China Is Among the Top 10 Countries by BTC Usage Despite the Ban

by in Cryptocurrency News

China crypto adoption

According to the 2022 global crypto adoption report by the blockchain data platform Chainalysis, crypto adoption slows worldwide in a bear market. However, it is still above the pre-bull market levels. Growing constantly since mid-2019, this year the total crypto adoption has leveled off.

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Based on the quarterly index scores of 154 countries, crypto adoption reached its current record high in Q2, 2021. Since then, it has been seeing ups and downs. In the last two quarters we've entered a bear market.

Data reveals that the leading country by crypto adoption is Vietnam. China is active despite the ban and ranks 10 by the crypto adoption index. Other countries in the list are Philippines, Ukraine, India, US, Pakistan, Brazil, Thailand, Russia, and more.

Chainalyisis mentions that one trend that they noted is the dominance of emerging markets in the list.