Vietnam Once Again on Top in Adoption of Digital Assets

Vietnam Once Again on Top in Adoption of Digital Assets
  • Vietnam was given a perfect score of 100 after applying ranking methodology.
  • 21 percent of Vietnamese consumers have used or owned digital assets at some time.

Adoption of digital assets has slowed in the previous 12 months owing to the crypto winter, according to Chainalysis‘ new research, “The 2022 Global Crypto Adoption Index,” but it is still higher than it was before the bull market.

Vietnam, the frontrunner in 2021, reclaimed the top spot, followed by the Philippines and war-torn Ukraine. In a surprising turn of events, China, where bitcoin’s popularity plummeted after the crypto prohibition in 2021 has returned to the top 10.

China Bounces Back

Chainalysis reports that the worldwide adoption rate of cryptocurrencies has slowed since the middle of 2019. Vietnam was given a perfect score of 100 when the organization applied its ranking methodology to 154 nations. Significant interest in blockchain-based gaming in South East Asia may be one explanation for the country’s second straight triumph.

21 percent of Vietnamese consumers have used or owned digital assets at some time in their life, according to another Chainalysis survey. The highest percentage of people who have ever used bitcoin or an alternative cryptocurrency is found in Nigeria, at 32%.

The Philippines comes in at number two on “The 2022 Global Crypto Adoption Index,” with a score of 0.753, followed by Ukraine at number three, with a score of 0.694. Due to the serious disruption of the Ukrainian economy caused by the armed war with Russia, some locals have opted to deal in digital currencies rather than currency.

Although two nations with high per capita incomes, the United States and the United Kingdom, have made it into the list of top performers, they sit at positions number five and seventeen, respectively.

 Recommended For You:

Bank of America Suggest Wider ETH Adoption After Merge

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.