Research data published by Chainalysis surprisingly secured Ukraine's first place in the Global cryptocurrency adoption index in 2020, followed by Russia and Venezuela.
When compiling this rating, three indicators were taken into account within the network:
- the total cost of cryptocurrency transactions within the network, weighted by purchasing power per capita,
- cost of retail transfers within the network, weighted by purchasing power,
- the number of cryptocurrency deposits within the network, weighted by the number of Internet users.
The index also takes into account the volume of transactions made on P2P crypto exchanges, weighted both by the number of Internet users and by purchasing power per capita.
The table above shows uneven levelsdevelopment of crypto sectors in many countries, while the per capita index gives China a poor assessment of the number of deposits on the network and P2P trading due to its large population. As a result, the country dropped to fourth place, despite China's dominance in the rankings in terms of both retail and total value.
Notably, the two countries with the highestIn terms of P2P trading volume, Kenya and Venezuela made it to the top five, despite not being in the top ten on other indicators.
Of course, the focus on P2P volumes excludes numbers.local regulated exchanges, which makes the indicator of cryptocurrency adoption incomplete and skews the results in favor of developing countries even in the absence of a stable economy. This is why the United States lags behind Kenya in rankings, despite being superior on the other three of the four criteria.
Chainalysis describes Venezuela as “excellentexample "of how the hyperinflation of the national currency is forcing Venezuelans to turn to cryptocurrency in order to preserve their savings, which would otherwise be devalued.
This report contains other unexpectedResults, for example, Vietnam ranked second in the amount of both retail and online transactions, despite attempts by the local government to take harsh measures against cryptocurrency.
According to Chainalysis, none of the Western European countries was included in the top 10 leading countries in terms of cryptocurrency adoption.