The adoption of digital assets has slowed down this year as a result of the crypto winter, but it is still higher than it was during the pre-bull market, according to Chainalysis’ most recent research, “The 2022 Global Crypto Adoption Index.”
According to a recent study by Chainalysis, the worldwide crypto adoption rate has slowed down after expanding steadily since mid-2019.
The organization used 154 nations in its index approach, and it concluded that Vietnam, with a score of 1.000, is once again leading the globe in terms of crypto adoption. The South East Asian region’s strong interest in blockchain-based gaming may be a factor in the nation’s second straight victory.
21% of Vietnamese consumers have used or owned digital assets at some time in their lives, according to a different Chainalysis research. The top spot in this study goes to Nigeria, where 32% of the population has used bitcoin or another cryptocurrency to make a purchase. Notably, a CoinGecko’s research from August states that Nigeria is also the world’s most crypto-curious nation, as TheCoinRise reported.
Philippines and Ukraine are also leading crypto adoption
Philippines ranks second in “The 2022 Global Crypto Adoption Index” with a score of 0.753, while Ukraine comes in third with a score of 0.694. The economic collapse caused by the military confrontation with Russia may have contributed to some Ukrainians’ decision to use cryptocurrency instead of fiat currency. Moreover, the country’s Ministry of Digital Transformation launched an NFT museum to preserve Russia-Ukraine war memories in March this year.
Interestingly, most of the top 20 countries on the massive crypto adoption list have upper- and lower-middle-income economies, including Vietnam, the Philippines, the Philippines, Ukraine, Nigeria, Indonesia, Brazil, Thailand, Argentina, and Turkey. However, two high-income nations, the United States and the United Kingdom, have also made it onto the list and are currently ranked 5th and 17th, respectively.