India ranks first within the Chainalysis 2024 crypto adoption rating

“Our Global Cryptocurrency Adoption Index 2024 has arrived! The top 10 countries have embraced 5 continents, but Central and Southern Asia and Oceania (CSAO) have dominated the list. Keep reading to see the top 20 countries and to learn about global adoption trends.”

In observe, the report describes that the info evaluation is each on-chain and off-chain and that India has been discovered to be the nation with essentially the most widespread adoption of criptovalute on the earth.

Not solely, within the high 20 international locations, however seven belong to the area of Central and South Asia and Oceania (CSAO). Moreover India, in actual fact, the opposite six international locations on this space are Indonesia, Vietnam, Philippines, Pakistan, Thailand, and Cambodia. 

Within the general rating, there may be Nigeria in second place, the USA in fourth place, Ukraine and Russia in sixth and seventh place respectively. Brazil, alternatively, closes the rating in tenth place. 

India and crypto adoption 2024: the rating by Chainalysis

Chainalysis additionally needed to publish the methodology used to calculate the international cryptocurrency adoption index, which has modified through the years. 

In the meantime, a complete of 151 international locations have been categorised primarily based on the usage of crypto but additionally on crypto providers, weighing the obtainable information. Right here is the way it reads within the report:

“The Global Crypto Adoption Index is composed of four sub-indices, each of which is based on the usage by countries of different types of cryptocurrency services. We rank all 151 countries for which we have sufficient data on each sub-index, weight the rankings based on characteristics such as population size and purchasing power, take the geometric mean of each country’s rankings across all four, and normalize the final number on a scale from 0 to 1 to assign each country a score that determines its overall ranking. The closer a country’s final score is to 1, the higher its ranking.”

Concerning India, the top-ranked nation achieved a larger rating within the sub-index “DeFi”. Nigeria, alternatively, achieved a larger rating within the sub-index “Centralized Services”.

Quite the opposite, gli USA report a very excessive rating within the sub-index “Servizi Centralizzati Retail”. 

Crypto Crime 2024 and the Pig Butchering

Chainalysis is understood for its annual experiences, additionally referring to the present 12 months. Along with crypto adoption, the blockchain evaluation firm has reported information on crypto crime 2024. 

Not too long ago, in actual fact, it was revealed the second mid-year replace, with necessary revelations.

For instance, it has emerged that romantic scams have seen an 85-fold improve since 2020. Not solely that, 43% of rip-off flows in 2024 have been funneled into wallets created this 12 months, many linked to Pig Butchering schemes. 

For this romantic rip-off approach, one of many largest wallets found this 12 months is related to KK Park from Myanmar, identified creator of Pig Butchering scams. The pockets has already collected over 100 million {dollars}.