Ukraine is in the top three of the world ranking of countries in terms of the implementation of cryptocurrencies. Study spent analytical blockchain company Chainalysis.
The researchers wanted to know where individual, non-professional investors are using digital assets more. Countries were analyzed not by the volume of transactions, but by how much money people invest in cryptocurrency.
Ukraine is in third place in the overall rating of cryptocurrency adoption. Before us are Vietnam and the Philippines. Analysts have traced the correlation between how intensively cryptocurrency is being introduced and the income of the population.
Among the top 20 countries with a high cryptocurrency adoption rate:
- 10 are below middle income: Viet Nam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia;
- eight are upper middle income: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador;
- two high-income countries: the US and the UK.
Analysts also noted that lower- and upper-middle-income countries often rely on cryptocurrencies to transfer remittances, maintain savings during the volatility of conventional money, and meet the financial needs specific to their economies. These countries tend to rely on bitcoin and stablecoins more than others.