A report by Chainalysis shows which countries are the heaviest users of cryptocurrencies around the world, weighing transaction values by purchasing power and putting a special focus on non-professional and peer-to-peer use to gauge which countries have really made strides in adopting crypto use across a larger swath of their populations.

Vietnam is the undefeated winner of the ranking, scoring high on overall crypto transaction value as well as payments made by individuals. The smaller country’s incoming cryptocurrency transaction value wasn’t far below that of much larger India.

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One of the reasons cryptocurrencies are proving popular in Vietnam – and other developing countries – is that they are used as an investment tool in lieu of other good options, according to the report. Trying to preserve the value of one’s savings when local currencies are faltering is another incentive to invest in crypto, putting Venezuela, Argentina and Turkey on the map of cryto adopters.

Individuals in developing countries also use crypto in peer-to-peer payments. In this segment, African countries like Nigeria and Kenya rank high. African countries have been on the forefront of adopting innovative P2P payment methods, for example mobile payments, in the process of leapfrogging options like bank transfers and those digital payment options tied to them.

Among developed countries, cryptocurrency use was most widespread in English-speaking countries – first and foremost the United States, but also the UK, Canada, South Africa and Australia. Emerging economies India, China and Brazil also registered as heavy users. In the case of Russia’s and Ukraine’s intensive use, Chainalysis ties these to widespread mistrust of institutions and possibly capital flight and tax avoidance.

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