Key facts:
India maintained its top position in the annual global cryptocurrency adoption report.
Central and South Asia lead the 2024 Index, with seven of the top 20 countries located in
Mexico continues to climb positions in the cryptocurrency adoption ranking, consolidating itself as the third country in Latin America with the highest use of bitcoin (BTC) and other digital assets. It even surprisingly surpassed Argentina, as revealed in the annual report published yesterday by the blockchain analysis firm Chainalysis.
In the list, Brazil and Venezuela lead the adoption of cryptocurrencies in Latin America occupying the 10th and 13th places, respectively, in the top 20 countries with the highest use of cryptoassets in the world.
Mexico now occupies the 14th position, surpassing Argentina for the first time, which is in 15th place. This improvement is due to the fact that The Aztec country has climbed two positions compared to last year’s global index, when Argentina ranked 15th and Mexico 16th.
This notable advancement comes after Mexico rose 12 spots in the 2023 report, marking its first appearance in the top 20 nations with the highest cryptocurrency adoption. The current two-spot rise from the previous year’s index reflects the growing interest and activity in the field of digital currencies such as bitcoin in the country.
In the report This year, the fifth conducted by Chainalysis, A higher score is given to Mexico (0.185) than that given to Argentina (0.181). This is taking into account that the index awards scores from 0 to 1, where one represents the highest adoption. In 2024, the average score for 151 countries reached an average of 0.75, a significant increase compared to 0.25 in the first quarter of 2023.
The firm adds that to calculate its sub-indexes, it analyses cryptocurrency transaction volumes in various countries, using web traffic patterns of the relevant services and protocols.
This year it ranked 151 countries for which sufficient data existed between Q3 2021 and Q2 2024, with a slight change to its methodology. This was by excluding the calculation of P2P trading volumes for cryptocurrency exchanges and instead taking into account Decentralized Finance (DeFi) activity.
The report also highlights that despite the overall increase in activity with bitcoin and other cryptocurrencies globally, Interest in stablecoins has grown significantly in regions such as sub-Saharan Africa and Latin America, thanks to its use in both retail and institutional transfers.
India and Nigeria lead global adoption of cryptocurrencies
Global cryptocurrency adoption is led by India, which maintains its top position, followed by Nigeria in second place and Indonesia, which has seen year-over-year growth of almost 200% and has positioned itself in third place in the ranking compiled by Chainalysis.
The United States, for its part, occupies fourth place, while Vietnam has fallen to fifth. It is noteworthy that seven Of the top 20 countries came from the Central Asian region and Southern and Oceania, which, in addition to India, include Indonesia, Vietnam, the Philippines, Pakistan, Thailand and Cambodia.
The firm also notes that the growing legitimacy of the cryptocurrency ecosystem in India is due to recent favorable regulation for the positioning of exchanges such as Binance and KuCoin, favoring a more robust investment environment.
On the other hand, the Indonesian market is characterized by a less regulated push, where high-risk cryptocurrency investment opportunities generate high participation.
In the paper, Chainalysis notes that last year, growth in cryptocurrency adoption was driven primarily by lower-middle-income countries, while This year, the use of cryptoassets increased in countries of all income levelswith a decline in high-income countries from early 2024.