Indian’s and Pakistani’s are ahead of US and China in adopting cryptocurrencies

Cryptocurrencies are affecting our lives just as the internet once did. While there is still uncertainty about how governments around the world will regulate this, investment in non-fungible tokens and decentralized finance projects is increasing. According to Crypto.com, the number of people holding cryptocurrency globally has more than doubled to about 220 million this year. According to the report, investors invested about $30 billion in cryptocurrencies in 2021, which is higher than in all previous years.

While some countries, such as El Salvador, have accepted bitcoin as legal tender, many countries are still cautious about crypto. Let’s take a look at the top six countries that have the highest crypto adoption, according to the report by Chainalysis Global Crypto Adoption Index-

Vietnam – Vietnam ranks first in the Global Crypto Adoption Index with an index score of 1. Remittance payment is the main reason behind this. Cryptocurrencies have provided a way for expatriates in Vietnam to be sent home without paying exchange fees. As a result, about 20 percent of Vietnamese claim to have invested in bitcoin.

India – India ranks second in the Global Crypto Adoption Index and has an index score of 0.37. India has over 7.3 million crypto users and has a trading volume of over $21.8 billion. People from small Indian cities have also started investing money in crypto. The sharp jump in bitcoin prices was a major reason for the growing interest in crypto in India.

Pakistan – Pakistan is at number three in this list. The country scores 0.36 on the Global Crypto Adoption Index. Most of the investment has come from mining and trading cryptocurrencies. Social media and online exchanges promoted crypto in Pakistan.

Ukraine – Ukraine ranks fourth in the Global Crypto Adoption Index with a score of 0.29. The government of Ukraine recently legalized cryptocurrencies. The country has a daily trading volume of over $37 million! In addition, the Ukrainian government is planning to open a crypto market for investors and businesses soon.

Kenya – Kenya ranks fifth. The crypto adoption score here is 0.28. This is due to the increasing number of peer-to-peer transactions in Kenya. Kenyans are more actively trading crypto with each other than anywhere else in the world.

Nigeria – Nigeria ranks sixth in the Global Crypto Adoption Index. About 24.2 percent of the total population Nigerians hold various cryptocurrencies. As a result, the country’s crypto adoption score is 0.26. Bitcoin is the most popular crypto in Nigeria, followed by Ethereum.

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The US and China have dropped from 6th to 8th and 4th to 13th this year as exchange-traded volumes declined significantly.