- CSAO leads the 2024 Global Crypto Adoption Index, with India, Indonesia, and Vietnam ranking in the top three globally.
- Emerging markets like Nigeria, Sub-Saharan Africa, and Latin America see increased stablecoin use and DeFi adoption.
- Global crypto activity reaches post-2021 levels, driven by altcoins and DeFi growth in lower-income regions.
The 2024 Global Crypto Adoption Index shows that Central and Southern Asia and Oceania (CSAO) has emerged as the region with the highest rate of cryptocurrency adoption globally.
Notably, the region has shown a strong presence in decentralized finance (DeFi), increased merchant services, and high levels of activity on local exchanges. CSAO is a major player in the global cryptocurrency market, with seven of the top 20 countries on the index being located there.
India Leads in Crypto Activity
India, which demonstrates strong participation in both centralized and retail services, has taken the top spot in the 2024 index. In terms of DeFi activity, it came in third place, indicating the nation’s rising interest in decentralized financial systems. High transaction volumes and growing adoption of cryptocurrency in retail and centralized services are the main drivers of India’s dominance.
Additionally, In terms of overall ranking, Indonesia comes in third, with especially impressive results in the DeFi sectors. Vietnam is also a major player, dominating in DeFi participation as well as centralized services. Pakistan and the Philippines, two nations that rank in the top ten, further contribute to CSAO’s sway.
The Role of Emerging Markets
Furthermore, despite CSAO dominance at the top, other developing nations are starting to leave their mark on the world of cryptocurrency. Nigeria, for instance, has moved up to the number-two spot due to a rise in the usage of cryptocurrencies in regular transactions.
Additionally, Stablecoin usage has increased significantly in the nation as a result of people using cryptocurrencies as a hedge against the volatility of local currencies. The use of cryptocurrencies is also on the rise in Latin America and Sub-Saharan Africa, especially for DeFi and stablecoins.
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Hence, the research emphasizes that although cryptocurrency is still growing in high-income areas like North America and Western Europe, the biggest advancements are taking place in lower-income areas. These nations use cryptocurrency for everyday needs like payments and remittances, which makes it an important instrument for financial inclusion.
DeFi and Altcoins Drive Global Growth
Notably, Eastern Europe, Latin America, and Sub-Saharan Africa are the regions where DeFi is expanding the fastest. The global surge in cryptocurrency value is being fueled by this increase in altcoin activity.
Besides, the volume of cryptocurrency activity worldwide has now increased to levels not seen since the 2021 bull market. The increase in activity indicates that more regions are contributing to the growth of the global cryptocurrency landscape, which is becoming more diverse.
On the other hand, institutional Bitcoin use has increased in high-income nations like the US. Transactions with Bitcoin have increased as a result of the U.S. launch of the Bitcoin ETF. This hasn’t, however, resulted in a wider acceptance of cryptocurrencies in these areas.
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