Vietnam leads the world in crypto adoption index

 Vietnam gets a perfect score, topping the rankings of the global crypto adoption index, despite the bleak market.


Chainalysis, a blockchain market analysis company (USA), has just released a report on the Global Cryptocurrency Acceptance Index (GCAI) 2022. Data compiled and ranked from 145 countries and territories, in which Vietnam is awarded 1 point (absolute score). Second is the Philippines with 0.75 points. The next three positions are Ukraine with 0.69 points, India with 0.66 points and the US with 0.65 points. China got 0.53 points, ranked 10th.

This is the third year that Chainalysis has made the listing for cryptocurrencies. In the first year, Vietnam ranked 10th, then suddenly jumped to number one and continued to maintain the championship this year. According to Chainalysis, the above figures show the large purchasing power of the Vietnamese market in the field of cryptocurrencies and the high acceptance of people about decentralized digital currency tools, DeFi, P2P.

The rankings are based on metrics related to trading volume on centralized exchanges, peer-to-peer (P2P) trading volume, and trading volume on DeFi platforms. Indicators are averaged over a year, on a scale of 0-1 for each country.

Chainalysis rankings.
Chainalysis rankings.

Some other statistics also show similar results about Vietnamese people's interest in cryptocurrencies. A poll from 2020 by Statista showed that 21% of Vietnamese surveyed said they knew or used cryptocurrencies.

According to experts, one of the reasons why the cryptocurrency adoption index in Vietnam is so high is that Vietnamese people grasp the world's new trends very quickly. The highest-grossing P2E game in the world, Axie Infinity, was released by Vietnamese people. New trends such as M2E (running for money) also quickly blossomed and were well received by many Vietnamese.

Vietnam is also one of the first countries in the world with a legitimate Blockchain Association. During his visit to Vietnam in June, billionaire Changpeng Zhao (CZ), founder of Binance, repeatedly affirmed that Vietnam is a pioneer in the blockchain field.

"The potential of the Vietnamese blockchain industry is huge, there are many passionate and knowledgeable employees about technology. After interacting with the Vietnamese technology community, I see that they are very creative, many people are inspired. interested in new technologies such as blockchain. Vietnam is a potential market for Asia in this area," said CZ.

The Chainalysis report shows that the crypto adoption index peaked in the second quarter of 2021, then gradually decreased in the first two quarters of 2022. One of the reasons is that the market is entering a winter cycle, the price of which Cryptocurrencies continuously hit the bottom, GameFi and DeFi projects reduce their attractiveness.

Based on the World Bank's clustering list, Chainalysis indicates that people in low-middle-income countries are more accepting of cryptocurrencies. “In the coming years, it will be interesting to see what solutions the crypto industry can build to drive greater adoption by high-income economies,” Chainalysis reports. write.

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