India has climbed to the second rank in a list of countries with the highest cryptocurrency adoption rate, according to a report that measures cryptocurrency usage and adoption by individuals. Vietnam ranked the first on this list of 20 countries, with India on second, followed by Pakistan, a Chainalysis report said.
This survey was done for 154 countries and interestingly, the top 20 countries on the index are the emerging economies. On the other hand, the two most developed economies -- the US and China -- have climbed down. The US stands at eighth position and China is down to thirteen.
The overall crypto transactions in Asia, have surged to over 700 percent in the past year. These transactions are worth over $ 572 billion, meaning over 14 percent of the global transaction come from Asia.
Over 40 percent of the transactions above the value of $10 million come from India, the report said. And Vietnam and Pakistan contribute over 28 percent to this figure. These large transactions are coming from institutions.
Chainalysis has considered three key metrics. One, the on-chain crypto value received. Two, on-chain retail value transferred. And three, peer-to-peer exchange trade volume. India stands tall in the first two metrics and these numbers continue to be strong even in this quarter.