The recently released Global Cryptocurrency Adoption Index for 2022 by blockchain intelligence firm chain analysis contains several surprises, perhaps the most notable being that China remains a top 10 country for cryptocurrency adoption despite a ban on almost everything “crypto”.
The data shows that China’s position is particularly strong when it comes to the use of centralized services, says the report that accompanies the index. He notes that this means the Chinese ban has been “either ineffective or poorly enforced.”
China’s position as number 10 on the list of countries with the highest levels of cryptocurrency adoption puts it ahead of countries like Turkey, Argentina, and the United Kingdom. Turkey and Argentina are two countries where residents have turned to cryptocurrencies as their countries struggle with extremely high inflation, while the UK is one of the largest and most important economies in Europe.
Southeast Asia leads in adoption
The top two spots on the list are occupied by Vietnam and the Philippines, two Southeast Asian countries well known for their interest in cryptocurrency games found in the metaverse and play-to-games. -ear. The Vietnamese city of Ho Chi Minh is notably the headquarters of the development team of the famous “play-to-earn” type game Axie Infinity (AXS).
Third place in the list is occupied by Ukraine, which has stood out as a pro-crypto country in several respects. Among other things, Ukraine has benefited from accepting cryptocurrency donations to help its defense efforts against Russia in the ongoing war. Non-fungible tokens (NFTs) and metaverse-related initiatives like Meta History: Museum of War have also played a role in its defense funding efforts.
The United States is the fifth country to have adopted the most cryptocurrencies.
Understandably, crypto adoption has slowed worldwide this year due to bearish market conditions, Chainalysis writes in its report. The analyst firm also said that the data suggests that many of those who entered crypto in 2020 and 2021 stayed despite this price drop.
This proves that crypto markets have been “surprisingly resilient,” the report states, and that many large holders “are optimistic about the market rebound, which keeps market fundamentals relatively healthy.”
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