India’s Cryptocurrency Adoption Rate Is The Second Fastest In The World

Cryptocurrency has seen a growth in adoption by 880% across the world in the past year. Vietnam, India and Pakistan are currently leading in terms of adoption rate with other emerging markets. According to blockchain analytics firm Chainalysis, Vietnam is leading the charts by a massive margin. 

The firm calculated the adoption rate based on three metrics i.e. on-chain cryptocurrency value received, on-chain retail value transferred, and peer-to-peer exchange trade volume between the period of June 2020 and June 2021. 

© Chainalysis

It is worth pointing out that emerging markets like India dominate the list whereas economic powerhouses such as China and the U.S. have fallen down to the 13th and 8th rank respectively.

“Analysis shows how far P2P volumes have fallen in the two countries compared to worldwide volumes. We show this in the index chart below, which shows relative change in P2P volumes for the U.S. and China compared to worldwide totals” Chainalysis said in its report.

Chainalysis’ report says emerging markets have seen a massive devaluation of their native currencies which could be the reason why people may have invested in alternatives like cryptocurrencies.