Vietnam leads world crypto adoption, U.S. comes fifth – Cryptospacey
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On September 14, Chainalysis released a report on World Cryptocurrency Adoption for 2022. The analysis revealed that Vietnam has the best adoption of cryptocurrencies, followed by the Philippines and Ukraine in third place, and the United States is fifth in line.
The report stated that the dominance of emerging countries in the adoption index, which stood out last year, continued this year just as effectively. According to the World Financial Institution’s income classification, Vietnam, the Philippines, Ukraine, India and Pakistan are low-middle income countries. Brazil, Thailand, Russia and China are upper middle income countries.
Only America stands out among the top 10 as a high-income country.
Changes since last year
This year marked Vietnam’s second consecutive year at the top of the leaderboard and ranked first in crypto adoption.
The United States ranked sixth in 2020, eighth in 2021, and fifth in 2022. Despite recording a slight decline from 2020 to 2021, the United States still holds the middle line and stands out as one of the high-income countries. with such excessive adoption.
At the end of the year, China ranked 13th, but this year it managed to raise its option to the top 10. According to the report, China is particularly strong in centralized service providers, which led to an increase in adoption. The World Financial Institution says the country’s ban on buying and selling crypto products was ineffective or loosely enforced because it did nothing to stop the rise in adoption.
Adoption peak regardless of the bear market
Another highlight of the report was the speed of approval. Generally speaking, crypto adoption slowed globally as a result of the bear market, but still managed to stay above the pre-bull market.
According to the report, adoption fees have risen steadily since mid-2019. The launch price hit an all-time high in the second quarter of 2021 and has been up and down ever since. The report states:
“[adoption rates] have declined in each of the last two quarters since we entered the bear market. Nevertheless, it is imperative to note that global adoption will remain effective beyond the bull market of 2019.”
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