India ranks second in the 2021 Global Crypto Adoption Index conducted by Chainalysis

Last updated on October 9th, 2021 at 03:50 am

Newyork – Chainalysis has ranked India on the second number among the list of 20 nations with the highest cryptocurrency adoption rate.

Chainalysis is a software company based in New York, NY, the United States, that has ranked 20 countries to measure people’s degree of utilization and cryptocurrency adoption between July 2020 and June 2021.

Vietnam positioned the first on this rundown of 20 nations, with India on second, trailed by Pakistan, whereas the two most advanced economies, the United States and China, have scaled-down.

Chainalysis did this review for 154 nations, and astonishingly, the top 20 nations in the list are the emerging economies. Moreover, developed economies like the US are in the eighth position, and China is at the thirteen.

Cryptocurrency is progressively becoming popular as an investment alternative and payment method in India’s growing economy.

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Numerous businesses have begun to acknowledge Ethereum, Bitcoin, Solana, and other cryptocurrencies in return for goods and services amid India’s rising digital asset demand.

In some instances, utilization is directed by companies attempting to ride on the crypto craze that had grown during the Coronavirus pandemic, while for specific businesses, the acknowledgement is an endeavour to stretch out beyond the curve.

The report said that more than 40% of the exchanges over the worth of $10 million arrived from India. However, the overall crypto transaction in Asia has increased to more than 700% during the previous year.

These exchanges are worth more than $ 572 billion, which means more than 14% of the crypto’s global transactions come from Asia.

The Reserve Bank of India (RBI) has been expressed its interest in digital currency and is thinking to restrict the utilization of private crypto. However, the government has indicated its inclination to classifying digital currency as an asset similar to gold, The Economic Times reported.