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China’s Cryptocurrency Ban Didn’t Halt Asia As Crypto Transaction In The Continent Grows By 706%

China’s Cryptocurrency Ban Didn’t Halt Asia As Crypto Transaction In The Continent Grows By 706%
Asia’s cryptocurrency transaction volume has grown by 706% over the past year, with adoption rising in the continent despite China’s latest ban on crypto activities.

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Despite China's ban on cryptocurrency activities, Asia has seen a surge in crypto transactions by 706%. According to a report by Chainalysis, the Central & Southern Asia and Oceania (CSAO) region is now the fourth largest cryptocurrency market, with a value of over $572 billion. This growth is attributed to the entry of institutional investors and the adoption of decentralized finance (DeFi). The cryptocurrency market cap has also surpassed $2 trillion, with Bitcoin crossing the $50k mark again. Despite Europe leading the way, Asian countries are ahead in terms of overall adoption, with Vietnam, India, and Pakistan ranking highest in on-chain retail transactions and peer-to-peer transaction volumes. This article was originally published on FX Empire.

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