India, Nigeria, and Vietnam Shine as Front-Runners in Crypto Usage

Recent report from Chainalysis shows that lower-middle income countries are leading in crypto adoption

In a recent revelation by Chainalysis, it has emerged that lower-middle income countries (LMIs) are spearheading the global adoption of cryptocurrencies, despite not topping the charts in transaction volumes. This trend showcases a significant uptake in countries like India, Nigeria, and Vietnam, who are now at the forefront of crypto usage.

The methodology employed by Chainalysis involved analyzing web traffic data from a whopping 13 billion visits. This data provided a window into five distinct categories of crypto activities. The assessment was fine-tuned according to the purchasing power parity per capita, ensuring a fair comparison across diverse economic landscapes.

One of the findings that stood out was the enduring appeal of cryptocurrencies in LMIs even when the global trend seemed to be on a decline since the second quarter of 2022. Countries housing 40% of the global populace have shown a notable inclination towards crypto assets, signaling a promising trajectory for cryptocurrencies in these burgeoning markets.

Although North America still holds a substantial chunk of the overall crypto transaction value, with the U.S. being the predominant player, a discernible dip in institutional transaction volumes was observed starting April. The scenario also saw a shift in stablecoin volumes and a decline in decentralized finance (DeFi) transaction volumes, reflecting a change in market dynamics.

Europe too, made its presence felt in the crypto domain, with the UK and France being noteworthy contributors. While the UK excelled in overall crypto value, France led the charge in DeFi growth, showcasing a diversified engagement across the continent.

A look towards Eastern Asia presented a contrasting picture, where China’s regulatory clampdown significantly impacted the transaction volumes. However, it still managed to clock in over $75 billion in crypto value over a year, a testament to the enduring appeal of digital assets.

In regions like the Middle East and North Africa, Turkey and Saudi Arabia marked their prominence in different niches of the crypto sphere. Meanwhile, in sub-Saharan Africa, Nigeria emerged as a clear leader, with Bitcoin gaining substantial traction.

Lastly, in Latin America, countries like Argentina and Brazil showcased how cryptocurrencies could act as a hedge against inflation, reinforcing the versatile utility of these digital assets in varied economic contexts.

This Chainalysis report paints a vivid picture of the global crypto landscape, emphasizing the pivotal role emerging economies could play in shaping the digital asset narrative.

Source: https://cointelegraph.com/news/lower-middle-income-countries-lead-crypto-adoption-not-volume-chainalysis 

Image: https://unsplash.com/photos/city-skyline-at-daytime-EBcKOqWzc9M 

Secret3 is committed to responsible and ethical reporting.

Reddit Clamps Down on Insider Trading Among Crypto Community Moderators

Reddit Clamps Down on Insider Trading Among Crypto Community Moderators

Two moderators dismissed amid allegations of unfair MOON token trading

Bitcoin Skyrockets to $35K Amid ETF Buzz

Bitcoin Skyrockets to $35K Amid ETF Buzz

Bitcoin price surged on Monday to briefly touch $35K, making its first major

You May Also Like