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The Silicon Review Asia

Trade war between the US and China has opened various avenues for blockchain and cryptocurrency

Trade war between the US and China has opened various avenues for blockchain and cryptocurrency

In 2019 it was quite evident that Asia is moving rapidly ahead in blockchain and cryptocurrency application and adoption. Due to external and internal drivers, Asia is setting a benchmark for others in converting ideas into reality in the blockchain space. Investors in South Korea, China, and Japan are entering the crypto markets because of various factors like tight government control of individual assets, currency devaluation, and global and regional trade wars. A consistent spike in bitcoin activity was identified by eToro, a popular global trading platform during the crucial times of the US-China trade war. In May 2019 China had announced tariff hike on American goods following that the investors swiftly moved elsewhere to divest their wealth.

The trade war between the US and China paved the way for bitcoins to reap more benefits. There is a cloud of uncertainty surrounding this issue but bitcoin is becoming more significant than precious metals. Furthermore, in 2019 the Chinese consumers used Tether to transfer their currency across borders for free from sanction and supervision from the government. Singapore, Taiwan, Korea, and Hong Kong are known to be a well-established hub for fintech innovations and digital payment adoption. Alternative assets are also gaining traction in this uncertainty.

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