In the 12 months leading up to June 2021, the cryptocurrency market in Central and Southern Asia and Oceania (CSAO) grew by 706 percent and reached a value of $572.5 billion (about Rs 42,62,844 crore). These regions have emerged as one of the fastest growing crypto markets in the world, comprising the top three countries in Asia, Vietnam, India and Pakistan, respectively, which have seen rapid crypto expansion in a year. According to a recent report by market research firm Chainalysis, grassroots adoption of cryptocurrencies in CSAO countries is leading to the rapid expansion of the emerging digital financing space.
In India, which ranks second in the Global Crypto Adoption Index, 42 percent of crypto transactions were heavy and institutional-sized, typically amounting to more than $10 million (about Rs 74 crore). According to Chainalysis, the tendency to pay large amounts of money through cryptocurrency This is a sign that smart money adoption is increasing in many countries. csao area.
“Two things stand out: One is that the markets in India and Vietnam are much larger than those in Pakistan. The second is that a large proportion of the activities taking place in India DeFi (Decentralized Finance) Platform 59 percent for Vietnam, 47 percent for Vietnam and 33 percent for Pakistan,” the report said. 641 percent ahead of India.
crypto mining, exchange platforms, related gambling apps as well as other types of illegal activities in the crypto space have also emerged as reasons for its growth in the CSAO sector.
Despite countries such as Russia and China banning crypto-activities, many other countries are showing eagerness to explore the financial system of the future – one that is accelerated and not yet regulated by any bank.
Africa, for example, recorded a 1,200 percent increase in its crypto market over the past year, a different report good This was claimed by Chainalysis earlier in September. Financially, the crypto market in Kenya, Nigeria, Tanzania and South Africa reached a valuation of $105.6 billion (about Rs 775 crore) last year between July and June 2021.
The region of Central, Northern and Western Europe has become the world’s largest crypto economy, with over $1 trillion (about Rs 74,46,016 crore) in transactions in the same period.
Together Dubai and MiamiWith the US gearing up to host a crypto and bitcoin-focused mega event in the coming days, the discussion about the future of cryptocurrencies is expected to heat up.
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