Asia about to Own the Crypto?

Asia about to Own the Crypto?

The global popularity of blockchain and cryptocurrency has been on a slow but steady rise over the last decade. After the Bitcoin boom in 2017, where prices reached a high of around USD$ 20,000, the value of Bitcoin has stabilized to around four figures. Continued interest in the cryptocurrency market has also led to the rise of alternative coins like Ether and XRP, as well as stablecoins like USDCoin and Gemini Dollar.

Blockchain is the foundation of cryptocurrency, but its use isn’t limited to finance alone. The technology has further uses in politics, communication, health, economics, and other fields. The range of possible uses for blockchain technology is such that governments across the globe are beginning to adapt the technology beyond the scope of finance. For example, the Australian government worked with Civic Ledger, an organization that focuses on civic applications of blockchain technology, to use blockchain to verify water trade and update state registries in real time.

The adoption and application of blockchain technology is on the rise around the world, but nowhere is it more so than in Asia. First seen as a backwater in blockchain and cryptocurrency adoption, recent years have found Asian countries adopting blockchain tech at rates far quicker than their Western counterparts. South Korea’s adoption of blockchain technology initially started out slow, but experienced a boom in 2017. By the end of 2017, over a third of the Korean public had invested in cryptocurrencies. However, according to the Diplomat, the South Korean government has taken a more cautious approach to cryptocurrency, maintaining an Initial Coin Offering (ICO) ban that prohibits the receipt of investments in return for the sale of cryptocurrency by domestic companies.