France would be the third country in Europe in terms of crypto transactions – BeinCrypto

France continues to find its place within the crypto sector, with a population that seems more enthusiastic than expected.

France, a major user of crypto transactions?

After long months without saying too much about the crypto sector, France finally seems to have found its place in the industry. The government seems more and more favorable to the use of blockchain as well as the development of its technology. Great figures such as Jean-Noël Barrot or even Bruno the Mayor did not hide their support. On the population side, individuals are a little more discreet. However, it would seem that they are they are also there.

According to a report published by Chainalysis, France would only rank 32nd in the global cryptocurrency global adoption index, which means that it still has work to do to make crypto known to its population and convince them to adopt it. ‘utilize. A delay which is no stranger to Europe since it does not have any of its countries in the top 20 of the ranking, with the exception of the United Kingdom which stood out with its support for the industry but who occupies only 17th place. At the global level, it is therefore Asia that breaks all records with no less than 8 countries at the head of the index.

Source: Chainalysis Twitter account

However, appearances can be deceiving. According to Chainalysis, the country of human rights is quietly embracing the world of cryptocurrencies. It ranks third in the top crypto transactions made over the past year in Europe, with around $150 billion in tokens transferred. Digital currencies would therefore ultimately be of interest to the French and they would use them more and more since the on-chain activity (crypto transactions, addresses created, etc.) in France has increased by 13%.

However, there is still work to be done for the global adoption

If France is advancing slowly but surely within the crypto sector, the generalization of the use of tokens is not yet won. Indeed, the global adoption of cryptocurrencies is still a long way off. While it has shown steady growth since 2019, his progress slowed following the crypto winter. However, the indices remain stable and, according to Chainalysis, the adoption rate would however remain higher than that measured during the bull market.

Source: Chainalysis report

A phenomenon that presents itself with excellent omens for the industry.

Data suggests that a critical mass of new users who invest in cryptocurrency during periods of price growth tend to stick around even when prices drop, allowing the ecosystem to consistently grow on the net through cycles. of the market.

Excerpt from Chainalysis Global Cryptocurrency Global Adoption Index Report

France will therefore have to participate in collective efforts to enable the global adoption of cryptocurrencies. In addition, it will also have to soften its taxation regarding digital currencies. The Chainalysis report has indeed proven that European countries offering lighter and above all more advantageous taxation favor a better generalization of crypto within their population. The measures to be taken will therefore be necessary if the country of human rights wishes to become the benchmark for the industry in Europe.

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France would be the third country in Europe in terms of crypto transactions – BeinCrypto


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