India, Nigeria and Thailand are ranked as the top three countries in Chainalysis' 2023 Global Cryptocurrency Adoption Index, with lower-middle-income nations leading the way in local cryptocurrency adoption.
The blockchain analysis firm launched a extract according to its annual Index report, which shows that Central and Southern Asia and the broader Oceania regions dominate the top of its index, with six of the top ten countries located in this area of โโthe world.
The index highlights that grassroots cryptocurrencies around the world have declined as a whole in the wake of the 2022 FTX implosion. However, lower-middle-income countries identified under the World Bank's classification of nations by wealth have shown the strongest recovery in grassroots cryptocurrency adoption in the past. 12 months.
"In fact, LMI is the only category of countries whose total base adoption remains above where it was in the third quarter of 2020, just before the most recent bull market."
Chainalysis goes on to highlight a number of promising aspects that could be derived from this data, highlighting that nations in the LMI category generally have growing industries and populations and represent more than 40% of the world's population.
โIf LMI countries are the future, then the data indicates that cryptocurrencies will be a big part of that future.โ
The excerpt also suggests that institutional adoption driven by organizations in high-income countries is gaining pace despite a prolonged bear market. The report also predicts a possible โbottom-up and top-downโ adoption of cryptocurrencies, where these assets meet the needs of users in both rich and developing countries.
India remains the largest cryptocurrency market in the region and leads in popular adoption according to the Chainalysis index. It has also become the second largest crypto market by estimated gross transaction volume globally, ahead of other major economies.
Chainalysis also points out India's unique tax deducted at source (TDS) scheme applied to cryptocurrency transactions which requires a 1% tax to be applied to all transactions which must be deducted from the user's balance at the time of the transaction. for the transaction to be successful. finished.
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