The results show distributed global adoption, from Southeast Asia to Eastern Europe and Latin America, with the US also making progress from last year.
According to Kim Grauer, director of research at Chainalysis, while this year’s index shows no substantial changes from 2021, it conveys the different ways people use cryptocurrencies.
What place does Argentina occupy?
Argentina, which ranks 13th, suffers from severe inflation with restrictive regulations (what we call exchange rate traps). For many, cryptocurrencies offer access to the world financial system, with inherent risks that are often outweighed by the weakness of their countries’ currencies, which explains in this case why the country continues to occupy a relevant position on a global scale. As for Latin America, it is behind Brazil.
It is important that in 2021, Argentina was ranked 10th in the same study, which is why it fell in the table in terms of adoption, while Brazil advanced seven positions.
What happens in Latin America
Latin America It’s still a diverse region in terms of use cases and economic context, but Chainalysis research indicates that adoption is still following the same general trend. Unlike in Southeast Asia or India, where many turn to apps like NFTs and games, adoption in Latin America is driven by more traditional crypto assets offered through exchanges and fintech platforms.
Brazil, the largest country in Latin America Ranked seventh globally, it is home to some of the most innovative fintech offerings in the region, including e-commerce giant Mercado Libre, which launched a cryptocurrency exchange and its own token through Mercado Pago. Another example is Nubank, the largest digital bank in Brazil, which reached 1 million users on its cryptocurrency trading platform just a month after its launch this summer.
Top 10 countries with the highest adoption
- Vietnam
- Philipphinas
- Ukraine
- India
- USA
- Pakistan
- Brazil
- Thailand
- Russia
- China
Source: Ambito
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