The global adoption of digital currencies slowed down as prices of major cryptos such as Bitcoin (BTC) and Ether (ETH) continue to trade at around a third of their former all-time highs set last year. However, adoption in emerging markets remains robust despite the overall bearish market sentiment as these markets continue to score higher in an index that measures crypto adoption.
This was revealed by blockchain data platform Chainalysis in its recently released report titled “The 2022 Global Crypto Adoption Index.” The company ranked countries in terms of crypto adoption by analyzing crypto transactions, web traffic, and other metrics, according to Cointelegraph.
Chainalysis’ report shows that emerging markets are leading the pack when it comes to crypto adoption. For instance, Vietnam holds the number one spot while fellow lower-middle-income countries such as the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia have managed to secure a spot among the world’s top 20 countries in the crypto index.
Meanwhile, eight upper-middle-income countries also made it to the index’s top 20. These are Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador.
For comparison, only two high-income countries have made it to the top 20 list. They are the United States and the United Kingdom.
Chainalysis’ report also shows that overall crypto adoption has slowed down since the onset of the bear market this year. However, what’s interesting is that current adoption levels remain significantly higher than before the bull run of 2020.
The U.K.’s inclusion in the top 20 rankings is hardly surprising as the country has earned a reputation for being a crypto hub. Earlier this month, two Bitcoiners embarked on a mission to get U.K. merchants to adopt Bitcoin (BTC).
British BTC advocates James Dewar and MSW went to a town in England and spoke to the town’s café and restaurant owners to convince them to accept BTC as payment from their customers. What’s interesting is that the two managed to convince 3 out of the 63 shops and they even accepted BTC payments on the spot.
Last month, Coinfirm executive Durgham Mushtaha opined that Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures will eventually help in making crypto adoption more mainstream. This will happen as these procedures will eventually help improve crypto’s image and eventually help usher in the next bull run of the crypto market.