Chainalysis report shows Central, Southern Asia leading in digital currency adoption

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They say the best way to learn is by doing, and that’s what’s happening with blockchain technology and digital currencies in Central & Southern Asia and Oceania (CSAO). According to Chainalysis’ most recent ‘Global Crypto Adoption Index’, India, Nigeria, Vietnam, the United States, Ukraine, Philippines, Indonesia, Pakistan, Brazil, and Thailand could be introducing a wave of blockchain-fueled technologies come 2023. Despite a global drop in overall usage, rankings show an uptick in Lower Middle Income countries who are finding all sorts of uses for the likes of digital coins – remittances, payments, hedging against inflation, gaming, trading, and more. With burgeoning industries and a dynamically growing population, a firm understanding of the possible futures of both digital currencies and existing technology should be a priority.

Chainalysis tallied up the number of transactions and published their findings yearly, after an extensive survey of figures from 154 countries. The subindexes reflect each country’s take on utilizing associated services and are weighed up by population and purchasing power for accuracy. Every country is placed accordingly by scoring a 0-1 rating, with 1 being the highest. The content of the report digs deeper still – showcasing evidence that transactions thematically link back to speculations and usage of digital currencies for specified purposes. However, Low Medium Income countries face struggles with decentralised payments systems, which prevents massive leaps in their stats.

The report serves not only as an eye-opener for developing countries but is also a reminder that though the West have a slight delay, legislation and originality must be pushed towards a new direction if it wishes to keep up. Viewers may be interested to check out the latest Talk from Digital Yulau Asia’s “Southeast Asia Tech Week: Search for PH tech unicorn is underway” and watch small markets give Invention a try swiftly.

Robert Wilson author
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