LAGOS, Nigeria (VOICE OF NAIJA) –A new report by crypto research firm Chainalysis has found that India is the world leader in grassroots crypto adoption.
The report, which analyzed data from over 150 countries, found that India had the highest number of crypto transactions per capita, as well as the highest number of crypto users.
The report defines grassroots crypto adoption as the use of cryptocurrencies by average, everyday people.
This includes people who use cryptocurrencies for savings, payments, and investments.
The report found that the growth of grassroots crypto adoption in India has been driven by a number of factors, including:
- A young and tech-savvy population: India has a young population with a high smartphone penetration rate. This has made it easy for people in India to access and use cryptocurrencies.
- A lack of trust in traditional financial institutions: Many people in India have lost trust in traditional financial institutions due to corruption and high fees. This has led them to look for alternative investments, such as cryptocurrencies.
- The potential for financial freedom: Cryptocurrencies offer the potential for financial freedom, as they allow people to store and transfer their money without the need for a bank or other financial institution.
The report also found that grassroots crypto adoption is not limited to India. Other countries with high levels of grassroots crypto adoption include Nigeria, Vietnam, and the United States.
The report’s findings suggest that grassroots crypto adoption is a global phenomenon that is likely to continue to grow in the years to come.
The report also noted that institutional adoption of cryptocurrencies is also growing, but at a slower pace.
This is primarily driven by organizations in high-income countries.
The report concludes by saying that the future of the digital assets sector is promising, as both grassroots and institutional adoption are growing.