While the crypto winter’s cold winds caused worldwide adoption to slow down, emerging markets appear to be on fire in terms of adoption, outpacing higher-income nations in an index that tracks adoption.
The blockchain data platform Chainalysis examined site traffic, other on-chain measures, and millions of crypto transactions globally to determine which nations lead the world in terms of adoption in a report dubbed “The 2022 Global Crypto Adoption Index.”
The findings indicate that emerging markets are leading the way in adopting cryptocurrencies. Lower-middle-income nations like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia are among the top 20 nations in terms of the overall index score, with Vietnam taking the top slot.
Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador are also on the list of upper-middle-income nations, whereas the United States and the United Kingdom are the only high-income nations included in the index.
Aside from the adoption rankings, the survey also demonstrated that adoption levels are greater now than they were prior to the 2020 bull run, even if adoption slowed down during the downturn market.
Two Bitcoiners set out on a campaign to get UK retailers to accept Bitcoin on September 9. (BTC). James Dewar and MSW, two British BTC proponents, visited a town in England to engage with eateries and cafés in an effort to persuade them to take Bitcoin. Out of 63 stores, 3 were convinced and immediately accepted BTC.
According to Coinfirm executive Durgham Mushtaha, Know Your Customer (KYC) and Anti-Money Laundering (AML) policies would promote wider usage of cryptocurrencies. The executive claims that a more positive perception of crypto will fuel the next bull run as worries fade.
