India, Indonesia, and Mexico — Most Perspective Countries for Cryptocurrencies

Kataryna Kovtun August 4, 2020

BitXmi

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The most perspective countries for cryptocurrencies were taken by Southeast Asia, Latin America, Turkey, and India.

Jump Capital analysts have identified a list of countries with the greatest potential for cryptocurrency development. Research is based on several macroeconomic indicators.

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In a study shared by The Block, experts have identified the development of crypto-fiat gateways as a cornerstone for further digital asset adoption.

Jump Capital believes that such “transfer points” are often associated with stock exchanges, which demonstrate a noticeable network effect. It arises from the need for liquidity and the positive feedback loop it generates.

The company believes that the cryptocurrency industry will go the same way as traditional finance. Over the years, most of the trading volumes of various asset classes were concentrated on a limited number of sites. It will be preceded by the creation of new platforms in many countries. It will be attributed to the high degree of regulatory differences and the ability of companies to operate internationally.

According to the study, cryptocurrency exchanges will be able to form a competitive edge based on four factors:

  • availability of permits and licenses from local regulators;
  • the cooperation with local banks for the possibility of transferring fiat deposits to cryptocurrencies;
  • the degree of liquidity in pairs with the participation of a particular national currency;
  • brand, customer base, and potential to grow.

The opportunities for creating crypto-fiat gateways are most attractive in emerging economies, Jump Capital is convinced. Experts believe that here one can expect greater loyalty of residents to cryptocurrencies and the emergence of difficulties with expansion among established players due to local specifics.

The most perspective countries for cryptocurrencies

Analysts made a list of the most perspective countries for creating such a business based on the following factors:

  • high inflation / currency volatility risk;
  • large flows of remittances;
  • immature financial infrastructure/lack of trust in banks;
  • population size;
  • the ratio of GDP / national wealth;
  • gold reserves;
  • regulatory and banking environment;
  • a tendency to speculate (exchange trading, gambling, etc.).
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India is the leader with high inflation, the fourth-largest economy, the largest population, and the demand for gold. Indonesia and Mexico also have significant potential with a noticeable share of remittances from labor migrants in the country’s balance of payments.

Analysts at Arcane Research have also identified Africa as the most promising region for the development of cryptocurrencies. The experts substantiated their opinion by economic and demographic trends, as well as the high confidence of the population in cryptocurrencies.

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