Last Updated on: 5th July 2023, 07:00 pm
The acceptance of cryptocurrencies will continue to increase worldwide in 2021, with the trading intensity increasing dramatically based on a regional presence after recurring upward and downward trends.
Meanwhile, the blockchain data platform Chainalysis has produced a report on the Global Crypto Adoption Index based on business metrics.
Ukraine and Russia are leading the crypto adoption movement, well ahead of tech-savvy countries like the United States, China, and Japan, the report found. African nations have also secured large places in the top 20 list. Kenya ranks fifth, South Africa seventh, and Nigeria a comfortable eighth place.
In Asia, Pakistan ranks 15th in the world when it comes to adopting digital currencies.
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Chainalysis also estimates that Pakistan received more than $1.5 billion in cryptocurrencies in the past year, with many analysts suggesting that if transactions had been facilitated, it could have been much, much more in 2020-2021.
In addition to Pakistan, other Asian countries have made impressive strides in adopting crypto over the past 14 months.
China ranks fourth, Vietnam tenth, India eleventh, Thailand twelfth, and South Korea seventeenth. The Middle East is also catching up, although many countries in the region are still not allowing blockchain-related activities.
Globally, businesses and consumers are increasingly open to blockchain technology and cryptocurrencies, leaving the big players in retail and online payments with no other choice to answer the question.
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In general, although large companies are becoming more active with blockchain, many newcomers are expected to enter the market in the near future.
