India ranks first in 2023 Global Crypto Adoption Index
- India has been ranked first in the 2023 Global Crypto Adoption Index, released annually by crypto analysis firm Chainalysis.
- India’s rank has jumped from 4th place in 2022 to 1st in 2023.
- Overall 154 nations were ranked in grassroots crypto adoption.
- The ranking shows how average people in a country are adopting and using crypto in their daily lives.
- The countries were ranked based on 5 parameters namely
- Centralized service value received,
- Retail centralised service value received,
- P2P exchange trade volume ranking
- DeFi value received
- Retail DeFi value received
- India achieved first rank in four out of the 5 parameters.
- Top 5 Countries in Crypto Adoption:
- India
- Nigeria
- Vietnam
- United States
- Ukraine
Source: Hindubusiness Line