The use of crypto in different countries
reportAccording to Chainalysis, data has been compiled showing the crypto usage of countries for 2022. Thailand is ranked as the 8th most active country for crypto! As for Vietnam, it was the 1st place champion.
Chainalysis’ data collection includes votes ranging from 0 to 1. The closer the number is to 1, the higher the crypto usage in the country. And if the country has a score closer to 1, the darker it will be. as pictured below
Chainalysis collects data from the volume of crypto transactions served on the crypto trading protocol, platform or website. The crypto usage data of Centralized Fianance (CeFi) and Decentralized Finance (DeFi) has been separately compiled to ensure the accuracy and fairness of country ratings.
According to Chainalysis, the table below shows that Vietnam, the Philippines, Ukraine, India, USA, Pakistan and Brazil are ahead of Thailand. China, on the other hand, came in at 10th, despite China’s ban on crypto usage. It shows that even the government bans crypto has not stopped people from using crypto at all.
Looking at the graph in 2022, we may not see a significant increase in crypto adoption compared to last year. During the second quarter and the fourth quarter of 2021, there was a considerable amount of crypto usage and then gradually declined after that. This may partly be due to the downtrend in the market during this period.
But it’s good that this year 2022 will be more active from 2019-2020. Long-term crypto traders are still holding crypto, not selling most of the countries that have it. The vast majority of crypto usage is in low-income countries. which rely on crypto as a tool for cross-border remittances and almost dominate the crypto market The higher-income countries also use less crypto.
DeFi is a major driving force.
More and more services are now being built on blockchain and cryptocurrencies, such as Play to Earn (P2E) and DeFi, Vietnam reports. The massive P2E and DeFi gamification has made the country’s service a key driver of crypto adoption.
Source: LINK
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