Ukraine and Russia Lose Leadership in Chainalysis Global Crypto Adoption Index

Residents of Ukraine and Russia ranked 4th and 18th, respectively, in the Global Crypto Adoption Index for 2021, according to a report by the analytics firm Chainalysis.

\n\n\n\n

Our 2021 Geography of Cryptocurrency Report is here! Download now for region-by-region analysis of cryptocurrency trends around the world, plus the full country rankings of our Global Crypto Adoption Index and DeFi Adoption Index. https://t.co/X0E6Yselpc pic.twitter.com/5OqmV3cLfG

— Chainalysis (@chainalysis) October 14, 2021

\n\n\n\n

Last year the countries occupied the first and second places respectively.

\n\n\n\n

Chainalysis explains that the drop in rankings stems from a decline in transaction volume on P2P platforms. It shows Ukraine falling from 11th to 38th, and Russia from 9th to 119th. Analysts partly attribute this to changes in methodology.

\n\n\n\n

\”This year we included more P2P exchanges in the analysis and allocated their activity based on web traffic, rather than fiat currencies in the most popular P2P trading pairs, as in the previous year,\” the researchers stated.

\n\n\n\n

Despite the decline in P2P activity, Russia and Ukraine show high volumes of transactions on centralized cryptocurrency platforms overall, as well as in relation to retail-level operations.

\n\n\n\n

From July 2020 to June 2021, residents of Eastern Europe received around $422 billion in cryptocurrencies, ten times higher than the previous year’s figure.

\n\n\n\n

During the study period the region accounted for 11.8% of global cryptocurrency transactions. The majority of these are international transactions.

\n\n\n\n

Chainalysis estimates that only 14% of the total transaction volume occurs between two addresses located in Eastern Europe. By comparison, globally this figure is 22%, for North America and Western Europe 26%, for East Asia 27%. Analysts partly attribute this difference to capital outflows.

\n\n\n\n

Chainalysis estimates that 86% of all cryptocurrency sent from addresses in Russia, and 87% sent from Ukraine, end up at foreign addresses.

\n\n\n\n

The largest recipients of funds from Eastern Europe are Western European countries. They are followed by North America and East Asia.

\n\n\n\n

Earlier in September, Chainalysis reported that Eastern Europe entered the lead in the number of crypto transactions, related to illicit activity.

\n\n\n\n

More than half of the amount sent by regional users to fraudulent addresses was attributed to the Finiko pyramid.

\n\n\n\n

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.

\n\n\n\n