In the report published by Chainalysis, the countries with the highest use of cryptocurrencies were announced. In this report, which examines the use of crypto money in the country, countries with an underdeveloped economy were at the forefront.
Chainalysis, one of the most important blockchain research firms, developed the Global Crypto Adoption Index to measure the interactions of people with digital currencies around the world. In line with this index, 10 countries that can best adapt to crypto money have been announced. In a blog post posted on its official site, Chainalysis explained that the purpose of this index is to reveal the acceptance of cryptocurrencies among the daily and ordinary user base.
Chainalysis announced in a statement that they took into account the population and size of each country’s economy when preparing the list. The company examined the total value of cryptocurrencies purchased at the retail level in countries, trading activities and trade volume with two criteria.
Chainalysis analyzed 154 countries in this study and identified the top 10 countries. While Ukraine took the first place, Venezuela, whose close relationship with BTC and other cryptocurrencies is constantly on the agenda, has found itself in the top 3. Kenya entered the top five, while the USA ranked 6th. Russia, which is on the agenda with bans on Bitcoin, ranks second on the list.
Developing or Underdeveloped Countries Draw Attention
According to the published list, there are only 2 countries with developed economies in the top 10: the USA and China. In addition, 3 African countries; Kenya, South Africa and Nigeria managed to make it to the list. One of the most important reasons why countries with undeveloped or developing economies adapt to cryptocurrency is successful in this way can be shown as the low value of the national currencies of the countries against the leading currencies such as the dollar. Citizens of countries with negative economies in this way may have turned to digital currencies, which can be an alternative to the dollar and are more accessible.
According to the statements made by Kim Grauer, the head of Chainanlysis, the use of cryptocurrencies in Venezuela, one of these countries, is not due to popularity, but a need. Grauer pointed out that Venezuelan citizens are looking for a stable investment source with cryptocurrencies.
Why Ukraine Lead the List?
With its unstable economy triggered by internal developments, Ukraine has created a suitable base for the widespread and adoption of cryptocurrency use and managed to lead the list. According to the article published by the Ukrainian Ministry of Digital Transformation, there are several different reasons why digital money is so popular. The first is to have a generally curious population of technology and blockchain systems. Another is the money transfer systems that run slowly in the country. And finally, there is no stock market in the country where people can invest or trade.