Amidst discussions on establishing a worldwide regulatory framework for cryptocurrency, a new report from a global crypto research firm highlights that developing nations are at the forefront of cryptocurrency adoption.
The latest edition of Chainalysis‘ Global Crypto Adoption Index places India as the leader in crypto adoption, followed by Nigeria and Vietnam. Interestingly, the top 10 countries, except for the United States in 4th place, are all developing nations.
This year’s rankings notably show that Central Asian, South Asian, and Oceania countries dominate the list, with eight of the top 20 countries hailing from these regions, all of which are developing nations.
Although overall cryptocurrency adoption has seen a decline in the past year, the report indicates that developing countries have played a major role in the cryptocurrency market’s recovery. This is a stark contrast to the situation in the three months from July to September 2020, when developing nations accounted for the smallest share of cryptocurrency acquisitions.
These findings coincide with the recent G20 declaration endorsing the Financial Stability Board’s recommendations for regulating cryptocurrency activities and markets. Establishing a global framework for cryptocurrency regulation was a key focus of the recently concluded Group of 20 summit hosted by India, the leading country in cryptocurrency adoption, which has raised concerns about cryptocurrency’s potential use in money laundering and terrorism financing.
