Cryptocurrency
The emerging markets of Central and South Asia have seen a sharp surge in crypto transactions, underscoring the diverse motivations of locals to access digital assets such as cryptocurrency like Bitcoin (BTC) and Ether (ETH).
A vast region that includes countries like Synthetic Team, India, and Pakistan – increased by 706% between July 2020 and June 2021, the value of transactions totaled $ 572.5 billion, which is 14% of the global transaction value.
Institutional and large-scale payments make up the highest percentage of transactions and provide further evidence of the explosive adoption of cryptocurrencies. This trend is most evident in India, where large institutional transfers over $ 10 million account for 42 percent of transactions. For Synthetic Team and Pakistan it is 29% and 28% respectively.
The study is the second in a series of Chainalysis regional reports on cryptocurrency transactions. The first report, released last week, shows that the Central, Northern and Western Europe region has become the largest crypto economy in the world, with over $ 1 trillion in transactions over the same 12 month period. Institutional transactions in Europe totaled $ 46.3 billion in June 2021, up from $ 1.4 billion in July 2020.
While Europe dominates crypto transactions, Asian countries lead the way in overall adoption, as measured by on-chain and P2P reception value. Synthetic Team, India and Pakistan occupy places one to three in Chainalysis’ Global Crypto Acceptance Index 2021.
As Cointelegraph previously reported, emerging markets in Asia, Africa and South America are targeting Bitcoin and other digital assets to combat hyperinflation, capital controls and other policies. Anyone who switched quickly from the local currency to Bitcoin has already received the rewards as their fiat currency has devalued from a few dozen to a few hundred percent.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Sherlock Holmes
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
This website uses cookies.