There Are Some Major Surprises in the Global Crypto Adoption Index 2022

There Are Some Major Surprises in the Global Crypto Adoption Index 2022

Source: Chainalysis

The newly launched Global Crypto Adoption Index for 2022 by blockchain intelligence agency Chainalysis incorporates a number of surprises, with maybe the most notable being that China stays a prime 10 nation for crypto adoption regardless of a ban on almost all-things crypto.

The knowledge exhibits that China’s place is particularly robust in the case of use of centralized companies, the report that accompanied the index stated. It famous that this implies the Chinese ban has “either been ineffective or loosely enforced.”

China’s place as quantity 10 on the listing of nations with the highest ranges of crypto adoption locations it forward of nations akin to Turkey, Argentina, and the UK. Turkey and Argentina are each nations the place residents have turned to crypto as their nations struggles with extraordinarily excessive inflation, whereas the UK is considered one of the largest and most necessary economies in Europe.

South East Asia leads in adoption

Meanwhile, the prime two spots on the listing had been taken by Vietnam and the Philippines, two South East Asian nations well-known as hotspots for metaverse and play-to-earn associated crypto video games in specific. Among different issues, Vietnam’s Ho Chi Minh City is dwelling to the improvement staff behind the widespread play-to-earn sport Axie Infinity (AXS).

As quantity three on the listing got here Ukraine, which has stood out as pro-crypto in a number of respects. Among different issues, Ukraine has benefited from accepting crypto donations to assist its protection efforts in opposition to Russia in the ongoing battle. Additionally, non-fungible tokens (NFTs) and metaverse-related initiatives akin to Meta History: Museum of War have additionally performed an element in its protection fundraising efforts.

The United States got here in as the nation with the fifth highest stage of crypto adoption.

Naturally, crypto adoption has slowed worldwide this yr due to the bearish market situations, Chainalysis wrote in the report. Still, it additionally stated that knowledge means that lots of those that entered crypto in 2020 and 2021 have stayed regardless of the decrease costs.

This proves that the crypto markets have been “surprisingly resilient,” the report stated, including that many huge holders “are optimistic the market will bounce back, which keeps market fundamentals relatively healthy.”

Compiled by Coinbold

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