India ranks first in the Chainalysis 2024 crypto adoption ranking

India has emerged as the top country in Chainalysis’s 2024 crypto adoption ranking. Specifically, in the top 20, 7 countries belong to the Central and Southern Asia and Oceania (CSAO) region. 

India is the country with the most widespread crypto adoption in the world in 2024 according to Chainalysis

Chainalysis, blockchain analysis company, has published its Global Crypto Adoption Index 2024, highlighting that India is in first place in the ranking.

“Our Global Cryptocurrency Adoption Index 2024 has arrived! The top 10 countries have embraced 5 continents, but Central and Southern Asia and Oceania (CSAO) have dominated the list. Keep reading to see the top 20 countries and to learn about global adoption trends.”

In practice, the report describes that the data analysis is both on-chain and off-chain and that India has been found to be the country with the most widespread adoption of criptovalute in the world.

Not only, in the top 20 countries, but seven belong to the region of Central and South Asia and Oceania (CSAO). Besides India, in fact, the other six countries in this area are Indonesia, Vietnam, Philippines, Pakistan, Thailand, and Cambodia. 

In the overall ranking, there is Nigeria in second place, the USA in fourth place, Ukraine and Russia in sixth and seventh place respectively. Brazil, on the other hand, closes the ranking in tenth place. 

India and crypto adoption 2024: the ranking by Chainalysis

Chainalysis also wanted to publish the methodology used to calculate the global cryptocurrency adoption index, which has changed over the years. 

Meanwhile, a total of 151 countries have been classified based on the use of crypto but also on crypto services, weighing the available data. Here is how it reads in the report:

“The Global Crypto Adoption Index is composed of four sub-indices, each of which is based on the usage by countries of different types of cryptocurrency services. We rank all 151 countries for which we have sufficient data on each sub-index, weight the rankings based on characteristics such as population size and purchasing power, take the geometric mean of each country’s rankings across all four, and normalize the final number on a scale from 0 to 1 to assign each country a score that determines its overall ranking. The closer a country’s final score is to 1, the higher its ranking.”

Regarding India, the top-ranked country achieved a higher score in the sub-index “DeFi”. Nigeria, on the other hand, achieved a higher score in the sub-index “Centralized Services”.

On the contrary, gli USA report a very high score in the sub-index “Servizi Centralizzati Retail”. 

Crypto Crime 2024 and the Pig Butchering

Chainalysis is known for its annual reports, also referring to the current year. In addition to crypto adoption, the blockchain analysis company has reported data on crypto crime 2024. 

Recently, in fact, it was published the second mid-year update, with important revelations.

For example, it has emerged that romantic scams have seen an 85-fold increase since 2020. Not only that, 43% of scam flows in 2024 have been funneled into wallets created this year, many linked to Pig Butchering schemes. 

For this romantic scam technique, one of the largest wallets discovered this year is associated with KK Park from Myanmar, known author of Pig Butchering scams. The wallet has already accumulated over 100 million dollars.