The Southeast Asian nation has appeared on many recent cryptocurrency lists. Vietnam was placed second on Binance’s ranking of the top five nations when it comes to cryptocurrency adoption earlier in August. India, Pakistan, Ukraine, and Kenya make out the top five on Chainalysis.
As per the Chainalysis study, the blockchain information platform evaluated the ratings by purchasing power parity (PPP) in order to favor nations with a greater level of cryptocurrency engagement based on the average person’s wealth and the worth of money inside the country.
“Several developing market nations, including Kenya, Nigeria, Vietnam, and Venezuela, score high on our index, owing to significant trading volumes on peer-to-peer (P2P) platforms when balanced for PPP per capita and internet-using people.
According to our discussions with professionals in these nations, many people utilize peer-to-peer cryptocurrency exchanges as their main on-ramp into cryptocurrencies, frequently because they do not have connectivity to centralized exchanges.”
According to Chainalysis, the general degree of cryptocurrency usage across the world is “skyrocketing,” and the reasons fueling these numbers may vary by location.
“Our study indicates that the motives for this growing usage vary across the globe – in emerging markets, many people use cryptocurrency to protect their savings from currency depreciation, send and receive remittances, and conduct commercial transactions, whereas adoption in North America, Western Europe, and Eastern Asia has been driven primarily by institutional investment over the past year.