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Why Asia Is Driving Cryptocurrency Adoption in 2019

Why Asia Is Driving Cryptocurrency Adoption in 2019

2019 looks like a promising year for the adoption of cryptocurrency around the globe. However, Asia has been at the forefront of driving the crypto adoption phase in 2019. For instance, following Turkey’s high inflation rate, Turks are looking for alternatives. Lira crisis, during summer, saw Turk’s investments, life savings, and pensions significantly devalued. Combined with the increased number of a technology-savvy youthful population, Turks are already into Bitcoin and other cryptocurrencies. The Turkish Lira is the fifth mostly used fiat currency in crypto trades.

Turks are already into it

According to a recent study conducted by ING/Ipsos, between March 26 and April 6, at least 18 percent of Turks had surveyed or owned cryptocurrency. That was before the lira crisis, after which another research indicated that nearly one-fifth of the survey respondents admitted to buying and selling Bitcoin supporting cryptocurrency adoption in 2019.

With the fluctuating prices and the plummeting value of its national currency, it is no surprise that Turks are considering cryptocurrency even with its risk and volatility. The cryptocurrency community has noted this phenomenon;

“The Lira plunging, the best thing for the Turkish people right now is to store their wealth in Bitcoin as Turkey is following in Venezuela’s path,” noted a Twitter user.

S. Korean tech giant introduces cryptocurrencies to its pay app

Asia continues to drive cryptocurrency adoption in 2019; Samsung, a South Korean tech giant, is integrating a crypto wallet in its low-cost mobile phone range. A report published by CoinDesk Korea says that the Blockchain Wallet was launched with Galaxy S10, their flagship phone. The wallet is compatible currently with Ethereum-based ERC20 tokens and ether (ETH). Bitcoin is not supported yet, despite the logo appearing on the first pre-release presentation images. It also supports crypto collectibles platform, CryptoKitties, beauty community, Cosmee, crypto gaming, Enjin, and CoinDuck, merchant payments.

The wallet app can be downloaded from the Samsung Galaxy Store only on Galaxy S10. The firm added on its plans to expand support for more cryptocurrencies and devices in the future to keep up with cryptocurrency adoption in 2019. The Samsung Blockchain Wallet will be used alongside Blockchain Keystore and is made to ease the transaction process for the technology to newcomers.

India changes its stance on cryptocurrency

The Indian government is catching up on the cryptocurrency adoption in 2019 as it is said to be thinking of regulations to eliminate the state of limbo it’s crypto space has been in since the RBI ban. The government has told the Supreme Court that the committee contemplating on ways to lift the ban is at the final stages of the crypto regulation deliberation.

The court is waiting to hear the petition against the banking ban by the country’s central bank once the government produces the cryptocurrency regulation. In pursuit of cryptocurrency adoption in 2019, the crypto case was presented to the Indian Supreme Court briefly on Monday by lawyer Jaideep Reddy of Nishith Desai Associates. He was representing the Internet and Mobile Association of India (IAMAI) in their writ petition against the crypto banking ban by RBI (Reserve Bank of India), India’s central bank.

Japan legalizes cryptocurrency payments

Japan has been at the forefront of cryptocurrency adoption in 2019. For example, in April 2017, it authorized cryptocurrency as a means of payment through the amendment of the Payment Services Act. FSA (Financial Services Agency) is the primary regulator for crypto exchange service providers. There are currently 19 registered exchanges with more than 140 companies interested to join the market.

China, although it has had a harsh stand of cryptos in the past, it has made it clear that owning Bitcoin or another crypto is legal. Additionally, in the recent past, China is seemingly softening its stand on cryptocurrencies. However, it’s unclear, for now, the path the China and crypto relationship will take in the coming years.


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