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India ranks second in cryptocurrency adoption in the world: Report

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India had an index score of 0.37 followed closely by Pakistan at third position with an index score of 0.36. Vietnam stood at the first position with an index score of 1. India has ranked second, among 154 countries, in global cryptocurrency adoption according to the 2021 Global Crypto Adoption Index by Chainalysis, a blockchain data platform. The Global Crypto Adoption Index measures which country has the highest cryptocurrency adoption. The first index was released in 2020. According to the report, there has been an increase in the adoption of cryptocurrency globally by 881 percent in the last year and by 2300 percent since the third quarter of 2019.  As of the date of publishing this report, cryptocurrencies aren’t banned/illegal in India but they are unregulated thus being a grey area for investors. While a cryptocurrency bill is still in the pipeline and yet to be approved by the Union cabinet Ministry, experts believe that once regulated, crypto will emerge as a new-age asset class in the country.  More details on the Global Crypto Adoption Index 2021 The Global Crypto Adoption Index is made up of three metrics, all of them weighted by purchasing power parity (PPP) per capita: On-chain cryptocurrency value received: Each country is ranked by total cryptocurrency activity, but the rankings are weighted to favour countries where that amount is more significant based on the wealth of the average person and the value of money generally within the country. On-chain retail value transferred: The goal of this metric is to measure…

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