Chainalysis, a company that analyzes blockchain data, has released its 2022 cryptocurrency adoption index. The nations with the highest adoption of cryptocurrencies include Vietnam, the Philippines, India, and China. Even though global adoption slows overall in downturns, it "remains above pre-bull market levels," the company said.

Chainalysis’ Latest Cryptocurrency Adoption Index

On Wednesday, Chainalysis released a preview of its upcoming report, "2022 Geography of Cryptocurrency." The company's 2022 Global Crypto Adoption Index, which ranked all nations based on their use of various cryptocurrency services, is highlighted in the article, according to the blockchain data company. Vietnam is at the top of the list overall, followed by the Philippines, Ukraine, India, the United States, Pakistan, Brazil, Thailand, Russia, and China, all according to the index.
Top 10 countries with the highest cryptocurrency adoption. Source: Chainalysis’ 2022 Global Crypto Adoption Index
Chainalysis detailed:
Overall adoption slows worldwide in bear market, but remains above pre-bull market levels.
Moreover, the blockchain analytics firm noted that “Emerging markets dominate the global crypto adoption index.” In addition, the company noted that after finishing 13th last year, China finally reentered the top 10 of its global cryptocurrency adoption index this year. In terms of overall purchasing power-adjusted transaction volume at both the overall and retail levels, "our sub-indexes show that China is especially strong in usage of centralized services, placing second overall," Chainalysis reported. The blockchain analytics company noted: "This is particularly interesting given the Chinese government's crackdown on cryptocurrency activity, which includes a ban on all cryptocurrency trading announced in September 2021."
Our data suggests that the ban has either been ineffective or loosely enforced.