The data shows that between July 2020 and June 2021 crypto transactions surged 706% in Central and Southern Asia and Oceania.
Chainalysis, a blockchain analytics firm, delivered the latest results of its research about virtual currencies. Countries of Central and Southern Asia are among those that saw the largest increase in crypto transactions.
In the period between July 2020 and June 2021, India, Pakistan, and Vietnam’s value of transactions amount to $572.5 billion. This is about 14% of the total value globally. India ranks second on the Global Crypto Adoption Index with more than $10 million.
“Two things stand out: One is that India and Vietnam’s markets are much larger than Pakistan’s. The other is that India has a much bigger share of activity taking place on DeFi (Decentralised Finance) platforms at 59 percent, versus 47 percent for Vietnam and 33 percent for Pakistan. All three regions grew substantially over the last year. Pakistan experienced the most growth at 711 percent, just ahead of India at 641 percent.”
This study is the second in a series of regional reports made by Chainalysis. The first paper, which was published in September, showed that Africa registered a 1,200% growth of its crypto market in the last year.
Meanwhile, Central, Northern and Western Europe is the world’s largest digital currency economy, with over $1 trillion in transactions. Institutional ones went from $1.4 billion in July 2020 to $46.3 billion in June 2021.
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