Has the East Embraced Crypto the Same Way the West Has?

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The idea of cryptocurrency was in the mind of American cryptographer David Chaum back in 1983 but it was not until the emergence of Bitcoin in 2009 that appeared in mainstream society. The first block of the Bitcoin network was mined by Satoshi Nakamoto in January 2009 and resulted in 50 Bitcoins. The digital currency had little value when first mined but at the time of writing, a single Bitcoin is valued at over $28,000. There is no doubt the West has embraced cryptocurrency but can the same be said for the East?

Crypto in the West

If we look back at the statistics of 2021, it is clear Europe has emerged as the leading continent in terms of the cryptocurrency economy. The European continent traded over $900 billion in crypto throughout 2021. The Central, Northern, and Western Europe region is the world’s largest crypto market, receiving over $1 trillion in digital assets throughout 2021 and building on that figure in 2022. In fact, more than 25% of the world’s total crypto trading activity took place in the CNWE zone. Interestingly, the United Kingdom has been at the forefront of cryptocurrency activity in terms of the amount received, valued at more than $170 billion. Looking more closely at the United States and over 12% of the population owned crypto in the country come the end of 2022, with over 33 million people getting involved. The numbers are expected to increase further come the end of 2023.

Crypto in China

The crypto market has been moving in the right direction in the West and the same can be said for the major countries in the East, other than China. If we look back at 2021, China moved to restrict the trade of crypto by clamping down on the mining of cryptocurrency in the country and warning people not to invest in the digital market. There have been rumours that China is going to launch its own digital coin in the future and as of 2021, The People’s Bank of China has placed a ban on cryptocurrencies.

Crypto in the East

Despite the fact China has cracked down on cryptocurrencies, several other nations in the East are relaxing their regulations around crypto. For example, Dubai is aiming to become a global crypto hub, Japan had relaxed token listing requirements, Thailand is removing taxes for initial coin offerings, and Hong Kong has announced it is ready to welcome crypto companies. A greater share of people in Vietnam and the Philippines use or own cryptocurrency than any other Western or Eastern country. One of the ways crypto is being used in the East is for online gambling. Sites like Dafabet offer several crypto payment methods, including Bitcoin, Tron, and Tether. Some online retailers accept crypto payments and crypto-based gaming is increasing in popularity.

For the time being, many of the most innovative companies in the crypto world have emerged in the West. However, the East is now enjoying higher crypto adoption rates and we could soon see a partnership between the East and West for the overall benefit of the crypto space.

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