India, Nigeria, and Thailand Lead Global Crypto Adoption, Lower Middle-Income Nations Dominate
Summary:
India, Nigeria, and Thailand rank as the top three countries in Chainalysis' 2023 Global Crypto Adoption Index. These lower middle-income nations lead in grassroots adoption of cryptocurrencies. The index highlights the dominance of central and south Asia, as well as the wider Oceania regions. Lower middle-income countries have shown a strong recovery in grassroots crypto adoption. The report also mentions increasing institutional adoption in high-income countries despite the bear market. India remains the largest cryptocurrency market in the region and leads in grassroots adoption.
India, Nigeria, and Thailand take the top three spots in Chainalysis' 2023 Global Crypto Adoption Index. These lower middle-income countries are leading the way in grassroots adoption of cryptocurrencies. According to the blockchain analytics firm, central and south Asia, along with the wider Oceania regions, dominate the top rankings, with six of the top ten countries located in these areas. The index reveals that grassroots cryptocurrency adoption is down globally after the FTX implosion in 2022, but lower middle-income countries have shown a strong recovery in the past year. In fact, these countries are the only ones whose total grassroots adoption remains higher than pre-bull market levels in Q3 of 2020. Chainalysis sees this as an indicator that crypto will play a significant role in the future of these nations, which account for more than 40% of the world's population. The report also highlights increasing institutional adoption in high-income countries, despite the extended bear market. Looking ahead, there could be a simultaneous adoption of cryptocurrencies from both high wealth and developing nations, serving the needs of users from different economic backgrounds. India maintains its position as the largest cryptocurrency market in the region and leads in grassroots adoption. It has also become the second-largest crypto market globally in terms of raw estimated transaction volume. Chainalysis also mentions India's unique tax deducted at source (TDS) scheme for crypto transactions, where a 1% tax is levied and deducted from the user's balance at the time of the trade to complete the transaction.
Published At
9/12/2023 2:08:56 PM
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