The cryptocurrency market in Central and South Asia and Oceania (CSAO) grew by 70.6 per cent between July 2020 and June 2021. The crypto market value here reached $572.5 billion (approximately Rs 42,62,844 crore). These sectors have emerged as the fastest growing crypto markets in the world. This includes the top three countries in Asia, Vietnam, India and Pakistan respectively. These countries have witnessed rapid crypto expansion in the last one year. According to a recent report by market research firm Chainalysis, cryptocurrencies are being adopted on the ground in CSAO countries.
India ranks second in the Global Crypto Adoption Index. The country accounted for 42 per cent of crypto transactions with a value of more than $10 million (approximately Rs 74 crore). According to Chainalysis, the trend of making big fund payments in cryptocurrencies indicates that the trend of adopting smart money is on the rise in many countries in the CSAO sector.
“Two things come out: one is that the markets in India and Vietnam are much bigger than pakistan,” the report said. Secondly, India accounts for 59 per cent of the activity on DeFi platform in India. It is much bigger than 47 per cent in Vietnam and 33 per cent in Pakistan. ”
Pakistan registered the highest growth of 7.11 per cent, well ahead of India’s 64.1 per cent.
Crypto mining, exchange platforms and gamblering apps have increased the trend towards crypto. At the same time, there was an increase in illegal activities in the crypto space in another form, which has also led to its development.
Although Russia and China have banned crypto activity, some countries are excited to explore future financial systems. It is happening quite fast and it is not regulated by any bank.
Africa, for example, has recorded a 1,200 per cent growth in its crypto market over the past year, as a separate report by Chainalysis claimed earlier in September. Between July 2020 and June 2021, the crypto market in Kenya, Nigeria, Tanzania and South Africa reached a value of $105.6 billion (approximately Rs 775 crore). The region of Central, North and West Europe has become the world’s largest crypto economy. Between July 2020 and June 2021, transactions in the region were more than $1 trillion (approximately Rs. 74,46,016 crore).