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Massari: China has been the leader in the cryptocurrency industry despite regulation - block-news.club Massari: China has been the leader in the cryptocurrency industry despite regulation7 hours ago
Massari: China has been the leader in the cryptocurrency industry despite regulation - block-news.club Massari: China has been the leader in the cryptocurrency industry despite regulation

According to a new report by the analytical company Messari, China is still the most active region of the cryptocurrency industry, and Chinese miners control 65% of the Bitcoin hashrate.

Mira Christanto, an analyst at Messari, has prepared a report on Asia’s Crypto Landscape, which examines the funds, exchanges and trading habits of the world’s largest cryptocurrency market – Asia. China has the most influence in the region, despite strict regulatory measures.

Chinese miners control 65% of the Bitcoin hashrate. China’s combined hashrate outshines other major market players, such as the United States (7.24%), Russia (6.9%), and Venezuela (0.43%). Despite the fact that China banned margin trading on cryptocurrency exchanges in 2017, the industry continues to thrive, although its participants ” act cautiously.”

Asia accounts for 43% of global cryptocurrency transactions, with a total value of about $296 billion. At the same time, East Asia accounts for most of this amount, while the share of the markets of Eastern Europe and Latin America is 12% and 7%, respectively.

China’s role as a major player in the cryptocurrency market is partly related to the country’s currency controls. By law, Chinese citizens are allowed to buy up to $50,000 in foreign currency per year, and residents of the country circumvent this restriction with the help of stablecoins.

“As a result of the restrictions, the US dollar-backed stablecoin market is booming in China, as it opens up the opportunity to access dollars,” the report says.

The most popular stablecoin in China is Tether, whose capitalization grew by $2 billion in the first half of January. The Messari analyst also notes that there are more institutional investors in Hong Kong than in any other country in Asia who know how traditional investment tools work and are interested in investing in cryptocurrencies.

At the same time, South Korean cryptocurrency investors show the highest level of interest in cryptocurrencies, and a third of working citizens say that they invest in crypto assets. In addition, in Japan, many traditional banks invest in the cryptocurrency industry.

The report says that Vietnam has the strictest regulations in the region – cryptocurrency is banned as a means of payment, and state-owned companies and securities firms cannot participate in the cryptocurrency industry.

by:

7 hours ago

from:

block-news.club
cryptoDATA 15 Feb 2021 cryptoTIME 2 min read
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