New York-based blockchain data analytics firm Chainalysis has released its crypto adoption index for 2023, highlighting the top countries leading the way in grassroots cryptocurrency adoption. According to the index, India, Nigeria, and Vietnam have secured the top three positions, respectively.
The analysis considered various parameters to determine grassroots cryptocurrency adoption, with lower-middle-income countries leading the way over the past year. Chainalysis identified India as the leader in adoption, followed by Nigeria and Vietnam. The United States, Ukraine, Philippines, Indonesia, Pakistan, Brazil, and Thailand rounded out the top ten.
Chainalysis analyzed data from 154 countries across five sub-indexes, including on-chain crypto value and retail value received, as well as peer-to-peer exchange trading volume. The firm combined on-chain data with real-world data to measure crypto adoption. A detailed report is expected to be released in October 2023.
The Central & Southern Asia and Oceania region demonstrated dominance in grassroots crypto adoption, with six of the top ten leading countries coming from this region. The region also ranked third in terms of raw transaction volume, accounting for about 20% of global crypto activity.
Despite India’s recent tax regime on cryptocurrencies, the country has emerged as a leader in global crypto adoption and transaction volume. Earlier this year, India implemented a 30% tax on crypto gains and a 1% tax deduction at source for all crypto transactions. However, India has surpassed other major economies to become the second-largest crypto market by transaction volume.
During the G20 summit held in India in August 2023, Prime Minister Narendra Modi advocated for a complete and broader framework for cryptocurrencies in the country. He emphasized the need for a global framework and regulations for emerging technologies.
Overall, the Chainalysis crypto adoption index for 2023 showcases the growing interest and involvement in cryptocurrencies worldwide, with India leading the charge despite its tax regime.
Sources:
– Chainalysis: [Link](https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/)
– Bitcoinist: [India](https://bitcoinist.com/coinbase-announces-to-end-operations-in-india/), [Nigeria](https://bitcoinist.com/nigerian-crypto-exchange-suspicions/), [Vietnam](https://bitcoinist.com/demand-for-crypto-mining-rigs-surges-in-vietnam-due-to-bitcoin-growth/), [United States](https://bitcoinist.com/is-ripple-leaving-the-united-states/), [Ukraine](https://bitcoinist.com/ukraine-misses-out-on-80-million-in-taxes/), [Philippines](https://bitcoinist.com/phishing-attacks-surge-in-philippines/), [Indonesia](https://bitcoinist.com/indonesia-crypto-regulation-exchange-clearing-house/), [Pakistan](https://bitcoinist.com/state-bank-pakistan-ripple-xrp-encouraging-work/), [Brazil](https://bitcoinist.com/ronaldinho-crypto-scam/), [Thailand](https://bitcoinist.com/thailand-authorities-bust-million-crypto-scam/)
– Tradingview.com: Crypto Total Market Cap.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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