume, India secure the 5th rank and Nigeria ranked 1st in the category.
Chainalysis said in its report :
“Lower Middle Income (LMI) countries have seen the greatest recovery in grassroots crypto adoption over the last year. In fact, LMI is the only category of countries whose total grassroots adoption remains above where it was in Q3 2020,”.
Countries where the gross national income (GNI) per capita ranges between $1,086 (approx. Rs. 90,057) – $4,255 (approx. Rs. 3.5 lakh) classify as LMI nations.
India, Ukraine, and Nigeria are count among LMI countries.
Now what is LMI nations, where industrialisation and populations, both are on the rise account for over 40% of the world’s population.
Chainalysis report has indicate that with the progress of these LMI nations, crypto adoption is likely to be a big part of the global fintech future.
As per Chainalysis report :
“Grassroots crypto adoption isn't about which countries have the highest raw transaction volumes, anyone could probably guess that the biggest, wealthiest countries are far ahead there. Instead, we want to highlight the countries where average, everyday people are embracing crypto the most. If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future,”.
After the collapse of FTX crypto exchange in 2022, the investor trust in the crypto sector fell drastically.
That became a major factor why the grassroot adoption of crypto for day-to-day payments slow down in many high-income nations.
As per the Chainalysis report, Indonesia, Pakistan, Brazil, China, Turkey, Russia, UK, Argentina, Mexico, Bangladesh, Japan, Canada, and Morocco are among other nations where crypto adoption is becoming a regular financial activity in.
