Crypto illustration (Photo: Kanchanara/Unsplash)

Previously, blockchain analytics firm Chainalysis released its fourth annual global crypto adoption index derived from its Geography of Cryptocurrency 2023 report.

Chainalysis combines on-chain and real-world data to measure which countries are global leaders in crypto adoption. There are 154 countries that constitute sources of assessment.

“We designed a global crypto adoption index to identify countries where the majority of the population invests the majority of their wealth in crypto,” Bitcoin quoted Thursday (14/9/2023).

Additionally, the company detailed a global crypto adoption index consisting of five sub-indexes, adding that each sub-index is based on the usage of various types of crypto services in a country.

According to the index, India ranks first overall. This is followed by Nigeria, Vietnam, the United States, Ukraine, the Philippines and Indonesia.

“The main conclusion that can be drawn is that the Central and South Asia and Oceania (CSWA) region dominates the top spot in the index, with six of the top ten countries located in the region,”

While global crypto adoption is declining, Chainalysis shows that many of the top countries in the Global Crypto Adoption Index are in the middle and lower income categories, with per capita income between 1,086 and 4,255 USD.

“Overall, middle- and low-income countries have seen the greatest recovery in crypto adoption over the past year.”

In Chainalysis’s 2022 Global Crypto Adoption Index, Vietnam ranked first, followed by the Philippines, Ukraine, India, the United States, Pakistan, and Brazil.

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