Venezuela ranks seventh with the highest adoption of Bitcoin and other cryptos and sixth in terms of P2P trade volumes, out of a total of 150 countries studied by the research firm Chainalysis. It published a summary of the geographic report of cryptocurrencies carried out this year and whose full version will be released next September.

The firm’s index measures three aspects of the use of cryptocurrencies that allow it to define the adoption in each country: the value of transactions received in general, the value of transactions in retail and the volume of exchange in P2P exchanges.

Chainalysis highlighted that to carry out the 2021 measurement, the company made adjustments in the applied methodology. Previously, a fourth metric was also considered related to the “total of deposits in cryptocurrencies weighted according to the number of inhabitants of each country.”

The variation in the methodology could be one of the reasons why the South American country fell in its ranking. By 2020, Venezuela ranked third among the countries with the highest adoption of crypto and second in P2P trade volumes. another reason could be “the decline in Localbitcoins trading.”

Countries with variations in their index

The adjustments made in the methodology may impact the measurement and obtaining of the index in each country, since important changes are observed in the classification of the different nations. This is how Vietnan ranks first, but last year it was tenth.

India, which was not in the top 10 by 2020, is currently ranked 2nd in the standings. While Russia went from second place to 18, “perhaps because of the increasing restrictions to occupy Bitcoin and cryptocurrencies in the country.”

With respect to the Latin American region, other countries that stand out on the list are Argentina, which is among the top 10, followed by Colombia, which went from ninth to number 11, and Brazil, which ranks number 14 with the highest global adoption.

M. Rodríguez

Source: criptonoticias.com

La entrada Venezuela ranks seventh in highest cryptocurrencies adoption apareció primero en Bitfinance.

Nigeria continues with its process of adopting cryptocurrencies, despite the measures that the local government has applied against these transactions.

As recorded on various bitcoin P2P trading platforms, the second strongest week on exchanges was recorded during July.

The data presented by Google Trends highlights that the African country ranks first in the search for the word bitcoin, which provides an idea of ​​the interest of citizens in the subject.

The growing adoption of bitcoin in Nigeria has helped Sub-Saharan Africa become the leading region in P2P volume, with a weekly volume of 18.8 million dollars, surpassing 18 million in North America this last week.

Despite the measures that the country is applying, it has been assured that it is exploring the development of a digital currency created by a central bank (CBDC). The first tests are expected to be carried out in October this year.

K. Tovar

Source: Cointelegraph

La entrada Cryptocurrency use in Nigeria continues to grow apareció primero en Bitfinance.