NewsletterChainalysis Report: India tops the Global Crypto Index in virtual currency usage
The latest virtual currency adoption report by blockchain-based analysis firm, Chainalysis noted that India is among the top three countries with the most cryptocurrency usage according to the Global Crypto Adoption Index. The report stated that the Central and Southern Asia and Oceania (CSAO) region has risen as the dark horse of crypto adoption, with three of its countries topping the charts. While Vietnam acquired the first position on the Global Crypto Adoption Index, India became the first runner-up, and Pakistan came third. Furthermore, other surprising entries in the list were Thailand which placed 12th, and the Philippines with number 15 on the charts.
“Central & Southern Asia and Oceania (CSAO) is the fourth-largest cryptocurrency market we study with $572.5 billion in value received between July 2020 and June 2021, which represents 14% of global transaction value during the time period. CSAO’s transaction activity grew by 706% compared to last year in terms of raw value, and its share of global cryptocurrency activity grew by 2%, making CSAO one of the fastest-growing of all the regions.”, stated the Global Crypto Adoption Index report by Chainalysis.
Defi sphere in India takes charge
Along with hiked transaction activity, the CSAO region has also witnessed exceptional Defi growth in the span of merely one year according to the Chainalysis report. Starting around May 2020, Defi’s activity as a share of all transaction volume skyrocketed, reached above 50% by February.
Defi protocols enable accountability through advanced smart contract technology for blockchain and crypto-based lending platforms, investment schemes, etc. Amid regulatory disapproval of the decentralized sphere in India, Decentralized Finance could be the answer to get the government’s assistance with cryptocurrencies.
Furthermore, India tops the charts for Defi activity out of the top three countries on the global crypto adoption index. “India has a much bigger share of activity taking place on Defi platforms at 59%, versus 47% for Vietnam and 33% for Pakistan.”
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
