2023 Global Crypto Adoption Index: India Secures the Top Spot

India has claimed the top position in the 2023 Global Crypto Adoption Index, as reported by Chainalysis. This annual index assesses cryptocurrency adoption at the grassroots level across over 150 countries.

It offers insights into how everyday individuals engage with digital currencies. Nigeria and Vietnam closely follow India in crypto adoption, suggesting a growing trend in Central and Southern Asia and Sub-Saharan Africa. The United States ranks fourth, while Ukraine rounds out the top five. The index employs a complex methodology considering on-chain value, retail activity, peer-to-peer exchange volume, and DeFi transactions, factored by purchasing power parity (PPP) per capita. Interestingly, data indicates that people in less affluent countries are more inclined to invest a larger portion of their money in cryptocurrencies. Despite a global dip in adoption since late 2022, lower-middle-income countries have shown a stronger recovery, highlighting digital currencies’ role in regions with limited traditional financial infrastructure.

Clever Robot News Desk 14^th September 2023