India ranks second in terms of crypto adoption in the world

August 19, 2021

India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis.

This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.

Last year, China ranked fourth in global adoption index while the U.S. ranked sixth.

This year, the U.S. ranks eighth while China ranks 13th. The biggest reason both countries dropped is that their rankings in P2P trade volume weighted for internet-using population declined dramatically — China fell from 53rd in this component to 55th, while the U.S. fell from 16th to 109th.

The Global Crypto Adoption Index measures cryptocurrency adoption across 154 countries and highlights the countries with the greatest adoption by ordinary people and focuses on use cases related to personal and business transactions and individual saving, rather than trading and speculation.

The index ranks the top 20 countries and provides an objective measure of which countries have adopted cryptocurrency to the greatest extent after a year of exponential growth for cryptocurrency markets and increased attention for the industry.

 

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