India, Nigeria, and Thailand Lead in Grassroots Adoption of Cryptocurrencies, Says Chainalysis Index
Summary:
India, Nigeria, and Thailand have emerged as the top three countries in Chainalysis' "2023 Global Crypto Adoption Index," indicating a strong grassroots adoption of cryptocurrencies, particularly in lower middle-income (LMI) nations. The index highlights the recovery in grassroots crypto adoption in LMI countries over the past year, while institutional adoption in high-income countries is also gaining momentum. India leads in grassroots adoption and ranks second globally in transaction volume.
India, Nigeria, and Thailand have emerged as the top three countries in Chainalysis' "2023 Global Crypto Adoption Index," indicating a strong grassroots adoption of cryptocurrencies, particularly in lower middle-income (LMI) nations. According to the blockchain analytics firm, central and south Asia, along with the broader Oceania regions, dominate the top rankings, with six of the top 10 countries located in this area. The index reveals that while global grassroots cryptocurrency adoption has declined overall due to the FTX implosion in 2022, LMI countries, classified by the World Bank based on wealth, have experienced a robust recovery in adoption over the past year. Chainalysis points out that LMI nations, which encompass over 40% of the global population, typically exhibit expanding industries and populations, suggesting that crypto will play a significant role in their future. The report also highlights a growing trend of institutional adoption in high-income countries, even amidst a bearish market, and predicts a potential adoption pattern that caters to the needs of users from both developed and developing nations. India, the largest cryptocurrency market in the region, leads the way in grassroots adoption, while also ranking second globally in terms of raw estimated transaction volume. Chainalysis also mentions India's distinctly implemented tax deducted at source scheme for cryptocurrency transactions, which involves a 1% tax deduction from the user's balance at the time of the trade.
Published At
9/12/2023 2:08:56 PM
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