Asian Countries Taking The Lead In Cryptocurrency Activities
24 Sep 2020 — According to the recent report published by Chainalysis Inc. entitled, “2020 Geography of Cryptocurrency Report”, a study that examines 154 countries in their cryptocurrency adoption, usage, and regulation, East Asia (China, South Korea and Japan) remains the world’s largest cryptocurrency market, accounting for 31% of all cryptocurrency transacted in the last 12 months.
Closer to our shores, the Central & Southern Asia and Oceania has the fifth-most cryptocurrency activity, accounting for 11.5% of all on-chain cryptocurrency volume transferred in the time period studied.
13 Asia Pacific countries are within the top 50 of the Global Crypto Adoption Index. Among the ASEAN countries, Vietnam takes the lead in #10, while trailing in #12, #16, #25, #32 are Thailand, Philippines, Malaysia and Indonesia, with Singapore in last place at #50.
What are the factors that have led to crypto’s popularity in ASEAN countries?
Has it got to do with the government’s stringent control of its currency; instability in currency due to political unrest; growth of private wealth that leads some to look for alternative investments; or cheap energy and hardware, which makes mining more economical? Comments much appreciated.