According to the recently released Global Cryptocurrency Adoption Index 2023 report by blockchain analytics platform Chainalysis, India tops the list for cryptocurrency adoption, CoinGabbar reported. The index, which appears in Chainalysis' annual "Cryptocurrency Geography" report, specifically assesses cryptocurrency adoption among the general population, rather than focusing solely on transaction volume. India ranks higher in the index than other countries with higher levels of cryptocurrency trading and mining activity. Furthermore, when examining the top countries based on raw estimated cryptocurrency values received between July 2022 and June 2023, India ranks second.
According to a Chainalysis report, India received approximately $250 billion worth of cryptocurrencies over the past year, second only to the United States, which received approximately $1 trillion worth of cryptocurrencies during the same period. India ranks first in the comprehensive index ranking, centralized service value ranking, retail centralized service value ranking, and DeFi value ranking, but ranks fifth in the P2P exchange trading volume ranking. India is followed by Nigeria, Vietnam, the United States, Ukraine, the Philippines and Indonesia.