Chainalysis 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 12^th, 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.”