Vietnam, Bharat and Pakistan are leading the globe in terms of cryptocurrency adoption, underscoring the resilience of peer-to-peer budgetary systems in emerging economies.

Chainalysis' 2022 Global Crypto Adoption Alphabetize evaluated 154 countries based on three cardinal metrics: on-chain cryptocurrency value received, on-concatenation retail value transferred and peer-to-peer exchange merchandise volume. Each metric was weighted by the purchasing ability parity.

Vietnam received the highest alphabetize score for its stiff performance across all three metrics. India was a distant 2d, but still performed uncommonly well for on-concatenation value received and on-chain retail value received. Pakistan came in tertiary with a stiff showing across all 3 metrics.

The peak 20 countries were largely fabricated upward of emerging economies, with the likes of Tanzania, Togo and fifty-fifty Afghanistan making the ranks. Interestingly, the United States and People's republic of china saw their rankings skid to 8th and 13th, respectively. For the 2022 index, China ranked fourth and the Usa held down the 6th spot.

Crypto adoption is growing around the globe, especially in emerging markets. Source: Chainalysis.

Vietnam's strong ranking is further corroborated by a divide report conducted past the Commonwealth of australia-based comparing website Finder.com. In the report of retail users, Vietnam led 27 countries in terms of cryptocurrency adoption.

Peer-to-peer cryptocurrency exchanges, similar LocalBitcoins and Paxful, are leading the adoption surge, especially in countries such as Kenya, Nigeria, Vietnam and Venezuela. Some of these countries have experienced strict capital controls and hyperinflation, making crypto an essential ways for engaging in transactions. As Chainalysis noted, "P2P platforms accept a greater share of full transaction volume fabricated upward of smaller, retail-sized payments under $10,000 worth of cryptocurrency."

Related: Nigerian crypto adoption rises despite gov't crackdown

As of early August, Nigeria ranked outset in the world for "Bitcoin" Google searches. The nation of 400 meg has fabricated sub-Saharan Africa the global leader in P2P Bitcoin (BTC) trading.

Meanwhile, in Latin America, several countries are exploring the possibility of a more than mainstream acceptance of digital assets such every bit Bitcoin. In June, El salvador became the first country in the world to recognize BTC as legal tender.

Related: President of Argentina open to Bitcoin and a CBDC, but primal banking company says no