Chainalysis has used a specially prepared Global Crypto Adoption Index 2020 to gauge how much cryptocurrencies have permeated those societies, including governance and everyday use.
The metrics used specifically focuses on the total value of on-chain crypto transactions against the purchasing power per capita. Another metric used is the value of on-chain retail transfers against PPP.
Last but not least, the GCDI 2020 took into consideration the on-chain crypto deposits against the number of Internet users in all of the three countries. Another thing that the Index factors is the number of peer-to-peer (P2P) crypto exchanges against the number of users in the country and PPP. Meanwhile, Russia has given green light to cryptocurrencies.
Understandably, the growth has been quite uneven across the different crypto sectors in many nations. For example, in China, consumers don’t have as much access to on-chain deposits and P2P trade due to the large population and somewhat pesky regulatory measures in place.
However, both Kenya and Venezuela, for example, are in the top five overall for P2P exchanges even though they don’t cut the top ten in the other metrics. But here is the thing. Having so many self-starter types of exchanges is not necessarily indicative of larger adoption.
What should matter instead is how many of those exchanges are actually allowed by governments or at least regulated by the relevant financial authority. Without taking regulated exchanges into consideration, developing countries are actually gaining an advantage on the Index.
Chainalysis also noted that unstable countries, such as Venezuela, have seen one of the largest P2P adoptions as economic insecurity has prompted citizens to seek an alternative. Besides, crypto money is safer when you play at blockchain gaming portals.
Operators such as Bitcasino.io, 1xBit Casino and FortuneJack have all come up with reliable gaming environments for consumers in the majority of those countries who are moving fast towards mass adoption.