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A ranking that measures the level of cryptocurrency adoption by countries displays Brazil in 13th place. The person responsible for the list is market intelligence company Chainalysis, which analyzed data from July 2019 to June 2020. In all, the company studied the situation of 154 countries.

The ranking follows each country’s score, which goes from zero (with low adoption) to one (which indicates a broader adoption). According to Chainanalysis, the calculation formula was designed to go beyond the uses for trading and speculation. It is because the goal is to emphasize the adoption of these currencies in day-to-day life. Therefore, the accounts also consider the population and size of each nation’s economy.

Thus, Brazil reached 0.338, winning 13th place. Ukraine, with 1 point, occupies the top of the list. Soon after, with 0.931 points, comes Russia. Closing the podium is Venezuela, with 0.799.

Although Venezuela is ahead in the overall ranking, Brazil is the Latin America leader in terms of volume of cryptocurrency use on-chain. However, Venezuela stands out in P2P business volumes (among people). The adoption in the Latin American country is related to the fragility of the local currency. For years the country has faced very high inflation, which erodes the purchasing power of the bolivar.

Only 12 cryptocurrency ranked countries scored zero 

Although it is the birthplace of major technology companies, the US is outside the top 5 of the cryptocurrency adoption ranking. The country is sixth on the list, just behind Kenya.

According to the document, the study revealed that cryptocurrencies are a truly global movement. This is because, explains the text, of the 154 countries analyzed, “only 12 had so little activity that we had to give an index of zero points”.

 “This evidenced both the excitement surrounding cryptocurrencies as an investment and, especially in the developing world, as a means of saving value and exchange rate”, the text says.

Importance of P2P

Another conclusion was that “P2P platforms are essential in developing countries”. According to the report, the top four countries in terms of P2P activity with cryptocurrencies are in the top 10 of the crypto adoption ranking. Besides, the four are developing countries. “This illustrates how important P2P platforms are for the adoption of cryptocurrencies in developing countries”.

The text recalls Matt Ahlborg’s research that points out that, since they do not have custody of coins, P2P platforms do not need to connect to banking systems. Therefore, they face fewer regulatory issues. Thus, these platforms are easier to access for citizens of these countries, people who are often “excluded from the traditional financial ecosystem”.