CSAO Region Leads Global Crypto Adoption Index, with India Taking the Top Spot
According to a recent report by Chainalysis, the Central & Southern Asia and Oceania (CSAO) region dominates the global crypto adoption index, with six countries from the region making it to the top ten. The report evaluates the crypto adoption rate worldwide and ranks countries based on their crypto adoption index over the past year.
Between July 2022 and June 2023, the CSAO region accounted for 19.3% of the global cryptocurrency value received. The region witnessed primarily large institutional transactions for crypto transfers, while retail transactions made minimal contributions.
The ranking is determined by various parameters, including centralized service value received, retail centralized service value received, P2P exchange volume, DeFi value received, and retail DeFi value received. India claims the top spot on the overall index, with countries like Vietnam, the Philippines, Indonesia, Pakistan, and Thailand also securing positions in the top ten.
Notably, Vietnam was at the top of the overall index in the 2022 report, but India has moved up to first place. Additionally, Nigeria, the only African country on the top ten list, dominates in terms of P2P exchange volume.
Overall, global crypto adoption is experiencing a decline, with Nigeria and the United States showing significant changes in their rankings.
Hot Take: CSAO Region Emerges as Crypto Adoption Leader
The CSAO region, encompassing Central & Southern Asia and Oceania, has emerged as the world leader in crypto adoption, according to Chainalysis. The region’s dominance is evident with six of its countries featuring in the top ten of Chainalysis’ latest index. Focusing on the evaluation of crypto adoption rate globally over the past year, the report examines various parameters to determine the ranking. From July 2022 to June 2023, the CSAO region accounted for 19.3% of the global cryptocurrency value received. India secures the first position on the overall index, followed by Vietnam and the Philippines. Nigeria, the only African country in the top ten, leads in terms of P2P exchange volume. While global crypto adoption shows a decline, the rankings reveal significant changes with Nigeria rising to the top and the United States making a minor jump.
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