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- ASEAN countries witnessed a hike of 424% in regards to crypto transactions
- 90% of people surveyed showed a keen interest in digital assets, while only 14% used them.
- 61% believed that CBDC was a good idea as the fintech regulation evolved.
Cryptocurrencies continue to allure the world with each passing day; while some wholeheartedly accept the tokens, others still are figuring out decentralized mechanisms of the currency. In a recent report, it was found that ASEAN countries had witnessed a spike of 424% in crypto transactions.
The Association of SouthEast Asian Nations (ASEAN) countries, including countries like Laos, reportedly saw an increase of 424% when it comes to investing in cryptocurrency & blockchain firms, in contrast to last year. Fintech in ASEAN 2021 report prepared by UOB, PwC Singapore & the Singapore Fintech Association reportedly cited the stats around it; investments in Fintech firms saw an all time high of $3.5 billion in the first 3 quarters of 2021.
The overall hike was more than 3x the investments compared to last year; however, investments related to tech firms witnessed a growth of 6x, whereas specific crypto-centric firms witnessed a growth of 5x compared to last year. However, cryptos surpassed the most in the category of alternative lending for the first time.
Singapore led the race within ASEAN countries, being responsible for 44% of the total investment amount. Indonesia followed Singapore & stood in 2nd place. However, it is assumed that the numbers could deteriorate as Indonesia’s national religious council has recently forbidden transactions into cryptocurrencies citing Sharia law.
ASEAN stance on CBDC
According to the survey, almost 90% of the contestants were noted optimistic regarding digital assets, however, only 14% of them were transacting in cryptocurrencies, such data points that the cryptocurrencies in the region had a long way to go forward. According to the report, the population preferred to wait & watch at the same time were being tempted by the growing acceptance of the currencies and recognitions from the institutions in regards to exchanges.
When it comes to Central Bank Digital Currencies (CBDC), it was noted that around 61% of contestants preferred the same. However, much wasn’t explored as the survey was centered around traditional cryptos. The founding managing partner at Insignia Ventures stated that as Fintech & regulations were new & evolving, there was an inclination towards sandboxes & frameworks regarding decentralized technology which garners more funding & nourishes on top of increasing consumer interest.
ASEAN countries did explore the CDBC tangent on the surface level, however, more countries are taking part in such & diving deep as the pool expands itself like the universe.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
