Venezuela ranks seventh in highest cryptocurrencies adoption
Research firm Chainalysis determined the global index of cryptocurrency use among 150 countries, with Vietnam and India ranking first
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
