Chainalysis's analytics reveals Ukraine, Russia, and Venezuela as leaders in crypto adoption around the globe.
The adoption index examined three criteria - one is the aggregate value of blockchain activities calculated by buying power per head, another is the value of on-chain retail transfers weighted buying power per head, and lastly, the amount of on-chain crypto deposits calculated by the number of internet users.
China's low volume of both on-chain and peer2peer transactions made it drop to 4th.
The report tagged Venezuela as the perfect example of the forces that drive digital adoption in developing nations after moving to the top 5 by P2P trade volume.
It also reveals that Venezuela citizens use more of digital currency whenever the nation's native fiat currency value drops due to inflation. This suggests that Venezuelans switch to digital currency so as not to lose their savings.
Despite the Vietnamese government efforts to control digital currency strictly, the report reveals that Vietnam positions 2nd for the value of both retail and blockchain activities.
No country from western Europe appeared on Chainalysis list of the top 10 nations by crypto adoption.
Source: Cointelegraph
