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Mahesh

19/09/22 10:49 AM IST

India stands fourth in Global Crypto Adoption Index 2022

In News 
  • A Chainalysis 2022 Global Crypto Adoption report has revealed that for the second consecutive year, Vietnam is ranked first in cryptocurrency adoption with an overall index ranking of 1.000, and India stood at 4th with an index score of 0.663.
Key findings 
  • The report noted, “Out of our top 20 ranked countries, 10 are lower-middle income: Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia. Eight are upper-middle income: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador.”
  • India ranks above the US, UK and Russia suggesting that the country’s crypto community is not far behind in pushing for further use of the technology.
  • The Philippines and Ukraine have taken the second and third rankings, respectively, showing a significant preference for crypto adoption in the near future.
India's Concern 
  • The rate of cryptocurrency adoption worldwide peaked in Q2 of 2021.
  • Since then, adoption has fluctuated in waves, but it’s crucial that it is still far higher than it was in the 2019 bull market, the report emphasized.
  • The Indian government still hasn’t laid out a proper regulatory framework for the cryptocurrency industry except for the 30% crypto tax which came into effect on July 1 of this year. 
Source- India Today 

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