India, Nigeria, and Thailand round out the top three in Chainalysis’s “Global Crypto Adoption Index 2023,” with lower-middle-income (LMI) countries leading the way in grassroots adoption of cryptocurrencies.
Blockchain analytics company has publishedTruncated textIt comes from a report that shows that Central and South Asia and the Oceania region takes the top spot in the index. There are six of the world’s top 10 countries in this part of the world.
The index indicates that Global grassroots cryptocurrencies declined overall after the FTX explosion in 2022. However, middle- and lower-income countries It is listed under the World Bank’s grouping of countries by wealth. It has shown the strongest recovery among grassroots cryptocurrencies. and acceptance in the past 12 months
“In fact, LMI was the only country where overall grassroots usage remained above levels where it was in Q3 2020, before the most recent bull market.”
Chainalysis highlights that countries in LMIs often have growing industries and populations. and accounts for more than 40% of the world’s population.
“If LMI countries are the future, this data indicates that crypto will be a key part of that future.”
The report also predicts the possibility of adopting digital currencies. “Bottom-up and top-down,” these assets meet the needs of users from both rich and developing countries.
India remains the largest cryptocurrency market in the region. and is leading grassroots adoption according to Chainalysis Index. It has also become the second largest crypto market by global transaction volume. higher than other major economies.
refer : cointelegraph
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