Asia-Pacific region is the winner of the crypto race
Cryptocurrency, a digital currency; and blockchain technology, an advanced database mechanism; have become popular in the Asia-Pacific region. Blockchain technology and cryptocurrency are playing important roles in leading the global financial systems.
JP Morgan, an American multinational and universal bank; MUFG, a Japanese bank holding and financial services company; and Credit Suisse, a leading financial services company, already accepts cryptocurrency.
In recent years, the Asia-Pacific (APAC) region has emerged as the winner of the global crypto powerhouse. India, a country in South Asia, is the real winner of the crypto race, according to the Global Crypto Adoption Index 2023 report.
In the Global Crypto Adoption Index 2023 report, five of the top 10 countries are located in Asia. India is in 1st position, Vietnam is in 3rd position, the Philippines is in 6th position, Indonesia is in 7th position, Pakistan is in eighth position, and Thailand is in 10th position.
Why is the APAC region the winner of Crypto world?
Asian people have great interest in cryptocurrencies and blockchain technology. They are keen to learn new things. Major banks, investment firms and financial companies in the APAC region have started accepting the digital currencies. Major Asian firms have recognized the potential of cryptocurrencies and blockchain technology.
Many Asian firms have also launched their own crypto-related products. These companies also collaborated with blockchain startups. Mitsubishi UFJ Financial Group, the largest bank in Japan, offers its own proprietary cryptocurrency. Cryptocurrencies are very popular in Japan and Pakistan. This significant shift highlights the interest of Asian people on cryptocurrencies.
DAOs, blockchain-governed organizations; Decentralized finance, and Dapps, digital applications that run on a blockchain network of computers; call the APAC region home.
The Philippines, an archipelagic country in Southeast Asia, has a huge share of crypto-related web traffic because of gambling traffic.
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Asian companies are creating their own cryptocurrencies
Air Asia
Air Asia, a Malaysian multinational low-cost airline, has planned to expand into the world of cryptocurrency. They aim to create Air Asia’s proprietary cryptocurrency, known as “BigCoin.” The company also aims to offer investors units of the currency against other cryptocurrencies.
KB Kookmin Bank
KB Kookmin Bank, one of the largest banks ranked by asset value in South Korea, also announced that the company would create a blockchain solution for international remittances.
SBI Sumishin Net Bank
SBI Sumishin Net Bank from Japan also aims to explore blockchain-based banking services. The company also aims to create its own cryptocurrency and an advanced database mechanism.
