CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,557.00
  • ethereum
    ETH$1,615.08
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption

    Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption

    Author: Jordan Lyanchev

    Last Updated Sep 9, 2020 @ 13:35

    Ukraine, Russia, and Venezuela lead in terms of cryptocurrency adoption. China and the US fall behind them, a report said.

    A report compiled by the blockchain forensics company Chainalysis indicated that cryptocurrency adoption is growing globally. By exploring four key metrics and separating the data country by country, the firm’s Global Crypto Adoption Index 2020 showed that Ukraine, Russia, and Venezuela lead the way.

    The metrics take into consideration the purchasing power parity (PPP) per capita. They measure on-chain cryptocurrency value received, on-chain retail value transferred, the number of on-chain cryptocurrency deposits, and the peer-to-peer exchange trade volume, which doesn’t appear on the blockchain.

    The final scores range from zero, representing the lowest cryptocurrency-related activity, to one – the highest registered activity per capita.

    Chainalysis admitted that due to the decentralized nature of digital assets, it’s “impossible to know the precise amount sent and received on-chain by addresses in a specific country.” However, by measuring the activity on platforms and distributing it by countries based on web traffic, the company produced a “strong estimate.”

    Crypto Adoption By Countries: The Top Three

    Crypto Adoption By Countries. Source: Chainanalysis
    Crypto Adoption By Countries. Source: Chainalysis

    As seen in the above chart, Ukraine leads the way with the highest possible score. The country’s legislative arm, the Verkhovna Rada, reportedly adopted a draft law last year that legalized cryptocurrencies as means of payment and investment within its borders.

    ADVERTISEMENT

    Russia takes the second spot, which could be rather surprising. The largest-country by landmass has been somewhat dubious in its cryptocurrency legislation policies. Before passing the On Digital Financial Asset (DFA) bill this summer, previous proposals suggested imprisonment for Bitcoin usage and notably high penalties.

    Although those strict measures didn’t go in the final version of the bill, a recent set of amendments proposed introducing a full-scale ban on digital asset usage. However, it seems that Russian citizens are fond of cryptocurrencies, despite the legislative uncertainties.

    Venezuela completes the top three. Another report from Chainalysis concluded that the country’s ongoing financial crisis has highlighted some cryptocurrency benefits. Consequently, the interest in digital assets has spiked in the last few years.

    China And The US Trail

    Chainalysis’s report noted that the two largest countries by nominal GDP, namely the United States and China, occupy the sixth and fourth positions, respectively. Kenya, with high levels of on-chain value transferred and on-chain deposits, separates them and ranks 5th.

    Despite being the most populated nation, China’s high spot could also be classified as unexpected because of its controversial approach.

    On the one hand, China has repeatedly outlined that digital assets are banned, and it emphasized its “blockchain, not Bitcoin” narrative. On the other, however, a recent report noted that cryptocurrencies are not entirely banned, and China is responsible for the most substantial portion of BTC’s global hash rate.

    According to Chainalysis, China’s results display high numbers for on-chain deposits and value received, and retail value received. The country trails only in the peer-to-peer exchange trade volume.

    The US shows solid numbers regarding the on-chain deposits and the P2P trading volume. However, the on-chain and retail value received are relatively low per capita.

    Globalization For Crypto

    In conclusion, the analytics company said that from the 154 analyzed countries, only 12 had “so little cryptocurrency activity that we gave them an index score of zero.”

    “That’s a testament both to the excitement around cryptocurrency as an investment and, especially in the developing world, as a means of value storage and medium of exchange.”

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • maduro
      President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade
    • Venezuela_flag
      Chainalysis: Cryptocurrency Plays an Important Role in Venezuela's Economy
    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    Tags: Bitcoin Bitcoin Adoption China Russia United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$23,557.00
  • ethereum
    ETH$1,615.08
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!