The 2024 Global Crypto Adoption Index has revealed the dominance of the Central & Southern Asia and Oceania region in cryptocurrency adoption. The index ranks countries based on their crypto activities. Let’s dive deep into the details.
Global Crypto Adoption Index 2024: An Overview
To rank countries, four sub-indexes are used: total crypto value received by centralized services, retail crypto transactions under $10,000, DeFi transaction volume, and retail DeFi activity. Seven of the top 20 countries in the Global Crypto Adoption by Country list are located in the region of CASO. Naturally, CASO remains the most powerful region in terms of crypto adoption. The Chainalysis report highlights that the region shows high activity in local crypto exchanges, merchant services, and DeFi.
Top 20 Countries by Crypto Adoption: 2024 Global Adoption Index Reveals
India, from the CASO regions, stands first in the overall index ranking, leading in centralized service value received and retail centralized service value received rankings. Nigeria holds the second position in the overall index ranking, with notable performance in retail centralized service value received and DeFi value received rankings. Indonesia ranks third overall, dominating in DeFi value received and retail DeFi value received categories.
India, Indonesia, Vietnam, the Philippines, Pakistan, Thailand, and Cambodia are the seven CSAO countries featured in the Top 20 Countries by Crypto Adoption list. Other major countries in the list are Nigeria, the US, Ukraine, Russia, Brazil, Turkey, the UK, Venezuela, Mexico, Canada, South Korea, and China.
Interestingly, the United States holds the fourth position overall, though it ranks poorly in retail centralized service value received ranking. Meanwhile, China occupies the twentieth spot in the overall index.
In conclusion, the index shows that developing economies are performing better than developed economies in terms of crypto adoption.
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