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India Ranks First Among 154 Nations in Grassroot Adoption of Crypto

India has achieved the top rank among 154 nations in grassroots crypto adoption, displaying remarkable resilience in the face of challenging regulatory conditions, as revealed by Chainalysis’ 2023 Global Crypto Adoption Index.

Key Parameters and India’s Success

India has secured the first position in four critical parameters:

  1. Centralized Service Value Received
  2. Retail Centralized Service Value Received
  3. DeFi Value Received
  4. Retail DeFi Value Received

This impressive ascent from fourth place last year underscores India’s growing embrace of cryptocurrency among everyday citizens.

Understanding Grassroots Crypto Adoption

Grassroots crypto adoption goes beyond raw transaction volumes. It reflects the extent to which ordinary people in a country are enthusiastically adopting cryptocurrency. It’s about the widespread acceptance and utilization of crypto in daily life.

Global Rankings

India’s pioneering position is followed closely by:

  1. Nigeria, ranking second in the index.
  2. Vietnam, securing the third spot.
  3. United States, holding the fourth position.
  4. Ukraine, coming in fifth.

Crypto Adoption in Low-Income Countries

A noteworthy trend identified in the report is the dramatic increase in crypto adoption in low-income countries. This surge was triggered by the collapse of FTX, which occurred late in 2022. Despite initial setbacks, these nations have shown remarkable resilience in embracing cryptocurrencies.

Challenges Faced by India

India’s impressive crypto adoption is particularly remarkable given the challenges it faces. The government has introduced stringent taxation rules, including a 30% tax on gains and a 1% TDS (Tax Deducted at Source) on crypto trades. These measures have adversely impacted trade volumes within the country.

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