In the 12 months to June 2021, the cryptocurrency market grew by 706% to $ 572.5 billion (approximately Rs. 42,62,844 crore) in Central and South Asia and Oceania (CSAO). These regions have emerged as one of the fastest growing crypto markets in the world, with three countries in Asia, namely Vietnam, India and Pakistan, which have seen rapid crypto expansion in a year. According to a recent report by market research firm Synolysis, cryptocurrency CSOOs are seeing adoption at the grassroots level, which is rapidly expanding the space of emerging digital finance.
In India, it ranks second in the global crypto adoption index, with 42 per cent of crypto transactions being large and enterprise-wide, usually over $ 10 million (approximately Rs. 74 crore). According to Synolysis, the trend of making large amounts of payments through cryptocurrencies indicates an increase in the acceptance of smart money in many countries of the CSAO region.
“Two things stand out: first, the markets in India and Vietnam are much larger than in Pakistan. On the other hand, India has the largest share of operations on the TFI (decentralized finance) platforms at 59 per cent, Vietnam at 47 per cent and Pakistan at 33 per cent. All three regions have grown significantly over the past three years. Pakistan grew by 711 per cent over 641 per cent.
Crypto mining, exchange sites, related casino applications and other illegal activities in the crypto space have also emerged as reasons for its growth in the CSAO region.
Although countries such as Russia and China have banned crypto operations, many countries are interested in exploring the future financial system — which is fast and unregulated by any bank.
For example, Africa has recorded 1,200 percent growth in its crypto market over the past one year, according to a separate report by Synalysis in September. Financially, the crypto market in Kenya, Nigeria, Tanzania and South Africa reached $ 105.6 billion (approximately Rs. 775 crore) between July and June 2021 last year.
The region of Central, Northern and Western Europe has become the world’s largest crypto-economy, with $ 1 trillion (approximately Rs. 74,46,016 crore) in transactions over the same period.
As the United States prepares to host cryptocurrency and bitcoin-centric mega events in Dubai and Miami in the coming days, discussions about the future of cryptocurrencies are expected to gather heat.
El Salvador is also moving to connect bitcoin mining facilities with volcanic heat energy – to reduce the carbon footprint of miners.
Cryptocurrency is an unrestricted digital currency, not a legal tender and subject to market risks. The information provided in the article is not financial advice, business advice or any other advice or any kind of recommendation provided or approved by NDTV. NDTV will not be liable for any loss incurred on any investment based on any of the recommendations, forecasts or any other information contained in the article.