Ukraine Ranks Second of Crypto Adopters following Legalization: Report

Eastern European nation Ukraine has been ranked as the second nation with the overall adoption of digital currencies, following only the United States in a recent survey report released by Merchant Machine. 

The report was designed by taking cognizance of such parameters as the total number of crypto owners in the country and the global decentralized finance adoption index. The other parameters include the number of businesses that accept crypto payment, the total number of Automated Teller Machine (ATM), and the monthly search volumes of cryptocurrency terms.

With these parameters, the US ranked number one with an overall crypto score of 7.75; Ukraine’s score was 5.96, while the United Kingdom came in at 5.79. India, Thailand, Russia, France, Netherlands, Vietnam, and Colombia are the top ten countries profiled by the Merchant Machine survey.

It did not come as much of a surprise that Ukraine was ranked top 2. The country has shown a very positive disposition to the digital currency ecosystem with the legalization of cryptocurrencies earlier in the year. Following the invasion of its shores by the Russian army, the country solicited support from the digital currency ecosystem, and there was a massive turn up for the country.

From cryptocurrency exchanges like Binance to protocols like Solana, Polkadot, and Tron, the number of donors to humanitarian aid in Ukraine skyrocketed. The support was massive, and Non-Fungible Tokens (NFTs) were donated to the Ukrainian government. The funds accrued through crypto donations were worth more than $100 million.  

With Bitcoin and crypto transactions being legal in Ukraine, digital currency exchanges and businesses accepting crypto as payment began to rise. These factors collectively contributed to the high ranking of Ukraine as one of the most notable powerhouses for digital currencies.