Speaking of Asian countries only, China and India are not the only Asian countries grappling with the fate of cryptocurrencies in their country. Smaller players such as the Philippines and Vietnam are also stepping into this space and the popularity of digital tokens is also increasing.
According to the Philippines Stock Exchange (PSE), cryptocurrencies are an asset class that they cannot ignore anymore. He believes that bringing the crypto framework to an existing exchange will be more secure than trading on foreign exchanges. It has asked for a study on cryptocurrencies so that the government can run its pilot program from 2021 to 2023.
Both these countries have seen a huge increase in their citizens using cryptocurrencies over the past year. Statista Global Consumer Survey According to US results, they have the highest rate of cryptocurrency usage in the world after Nigeria. Central banks around the world, including the Reserve Bank of India (RBI), are considering blockchain-based implementations for fiat currency. At the same time, the decision of Pham Minh Chin may be around that. He asked the bank to consider digital currency as part of Vietnam’s e-government development strategy.
About India and China Cryptocurrencies
Even if the Philippines and Vietnam are not doing enough to set the stage for Asian economies, their regulatory decisions are going against the continent’s two largest economies. Apart from China, India is also considering a bill that would regulate digital currency within its borders.
Exchanges in India have been struggling to function since issuing informal guidance to lenders in May, forcing them to withdraw services from some of the country’s biggest exchanges. China has also taken similar steps involving large crypto miners and exchanges to re-think how they do business. If there is a situation like crypto ban in China and India then countries like Philippines and Vietnam will become heaven for crypto market in Asia.