India Ranks Second in Global Crypto Adoption: Chain Analysis
In the 12 months leading up to June 2021, the cryptocurrency market grew by 706% and reached a value of $ 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 Asia containing the top three countries, Vietnam, India, and Pakistan, respectively, which have experienced rapid crypto expansion in a year. . According to a recent report by market research firm Chainalysis, cryptocurrency is being adopted locally in CSAO countries, leading to the rapid expansion of the emerging digital finance space.
In India, which ranks second in the Global Crypto Adoption Index, 42% of crypto transactions were heavy and institutional in size, typically amounting to over $ 10 million (around Rs. 74 crore ). According to Chainalysis, the trend of paying large amounts of funds via cryptocurrencies indicates that the adoption of smart money is on the rise in several countries in the CSAO region.
âTwo things stand out: one is that the markets in India and Vietnam are much larger than those in Pakistan. The other is that India has a much larger share of activities taking place on DeFi (decentralized finance) platforms at 59%, compared to 47% for Vietnam and 33% for Pakistan, âthe report said. âAll three regions have experienced substantial growth over the past year. Pakistan experienced the strongest growth with 711%, just ahead of India with 641%. “
Crypto mining, trading platforms, related gaming applications, and other forms of illicit activity in the crypto space have also emerged as reasons for its growth in the CSAO region.
Although countries like Russia and China, among others, have banned crypto activity, several other countries are showing an interest in exploring the futuristic financial system – which is fast-paced and not yet regulated by any bank.
Africa, for example, has seen 1,200% growth in its crypto market over the past year, according to a separate report from Chainalysis earlier in September. Financially, the crypto market in Kenya, Nigeria, Tanzania and South Africa reached the value of 105.6 billion dollars (around Rs. 775 crore) between July of last year and June 2021.
The Central, Northern and Western European region has emerged as the world’s largest crypto economy, with over $ 1 trillion (approx. Rs. 74 46,016 crore) in transactions during the same period. .
With Dubai and Miami, the United States is preparing to host mega-events focused on crypto and Bitcoin in the coming days, discussions on the future of cryptocurrencies are expected to intensify.
El Salvador is also making progress in pairing Bitcoin mining facilities with volcanic thermal energy – to reduce the carbon footprint of miners.
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