Mexico ranks 28th out of 146 countries in the cryptocurrency adoption index of Chainalysis 2022. With a score of 0.323, the country climbed 16 notches from 44th place in 2021. The top positions in the index are occupied by emerging countries such as Vietnam, the Philippines, Ukraine and India.
In Latin America, according to the level of cryptocurrency adoption, Mexico is behind countries such as Brazil (7), Argentina (13), Colombia (15) and Ecuador (18). While in the North American region, the country is also behind the United States (5) and Canada (22).
El Salvador, which in mid-2021 enacted a law to make the bitcoin cryptocurrency legal tender in its territory, occupies position 55 out of 146 in the index carried out by Chainalysis.
The Chainalysis crypto adoption index not only measures the volume of cryptocurrency transactions in each country, but also seeks to analyze those countries where people are placing the majority of their capital in cryptocurrencies. To build the index, the company relies on five different crypto services:
- Value of cryptocurrencies received by centralized exchanges weighted by purchasing power parity (PPP) per capita.
- Retail value received by centralized exchanges weighted by PPA per capita.
- Volume of peer-to-peer (P2P) trading, PPP-weighted per capita and number of Internet users.
- Cryptocurrency value received from decentralized finance (DeFi) protocols weighted by PPP per capita.
- Retail value received from DeFi protocols weighted by PPA per capita.
These are the top 30 places in the Chainalysis Cryptocurrency Adoption Index 2022:
- Vietnam
- Filipinas
- Ukraine
- India
- USA
- Pakistan
- Brazil
- Thailand
- Russia
- China
- Nigeria
- Turkey
- Argentina
- Morocco
- Colombia
- Nepal
- United Kingdom
- Ecuador
- Kenya
- Indonesia
- Germany
- Canada
- South Korea
- Egypt
- Belarus
- Japan
- Cambodia
- Mexico
- Malaysia
- South Africa
As can be seen in the table, the vast majority of countries that occupy the first places in the index are low- or middle-income countries, while only six nations (United States, United Kingdom, Germany, Canada, South Korea and Japan) are countries where its inhabitants receive a high income on average.
“Users in lower-middle and upper-middle income countries often rely on cryptocurrencies to send remittances, preserve their savings in times of fiat currency volatility, and meet other financial needs unique to their economies,” Chainalysis said in a statement.
After growing steadily since mid-2019, the adoption of cryptocurrencies began to decline from the last quarter of 2021. However, the use of cryptocurrencies remains at levels well above those prior to the covid-19 pandemic.
“The data suggests that a critical mass of new users who invest capital in cryptocurrencies during periods of price growth tend to stick around even when prices fall, allowing the ecosystem to steadily grow on the network over cycles. of the market”, detailed the company.
Founded in 2013, Chainalysis is an American company that offers an intelligence platform on those markets that depend on blockchain technology. It offers its services in 70 markets and counts among its clients the United Nations Office on Drugs and Crime (UNODC), the British bank Barclays and fintech Square.
rodrigo.riquelme@eleconomista.mx
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