Crypto Adoption 2023
The index of crypto acceptance of countries does not depend on the volume of transactions in the country, but on the amount of daily use of cryptocurrency by residents in everyday affairs.
Chainalysis researchers have published a report for 2023 on market trends, crypto adoption, and factors influencing the use of cryptocurrencies. Let’s discuss the main thing.
Top Leading Countries in Crypto Adoption 2023
The leaders have changed places this year, but the top 3 countries have remained the same: India, Nigeria, Vietnam. The countries of Central and South Asia and Oceania continue to dominate the top 10.
North America is the largest cryptocurrency market with an estimated value of $1.2 trillion. This is 24.4% of all transactions in the world. In comparison, Central and South Asia and Oceania account for 19.3%, while Europe occupies 17.6%.
Where is the future of cryptocurrency?
In 2023, the most dynamic crypto market is located in Central and South Asia and Oceania. The region dominates in terms of purchasing power and population. Six out of ten countries are in the top countries: India (1), Vietnam (3), Philippines (6), Indonesia (7), Pakistan (8) and Thailand (10). Various factors stimulate the introduction in different countries of the region, which leads to different indicators of the use of different types of cryptocurrency services.
How is cryptocurrency used in the leading region?
Centralized exchanges take up most of the web traffic in all these countries, as well as all over the world. But there are serious differences in other ways of using digital assets. For example, in the Philippines, a huge share of cryptocurrency-related web traffic falls on gaming platforms — 19.9% (for comparison in Vietnam - 10.8%). In Pakistan and Vietnam, there is a higher share of activity in the P2P sector. Here, the cryptocurrency acts as a savings in conditions of high inflation and devaluation of the national currency.
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