Chainalysis, a blockchain research platform, recently released its worldwide crypto adoption index for 2022, which ranked the countries with the greatest adoption rates of cryptocurrencies. India ranked fourth on the list, which is two slots lower than it did the previous year. According to a survey by Chainalysis, developing countries are now leading the pack on the Global Crypto Adoption Index in 2018.
According to the research, “Out of our top 20 rated nations, ten are lower-middle income: Nepal, Vietnam, Kenya, Philippines, India, Ukraine, Pakistan, Morocco, Nigeria, and Indonesia.” Argentina, Thailand, Brazil, Russia, China, Ecuador, Colombia, and Turkey are among the eight countries that have an upper-middle income.
According to the crypto adoption index, India performs higher than the United States, the United Kingdom, and Russia, which may indicate that the crypto community in the country is not too far behind in advocating for broader usage of the blockchain technology.
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Other Countries On The Crypto Adoption Index
The Philippines and Ukraine have moved up to the second and third spots, respectively, indicating a considerable desire for the adoption of cryptocurrency in the near future. Vietnam has maintained its position at the top of the worldwide ranking for the second year running, establishing itself as the nation that is most willing to welcome the adoption of cryptocurrencies.
China, which had previously been ranked thirteenth on the list in 2021, moved back up to the top 10 this year. In light of the fact that the Chinese government has been cracking down on cryptocurrency operations since December of last year, this presents a highly fascinating mystery.
A Different Situation In India?
The pace of bitcoin adoption reached an all-time high in the second quarter of 2021. Since then, adoption has gone through a series of waves of change; nonetheless, it is essential to note that it is still much greater than it was during the bull market in 2019, as the research underlined. The Indian government has not yet established a comprehensive set of regulations for the cryptocurrency business, with the exception of the cryptocurrency tax of 30% that was implemented on the first of July of this year.
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In a speech given one month ago, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, issued a stern warning to the people of India about the dangers posed by cryptocurrencies, stating that “cryptos may give rise to dollarization of the countries like india as the price increases of values estimated are mostly represented in dollars.”