Vietnam Leads in The Global Crypto Adoption Index

Vietnam leads globally in the Crypto Adoption Index for the second year in a row.
The global Crypto Adoption Index measures Cryptocurrency across and highlights countries with the greatest adoption.

According to research by Chainalysis show that Vietnam has surpassed Phillippines and holds the top mark on the global Crypto Adoption Index. This measure puts 154 countries on the radar and highlights the countries with the greatest cryptocurrency adoption by regular people, and focuses on use cases related to transactions and individual savings instead of trading and speculation.

Vietnam has topped the global Crypto Adoption prepared by blockchain analytics company Chain Analysis. The index contains 146 countries with Vietnam taking the lead seconded by the Philippines, Ukraine, India, and The US taking the fifth position

Cryptocurrency adoption in Africa has seen growth from July 2020 and June 2021, making it the fastest adoption rate in the world. Markets like Kenya, Nigeria, South Africa, and Tanzania have been leading Crypto adoption in Africa.

The 2022 global Crypto Adoption index, a part of the 2022 Geography of Cryptocurrency Report by Chain analysis that will be released later, looks at the grassroots adoption of digital assets instead of countries having the largest share of the Crypto trade.

An excerpt of the blog by Chainalysis reads;

We also want to highlight the countries where individual, non-professional investors are embracing digital assets the most.

The Index has been prepared based on different metrics weighed by purchasing power parity (PPP) per capital.

The five metrics used for this observation and report are;

on-chain retail value received at centralized exchanges
P2P exchange trade volume
on-chain cryptocurrency value received from Defi protocols
on-chain retail value received from Defi protocols.

The goal of this sub-index is to gauge each country by total Cryptocurrency activity occurring on centralized services, and then to weigh the rankings to favor countries where that amount is more significant based on the wealth of the average person and value of money generally within the country

the blog explains.

Overall adoption slows worldwide in the bear market but remains above pre-bull market levels. Data shows that global adoption has leveled off in the last year after growing consistently since mid-2019.