Low-income countries lead in cryptocurrency adoption

Analysts at Chainalysis (an American blockchain analysis firm) note that the adoption of cryptocurrencies is significantly higher in developing countries, but rich countries generate much more significant transaction volume. Experts analyzed 13 billion visits to cryptocurrency sites. They tracked 5 activity categories and compared purchasing power parity (PPP) per capita. Countries with low PPP had a higher rating. The report highlights that adoption of cryptocurrencies is declining globally, except in lower-middle-income countries.

 The most popular digital assets are among the population of countries such as India, Nigeria, and Ukraine. “This could be promising for cryptocurrencies. Low- and middle-income countries are often booming, with rapidly growing economies, industries, and populations. And cryptocurrencies could be an important part of this future,” the report notes. Currently, low-income countries do not generate a huge volume of transactions. The leaders in this indicator remain the Central Pacific region, developed European countries, and North American countries. At the same time, in developed countries, there is a decline in the volume of transactions carried out by institutional investors. In addition, the share of transactions in stablecoins is falling.

 The share of transactions in DeFi projects collapsed from 75% in August 2022 to less than 50% in July of this year. Turkey leads in the volume of web traffic to non-fungible token (NFT) marketplaces, and Saudi Arabia became the leader in the growth of transaction volumes (+12%). In Latin America, the leaders in terms of transaction volume are Argentina and Brazil - residents of these countries use cryptocurrencies to protect against inflation. Earlier, analysts reported that the UK has become the third country regarding the volume of cryptocurrency transactions. (this statistic was taken from binance.com)

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