India ranks second in the Global Crypto Adoption Index. The country accounted for 42 per cent of crypto transactions with a value of more than $10 million (approximately Rs 74 crore). According to Chainalysis, the trend of paying large funds in cryptocurrencies indicates that smart money adoption is increasing in many countries in the CSAO region.
“Two things stand out: One is that the markets in India and Vietnam are much larger than those in Pakistan. Secondly, India’s share in the activity on DeFi platform in India is 59 percent. This is much larger than Vietnam’s 47 percent and Pakistan’s 33 percent.”
Of these, Pakistan recorded the highest growth of 711 percent, which is well ahead of India’s 641 percent.
Crypto mining, exchange platforms and gambling apps have increased the trend towards crypto. At the same time, there has been an increase in illegal activities in other forms in the crypto space, which has also led to its growth.
Russia and China may have banned crypto activity, but some countries are very excited to explore the financial system of the future. It is happening very fast and it is not regulated by any bank.
Africa, for example, has recorded a 1,200 percent growth in its crypto market over the past year, as a separate report from Chainalysis claimed earlier in September. Between July 2020 and June 2021, the crypto market in Kenya, Nigeria, Tanzania and South Africa reached a value of $105.6 billion (approximately Rs 775 crore). The region of Central, North and West Europe has become the largest crypto economy in the world. More than $1 trillion (about Rs 74,46,016 crore) were transactions in this sector between July 2020 and June 2021.
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