Bangladesh ranks thirty fifth in the 2024 Global Crypto Adoption Index, in accordance to a file by way of blockchain analytics association Chainalysis,
notwithstanding the country's felony restrictions on cryptocurrency use. The report, which assessed 151 countries, highlights that cryptocurrency utilization stays tremendous in Bangladesh, even although digital currencies are no longer legally recognized by way of the government.Bangladesh Bank, the central authority, had issued a warning as a long way lower back as 2021, urging residents now not to have interaction with digital currencies such as Bitcoin, Ethereum, and different digital currencies. The warning highlighted that these currencies had been now not accredited by using any criminal authority, elevating issues over economic balance and the achievable misuse of cryptocurrencies in illicit activities. However, the country's role in the index indicates that its residents proceed to undertake digital currencies at a giant rate.The Chainalysis record categorises international locations primarily based on their utilization of cryptocurrencies throughout a number of services, consisting of centralised exchanges and decentralised finance (DeFi) protocols. India, Nigeria, and Indonesia took the pinnacle three positions in the ranking, underscoring a surge in cryptocurrency adoption throughout Central, South Asia, and Oceania. Pakistan and Nepal additionally carried out fantastically well, with Pakistan securing ninth area and Nepal touchdown at 71st.
Eric Jardine, head of lookup at Chainalysis, noted that cryptocurrency adoption is developing throughout many countries, which include these with strict policies like Bangladesh and India. He referred to that, in some countries, the restrictions have now not curbed the enthusiasm for digital assets, as evidenced by using India's variety one rating notwithstanding its long-standing crypto ban. India has taken a tough line on crypto, issuing penalties to global exchanges such as Binance and KuCoin, but it nevertheless leads the world in grassroots cryptocurrency adoption.