The blockchain analytics firm Chainalysis has recently <a href="https://go.chainalysis.com/rs/503-FAP-074/images/2020-Geography-of-Crypto.pdf" target="_blank" rel="noopener">released</a> a new crypto adoption index indicating that any kind of crypto-related activity is prospering around the world. 

While preparing the index, the researchers assembled the data related to the onchain digital currency retail value transferred, onchain crypto deposits, peer-to-peer exchange volume, and different kinds of methodology.
<h2>‘2020 Geography of Crypto’ By Chainlysis</h2>
The new report published by Chainalysis called the ‘2020 Geography of Crypto’. 

This report examines the increasing adoption of cryptocurrencies in 154 countries around the world. 

 The crypto adoption index was prepared after examining 154 countries. While doing so, Chainalysis found that out of that out 154, only 12 countries had very little traction.

The lowest-ranked nation-states in the crypto adoption are Afghanistan, Algeria, Cape Verde, Chad, Fiji, Laos, Libya and Mongolia.

As per the report, four individual metrics, which are combined together to form official ranking, rates the top ten countries.

Further, it has been reported that Ukraine is the top country that has received the onchain value, onchain retail value, a huge amount of onchain deposits, and also the p2p trade volume.

Russia, Venezuela, China, Kenya, the US, South Africa, Nigeria, Colombia and Vietnam are the countries that fall behind Ukraine in the ranking. 
<h2>Cryptocurrencies Are Global</h2>
<a href="https://www.cryptoknowmics.com/news/etc-labs-announces-partnership-with-chainalysis-to-offer-kyt-solution/">Chainalysis</a>, in its report, mentioned that in the current time period, Cryptocurrencies have become global.  

Additionally, the blockchain analytical company stated, “Venezuela is an excellent example of what drives cryptocurrency adoption in developing countries and how citizens use [crypto] to mitigate economic instability— Venezuelans use cryptocurrency more when the country’s native fiat currency loses value to inflation.”

According to the report published by Chainalysis, Africa and East Asia also support this wealth preservation plan. 

It is important for developing nations to have at least one crypto exchange in their region for crypto adoption.

Chainalysis study has indicated that due to remittance and currency devaluation in Africa, crypto adoption is increasing in the continent.

East Asia Is Leading World’s Onchain Crypto Activity, Reports Chainalysis

Chainalysis has recently released a new crypto adoption index indicating that any kind of crypto-related activity is prospering around the world.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

East Asia Is Leading World’s Onchain Crypto Activity, Reports Chainalysis

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