Ukraine surpasses Russia in Chainalysis global crypto-adoption index

Ukraine ranked third in the cryptocurrency adoption index for 2022, according to data from analytics firm Chainalysis.

Vietnam took first place in the global index, the Philippines second. Russia ranked ninth, with China rounding out the top 10.

Experts noted that in developing-market economies, digital assets are more often used to send remittances, preserve savings, and meet other financial needs of the population:

“These countries tend to rely on Bitcoin and stablecoins more than others.”

Chainalysis data also show that the critical mass of new users investing in cryptocurrencies during price surges remains in the market even after asset prices decline.

“Developing countries dominate the adoption index mainly because crypto assets provide unique, tangible advantages in unstable economic conditions,” analysts say.

When compiling the ranking, Chainalysis considered indicators such as:

• the value of cryptocurrencies passing through centralized exchanges;
• P2P trading volume;
• the volume of transactions conducted through DeFi protocols, etc.

The calculations accounted for purchasing-power parity per capita.

In 2021, Ukraine and Russia ranked 4th and 18th respectively in the Chainalysis index.

Earlier Ethereum co-founder Vitalik Buterin stated that Ukraine may become a crypto-hub, because it has “the ability and the resolve” for this.

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