New data provided to Fortune by the cryptocurrency research firm Chainalysis finds that Ukraine and Russia rank first and second, respectively, in the adoption of cryptocurrencies like Bitcoin. But while the vast majority of this activity is legitimate, Eastern Europe also leads the world in the illicit use of cryptocurrency on darknet marketplaces and in ransomware schemes.
Ukraine ranked first worldwide on Chainalysis’s Global Crypto Adoption Index, which includes measures of cryptocurrency value received, exchanged, and deposited. Over a 12-month period from July 2019 to June 2020, Ukraine sent $8.2 billion worth of cryptocurrency and received $8 billion worth. Russia ranked second on a population-adjusted basis, sending $16.8 billion and receiving $16.6 billion worth of cryptocurrency.
