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India Ranks Above US, Russia on Global Crypto Adoption Index : Chainalysis | 2YODOINDIA

India Ranks Above US, Russia on Global Crypto Adoption Index : Chainalysis

India has secure the fourth rank on the 2022 Global Crypto Adoption Index compile by blockchain research firm Chainalysis. The list has rank all the countries base on their uses of different types of crypto-services.

India has surpass Russia and the US on the index, hinting that the Indian crypto community is not very far behind in driving more adoption of the technology.

Vietnam has top the index and has emerge as the most enthusiastic nation tapping into crypto adoption.

Philippines and Ukraine have secure the second and third spots above India to display a strong inclination towards potential crypto adoption in the coming times.

Chainalysis said in a blog post :

“The goal of our index is to measure where the most people are putting the biggest share of their money into cryptocurrency. While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most,” .

The global adoption of cryptocurrency reach its current all-time high in Q2 2021.

At the time, the market valuation of the crypto sector crossed the mark of $3 trillion (approx. Rs. 2,39,47,650 crore).

In its report, Chainalysis noted that crypto adoption seems to be intriguing nations with lesser incomes.

As per Reports :

“Out of our top 20 ranked countries, ten are lower middle income: Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia. Eight are upper middle income: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador,”.

Cryptocurrency can serve as a handy tool for lower income nations in terms of sending remittances, preserving their savings in times of fiat currency volatility, and fulfilling other financial needs unique to their economies.

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As per Reports :

“Over the coming years, it’ll be interesting to see what solutions the cryptocurrency industry can build to increase adoption in high- and low-income countries,”.

Interestingly enough, China, where all kinds of crypto activities are ban, has secure the tenth spot on the Global Crypto Adoption Index.

As per Chainalysis :

“Our data suggests that the ban has either ineffective or loosely enforced,”.

In a recent report, Forex had claim that Hong Kong is the world’s most crypto-ready nation follow by the US and Switzerland.

India had fail to score a spot on that ‘Worldwide Crypto Readiness Report’.

Indian finance minister Nirmala Sitharaman has called for a global consensus on crypto regulations.

Calling for a global support on crypto regulations, Nirmala Sitharaman said the RBI is concern that the involvement of cryptocurrencies in India’s existing financial systems may have a destabilising effect on the monetary and fiscal stability of the nation.

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