Vietnam leads global crypto adoption, U.S. comes fifth

On Sept. 14, Chainalysis released a report connected Global Cryptocurrency Adoption for 2022. The research revealed that Vietnam has the highest crypto adoption, the Philippines and Ukraine travel arsenic 2nd and third, and the U.S. comes 5th successful line.

The study stated that the domination of emerging countries successful the adoption index, which stood retired past year, persisted this twelvemonth arsenic well. According to the World Bank’s income categorizations, Vietnam, the Philippines, Ukraine, India, and Pakistan are lower-middle-income countries. Brazil, Thailand, Russia, and China, connected the different hand, are upper-middle-income countries.

Only the United States stands retired successful the apical 10 arsenic a high-income country.

Source: World Bank

Changes since past year

This twelvemonth marked Vietnam’s 2nd consecutive twelvemonth astatine the apical of the leaderboard, coming successful archetypal for crypto adoption.

The U.S. was ranked sixth successful 2020, eighth successful 2021, and 5th successful 2022. Even though it recorded a tiny de-ranking from 2020 to 2021, the U.S. inactive holds the mediate enactment and stands retired arsenic the lone high-income state with specified precocious adoption.  

China was ranked 13th past year, but this twelvemonth it managed to marque its mode to the apical 10. The study states China is particularly beardown successful centralized services, which drove adoption higher. The World Bank says that the country’s prohibition connected crypto trading was either ineffective oregon loosely enforced due to the fact that it didn’t hinder the adoption surge astatine all.

Adoption surge contempt the carnivore market

Global Index Score by Quarter

Another item from the study was the complaint of adoption. Overall, crypto adoption slowed worldwide owed to the carnivore marketplace but managed to stay supra the pre-bull marketplace levels. 

According to the report, the adoption rates person been expanding steadily since mid-2019. The adoption complaint reached its all-time precocious successful the 2nd 4th of 2021 and has been going up and down since. The study states:

“[adoption rates] ​​have fallen successful each of the past 2 quarters arsenic we’ve entered a carnivore market. Still, it’s important to enactment that planetary adoption remains good supra its pre-bull marketplace 2019 levels.”

The station Vietnam leads planetary crypto adoption, U.S. comes fifth appeared archetypal connected CryptoSlate.