India Narrowly Edges Past USA in the Crypto Adoption Index 2022

India is placed at number four in global crypto adoption index ahead of the United States. India was placed second in the 2021 global crypto adoption index

By
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

India has been one of the major adopters of crypto tokens. However, the reluctance of the Union Government has been a major roadblock in legalizing the use cases of crypto. According to a report by Chainalysis, India is placed at number four in the global crypto adoption index ahead of the United States.

Pexels

It is for the second consecutive year that Vietnam has topped the global crypto adoption index with an overall rating of 1.000 whereas India had an overall rating of 0.663.

The crypto market has witnessed major ups and downs throughout the year and has been dubbed the 'Crypto Winter' by experts. The market is surprisingly in better shape than expected as the market exceeds the pre-bull market levels in 2019 despite the fall of Terra LUNA and USDT stablecoin.

India was second in the Chainalysis 2021 Global Crypto Adoption Index. The bear market and the decline of major cryptocurrencies have hit the adoption of crypto in India.