Ukraine, Russia, South Africa, Nigeria Among Top Countries by Cryptocurrency Adoption

Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the U.S. are among the many head-ranking international locations by cryptocurrency adoption, in accordance with the 2020 World Crypto Adoption Index compiled by blockchain data analytics agency Chainalysis.

Worldwide locations With Best Crypto Adoption

Chainalysis’ 2020 World Crypto Adoption Index, released Tuesday, ranks 154 international locations according to their cryptocurrency adoption. “The aim of this metric is to injurious every nation by complete cryptocurrency activity, but weight the rankings to desire international locations where that amount is extra well-known according to the wealth of the common person and designate of money generally within the nation,” the agency defined.


The crypto adoption index is made up of 4 metrics, calculated by “estimating complete cryptocurrency got by that nation, and weighting the on-chain designate according to PPP per capita, which is a measure of the nation’s wealth per resident,” Chainalysis described. “The upper the ratio of on-chain designate got to PPP per capita, the greater the ranking, meaning that if two international locations had equal cryptocurrency designate got, the nation with the decrease PPP per capita would injurious ahead.” Noting that this would even simply continue to tweak the methodology frail, the agency claims:

This come represents one in all the principle ever attempts at a comprehensive nation-level breakdown of world cryptocurrency activity.

In accordance to Chainalysis, Ukraine ranks first, followed by Russia, Venezuela, China, Kenya, the U.S., South Africa, Nigeria, Colombia, and Vietnam.

Ukraine, Russia, South Africa, Nigeria, Among Countries With Highest Cryptocurrency Adoption
The head 10 international locations by Chainalysis’ 2020 World Crypto Adoption Index that ranks 154 nations according to crypto adoption.

Of the 154 international locations analyzed, simplest 12 had “very shrimp” crypto activities and are ranked the bottom, Chainalysis detailed, adding that the international locations are Afghanistan, Algeria, Cape Verde, Chad, Fiji, Laos, Libya, Mongolia, Tajikistan, Turkmenistan, West Bank and Gaza, and Zimbabwe.

Following Chainalysis’ ranking newsletter, the Ukrainian Ministry of Digital Transformation commented: “The market of digital belongings in Ukraine is reasonably developed and has a well-known turnover even on a world scale, but most of it’s concentrated in the shadow zone, which creates possible dangers for each the command, alternate and users.”

The ministry added that it “continues to create a lawful framework for regulating the cryptocurrency market in Ukraine and hopes that in September the draft law on digital belongings will possible be thought about by the parliament.”

What carry out you mediate about Chainalysis’ crypto adoption ranking? Let us know in the comments fragment under.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Chainalysis

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