Russia is dropping out of the top ten leaders in the adoption of cryptocurrencies; it is inferior to Turkey and China.
According to the Chainalysis Global Cryptocurrency Adoption Index 2023, the leaders in cryptocurrency adoption are India, Nigeria and Thailand.
Russia took 13th place in the ranking of 20 countries, falling over the year from 9th place. At the same time, in terms of the volume of transactions on peer-to-peer trading platforms (P2P), Russia remains in 36th place as of 2023.
Despite the low rating in the P2P trading category, there are a number of platforms in Russia that allow users to trade cryptocurrencies directly with each other.
Which countries are the leaders in the implementation of cryptocurrencies?
Countries with below-average per capita incomes are leading in the mass adoption of cryptocurrencies: India is in first place, followed by Nigeria and Vietnam in second and third, respectively. This is followed by the USA, Ukraine, Philippines, Indonesia, Pakistan, Brazil and Thailand.
“We combine on-chain data with real-world data to determine which countries are leading the world in mass adoption of cryptocurrencies,” Chainalysis said.
Countries in Central and South Asia, as well as Oceania, are demonstrating dominance in the mass adoption of cryptocurrencies. Six of the top ten countries in mass adoption of digital assets are in these regions. The region also accounts for about 20% of global cryptocurrency activity in terms of outstanding transaction volume, ranking third behind North and Central America, Northern Europe and Western Europe.
Ukraine is ahead of Russia
According to another June report, the leader in cryptocurrency penetration is the UAE, where more than 27% of the population uses digital assets; in second place is Vietnam, where every fifth resident of the country uses digital assets; and the UAE is a leader in the use of digital assets, with more than 20% of the country's population using digital assets.
In the overall ranking, Russia is in 11th place. In Russia, with a population of 144.4 million people, 8.5 million people own cryptocurrencies. This puts the digital asset penetration rate at 5.87%. This is half as much as in Ukraine, where this figure is 10.3% (3.8 million people).