Vietnam Had the World's Highest Cryptocurrency Adoption Index Score in 2021

Global cryptocurrency adoption surged 881% in 2020. According to a 2021 Chainanalysis report, Vietnam led the world in cryptocurrency adoption, achieving a crypto adoption index score of 1.0.

India ranked second with a score of 0.37, followed by Pakistan at 0.36. Ukraine and Kenya scored 0.29 and 0.28 respectively.

Chainalysis found that several of the top 10 cryptocurrency-adopting countries were developing nations, including Kenya, Nigeria, and Venezuela. While Indonesia did not make the top 10, Chainalysis assigned it an index score of 0.1.

The report also noted that countries like Kenya, Nigeria, Vietnam, and Venezuela had high peer-to-peer (P2P) transaction volumes relative to their per capita purchasing power parity and internet user population.

Currently, many people are turning to cryptocurrencies to enhance their savings, particularly in the face of currency devaluation, to send and receive remittances, and to conduct business transactions.

The Global Crypto Adoption Index uses three parameters to calculate its score: the value of on-chain cryptocurrency received, the value of on-chain retail transferred, and P2P trading volume. The index score is on a scale of 0-1. The closer the index score is to 1, the higher the ranking.