Global adoption of cryptocurrencies is “growing rapidly” and this country is leading: chain analysis

A new report from the blockchain data platform Chainalysis shows that cryptography adoption is growing worldwide, with residents of a particular country leading the way.

Vietnam heads the 2021 Chainalysis cryptocurrency global implementation index with high rates of total cryptocurrency activity, network-transferred retail value, and peer-to-peer (P2P) exchange trading volume.Dec.

 
The Southeast Asian country has created multiple new crypto lists. Earlier this month, Vietnam was ranked second on the list of the top five Binance countries to implement cryptography.

India, Pakistan, Ukraine and Kenya close out the top five leaders in chain analysis respectively.

The blockchain data platform has weighed the ratings for purchasing power parity (PPP) in favor of countries with a more significant cryptoactivity based on the wealth of the average person and the value of money in countries, according to the chainalysis report.

“Several developing countries, including Kenya, Nigeria, Vietnam and Venezuela, are decidedly high in our index because they trade large amounts on peer-to-peer (P2P) platforms, adjusted for PPP per capita and internet users. Our conversations with experts in these countries showed that many residents use P2P cryptocurrency exchanges as the primary source of cryptocurrency, often without access to Central exchanges.”

Chainalysis adds that the overall level of cryptocurrency adoption around the world is “rapidly rising” and the factors influencing these indicators may vary from region to region.

“Our study shows that the reasons for this increase in adoption are changing around the world-in emerging markets, many are turning to cryptocurrency to protect their savings in light of currency devaluation, sending and receiving money transfers and running business operations. Adoption in North America, Western Europe and East Asia was heavily dependent on institutions last year

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