Eastern Europe's Cryptocurrency Adoption Grows Amid Challenges

According to Odaily, a report by Chainalysis reveals that despite facing war and regulatory issues, cryptocurrency adoption across Eastern Europe has been steadily increasing, driven by institutional and DeFi activities. As the fourth-largest cryptocurrency market globally, Eastern Europe recorded an on-chain value of $499.14 billion from July 2023 to June 2024, accounting for 11% of the global cryptocurrency market share. Chainalysis further highlights that centralized exchanges (CEX) are the primary recipients of cryptocurrency in the region, with nearly $324 billion received. DeFi activities have also seen significant growth over the past year, with a cryptocurrency value of $165.46 billion, making up one-third of the region's inflows. The report also notes that in this year's Global Cryptocurrency Adoption Index, regional participants Ukraine and Russia ranked 6th and 7th, respectively, with Russia climbing six positions from last year.