The Rise of Digital Currencies and Blockchain in Asia

We’re witnessing a market transformation. Following Coinbase’s stock market listing, an influx of upinstitutional investment propelled their cash reserves beyond $4B. Now, investor confidence in crypto is triggering a revolution in the influential economy. But first we must shift our focus to emerging markets in Asia lest we forgo a budding crypto market metamorphosis.

Let’s explore digital currencies and blockchain in Asia.

Rising blockchain technology adoption in Asia

Asia is preparing to control a substantial portion of blockchain markets, $23.3B, by 2023. Countries like Singapore, Malaysia, Thailand, and Vietnam are updating their regulatory framework to accommodate blockchain’s rapidly evolving nature. BusinessWire reports Southeastern Asia countries are optimizing their regulatory environment to reap maximum benefits from different blockchain applications.

For instance, the Bank of Thailand appears to promote blockchain in its new guidelines. The bank hopes to encourage financial innovation while overseeing risk with its recent directive. Earlier in 2021, Singapore used blockchain technology for the verification of Covid-19 results. Additionally, periodic meetings encourage further creative blockchain applications in Asia.

Increasing digital currencies acceptance among Asian nations

Likewise, incorporating cryptocurrencies improves efficiency in existing blockchain applications. Asians are already using mobile payment solutions. Cryptocurrencies adoption increases convenience and provides greater options for solutions. With crypto mining rising in Asia, we expect to see further diversified use of cryptocurrencies.

China’s pivotal role in Blockchain adoption in Asia

Asian countries are following in China’s footsteps. Research on the viability of digital currencies is underway in Thailand and Singapore as they try to keep pace. Regardless of competition, what remains certain is China’s outsized blockchain in Asia.

Government backing the success of digital currencies

Comparably, China is ahead with its digital currency. A first among major economies, China’s digital currency continues to innovate globally. Fellow Asian countries are expected to follow suit.

Cryptocurrencies will thrive from digital currency adoption

Emerging markets in Asia, like Vietnam, are piloting their digital currency projects. Acceptance of digital currencies appears as a subtle endorsement of cryptocurrencies. We’ll continue to witness cryptocurrency success as more Asian countries implement digital currencies.

PAID Network and the emerging markets of Asia

PAID enjoys a vast partner network necessary for emerging blockchain technology to thrive. Users benefit directly from our network effect, experiencing continuous platform growth. The platform provides access to launchpads such as Ignition and Apollo-X, enabling excellent opportunities for global brand development.

About PAID

PAID technology leverages Astar to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building Smart Agreements through smart contracts to execute DeFi transactions and business agreements seamlessly.

PAID streamlines backend legal operations with Smart Agreements, so that projects can focus on making their brand bigger and better.

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