China Ranks 10th In Global Crypto Adoption Index Despite Ban On Crypto Trading

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China is a leading country in the adoption of digital assets even after an extensive crackdown and ban on crypto-related services. The Asian economic giant ranks 10th in the 2022 global crypto adoption index with an overall score of 0.535, as per data published by Chainalysis. The crypto index is based on centralized service value received ranking, retail centralized service value received ranking, P2P exchange trade volume ranking, and DeFi value received. 

This latest data suggests that there might be a lapse in the enforcement of the ban. China initiated a cryptocurrency trading and mining ban last year on the grounds that the sector threatens financial stability. However, mining activities have rebounded since the ban, with operators migrating to friendly jurisdictions instead.