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 has kept ahead of the trend on blockchain. From cryptocurrencies to block production, Asia remains invaluable to blockchain’s ecosystem. The region continues increasing its blockchain support capacity. Recently, Kazakhstan surged to third place in global cryptocurrency production — an indicator of increased 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
Central banks of Thailand and China are exploring possibilities of incorporating cryptocurrencies into their respective economies. Driving cryptocurrency adoption are benefits like smooth transfer of assets across borders.
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
Competition in Asia remains dependent on China’s influence. With a population of over 1.5B, China has surplus resources and talent to stay ahead of its competition. China has bet big on blockchain, creating a service network to encourage adoption by enterprises. Like the internet, China hopes to realize blockchain benefits by encouraging a connecting factor amongst networks. Connections allow seamless interoperability and sharing of data, which leads to industry-changing innovations.
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
Friendly regulations can supercharge an industry’s potential success. WazirX CEO’s echoes these sentiments. He emphasized how the Indian government needs more transparent rules and regulations to allow a wider audience for digital currencies. Shetty’s comments parallel India’s development of a cryptocurrency bill, which many hope will be all-inclusive. India expects to have a central bank digital currency model as early as the end of 2021. Inclusivity within India’s cryptocurrency bill is crucial. With a populous and vibrant young workforce, the pressure is on India to develop a bill reflecting public needs.
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
There’s an uptick in crypto performance in Asia. Trading in exchanges such as FTX Trading has hit an $18B valuation, against a backdrop of improving crypto regulations in Asia. Despite China’s stance on cryptocurrencies, there’s confidence of profitable results in the long run.
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
While promising, Asian crypto markets are yet to fully mature. Disagreements will arise, considering diverse regulatory environments among individual countries over such a large continent. PAID is developing a legal ecosystem for businesses and individuals requiring efficient organizational operations. Our SMART Agreements enable the creation of legal contracts capable of defining working relationships globally.
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 Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
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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