China’s ban on all crypto-related activities was a breakthrough moment for the crypto industry. While many predicted a sad ending for the crypto and cheered at the collapse of this supposed ‘bubble’, everyone was proven wrong in no time. Whatever value Bitcoin lost after the China ban has been recovered within a few months. Bitcoin is now soaring and targeting an all-time high. It is safe to say now that cryptocurrency has recovered from the disruptions triggered by China. On the contrary, China’s ban has opened up opportunities for other countries and regions. All crypto miners who had to flee China ended up resettling elsewhere and working on crypto operations from their respective locations. Singapore, among other countries, benefited greatly from China’s ban. Top exchanges like Huobi and Binance relocated to Singapore, and now the country is the crypto hub of South East Asia.
In recent news, another country is coming up as a key player in the crypto industry. Indonesia is claiming its fair share in the crypto market of Asia. In a recent report from Coinformant, Indonesia showed the highest promise in crypto adoption among all the countries in the world. With a ‘crypto interest’ score of 5.73, Indonesia stands above Chile and Argentina. These three countries are at the top of Coinformant’s list.
As is seen across various reports and surveys, two places are emerging to become the next giant players in the crypto industry. While Latin American countries are showing growth on one end, South Asian countries are also growing at an unprecedented pace.