Legal AI associate for drafting & compliance
India ranked second in a list of 20 countries with the highest cryptocurrency adoption rate, according to crypto analysis platform Chainalysis. Vietnam secured the first spot, and Pakistan came third.
The Chainalysis’s 2021 Global Crypto Adoption Index ranked 20 countries to measure the level of cryptocurrency adoption and usage by individuals between July 2020 and June 2021.
The Chainalysis ranks countries by their Peer to Peer (P2P) trade volume and weights it to favour countries with lower purchasing power parity (PPP) per capita and fewer internet users to highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.
The Chainalysis said in a statement that the emerging economies took the top spot due to the huge transaction on P2P platforms when adjusted for purchasing power parity per capita and internet-using population.
Therefore the Global adoption of Cryptocurrency has grown over 800% over the past years.
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