Although China makes up for a large portion of bitcoin trading, bitcoin adoption is still slower in Asia, when compared to Europe and North America. Despite a significant increase in bitcoin remittance services in the region, payments using cryptocurrencies haven’t gained much momentum.
There are several reasons for the slower bitcoin adoption rate in Asia. The prominent one among them is lack of regulation which makes investors a bit cautious when it comes to investing in digital currency or using it for regular transactions. However, the region is slowly opening up to the cryptocurrency space as established bitcoin exchange Coinbase has decided to expand to Singapore, one of the region’s largest financial hubs.
The high bitcoin price volatility also restricts its wider acceptance. Moreover, the lack of awareness and education is also a factor, particularly as bitcoin has been associated with the negative perception regarding its use in dark web marketplace and money laundering purposes.
Experts suggest that cryptocurrency companies and exchanges who are interested in entering the Asian market must first focus on educational campaigns in order to spread awareness about the potential benefits of bitcoin. Although bitcoin adoption in the region is very low at the moment, cryptocurrency enthusiasts believe that it will gain widespread acceptance sooner or later.
Originally appeared at: http://www.econotimes.com/Bitcoin-growth-stuck-at-low-levels-in-Asia-86752