Cryptocurrency adoption continues to grow around the globe in 2021, with trade intensity based on regional presence surging in the wake of recurrent bullish and bearish trends.
During this time, the blockchain data platform Chainalysis devised a Global Crypto Adoption Index report based on trading metrics. As per the report’s findings, Ukraine and Russia are leading the crypto adoption bandwagon, way ahead of tech-savvy countries such as the USA, China and Japan.
African nations landed some big spots on the top 20 list as well. Kenya comes in 5th, South Africa at 7th and Nigeria sitting comfortably on 8th.
In Asia, Pakistan ranks an impressive 15th in the world for digital currency adoption.
According to Chainalysis, it is also estimated that Pakistan received in excess of USD 1.5 billion in crypto-cash last year, with many analysts suggesting that it could’ve been much, much more in 2020-21 if transactions were made easier.
Besides Pakistan, other Asian countries also showcased impressive progress towards crypto adoption in the past 14 months. China comes in 4th, Vietnam at 10th, India 11th, Thailand 12th and South Korea at 17th.
Middle East is also catching up, despite the fact that many countries in the region still do not allow any activities connected to blockchain.
Globally, businesses and consumers are becoming more open to blockchain technology and cryptocurrency, so that for major online retail and payments players there was no choice left, to meet the demand.
All in all, despite large companies being increasingly active with Blockchain, the market is likely to see many newcomers in the near future.