Cryptocurrency transfers in Central and South Asia, and Oceania, are growing at an impressive rate, topping $570 billion year-over-year. The numbers are a testament to the growing institutional adoption of cryptocurrencies.
Vietnam, India, and Pakistan: Asia at the heart of cryptocurrency adoption
A recent study by Chainalysis reveals that cryptocurrency transactions in Central and South Asia, and Oceania, saw a 706% increase between July 2020 and June 2021. These regions are composed of large countries such as India, Pakistan, or Vietnam. The amount of transactions reached $572.5 billion, or about 14% of global transactions.
Institutional payments and large payments make up the largest portion of transactions. In India, institutional transfers exceeding $10 million accounted for 42% of transactions. This percentage was 29% and 28% for Vietnam and Pakistan, respectively.
Vietnam, India, and Pakistan are the top 3 in Chainalysis’ ranking of its Global Cryptocurrency Adoption Index 2021.
From Europe to Asia: Chainalysis’ global tour of cryptocurrency adoption
This study by Chainalysis, which puts countries in Asia in the spotlight, comes a week after another study by the company that shows Central, Northern, and Western Europe as the largest cryptocurrency economy with over $1 trillion in transactions between July 2020 and June 2021.
Institutional adoption of cryptocurrencies there has also exploded. The value of relevant transactions reached $46.3 billion in June 2021, up from $1.4 billion in July 2020. The UK comes in first place in the region with nearly $170 billion in transactions, with 49% of that amount being sent to DeFi protocols.
Chainalysis’ figures in Asia, Europe, and Oceania, show exponential growth of cryptocurrencies on these 3 continents. Chainalysis had also mentioned an explosion of over 1,200% in the cryptocurrency market, based on transfers received, in Africa. In Latin America, will most countries soon get swept up in the El Salvador wave that has made Bitcoin (BTC) legal tender?