While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption.
In a report titled, "The 2022 Global Crypto Adoption Index," blockchain data platform Chainalysis analyzed the millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are on top in terms of cryptocurrency adoption.
The results show that in terms of crypto adoption, emerging markets are at the forefront. According to the data, lower-middle-income countries like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia hold positions in the top 20 countries in terms of overall index score, with Vietnam holding the number one spot.
Upper-middle-income countries like Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador have also made it into the list while the United States and the United Kingdom are the only representatives of high-income countries within the index.
Apart from the adoption rankings, the report also showed that even though adoption became slower amid the bear market, adoption levels are still higher than what the industry witnessed before the bull run of 2020.
On Sept. 9, two Bitcoiners went on a mission to get merchants within the United Kingdom to adopt Bitcoin (BTC). British BTC advocates James Dewar and MSW went to a town in England to speak to restaurants and cafés in an attempt to convince them to accept Bitcoin. Out of 63 shops, 3 were persuaded and accepted BTC on the spot.
In an interview in August, Coinfirm executive Durgham Mushtaha told Cointelegraph that Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures will drive more mainstream crypto adoption. According to the executive, the next bull run will be driven by an improved crypto image where fears dissipate.