An important report was announced today by Chainalysis. The report looks specifically at the Central and South Asia and Oceania (CSAO) environment in the crypto space. However, a graphic in the report reveals a very striking reality of Turkey. Let’s look at the details.
Türkiye truth in crypto report
Central and South Asia and Oceania (CSAO) is emerging as one of the most dynamic and fascinating cryptocurrency markets in the world. CSAO ranks as the third largest crypto market globally in terms of raw trading volume. On the other hand, it also stands out with its grassroots adoption. India leads in transaction volume, receiving an estimated $268.9 billion in crypto assets during the period under review.
There is a striking fact about Türkiye in the report. According to the report, Turkey has a crypto transaction volume exceeding 150 billion dollars. The transaction volume truly represents a huge figure. Accordingly, this situation is also an indicator of how much Bitcoin and altcoins are adopted in Turkey.
Other details in the report
Since the report focuses specifically on the CSAO region, it is based on the countries there. Accordingly, there is a reference to the Global Crypto Adoption Index in the report. Six of the top ten countries are located in this region. India (1), Vietnam (3), Philippines (6), Indonesia (7), Pakistan (8) and Thailand (10). Additionally, DeFi stands out in the CSAO, accounting for approximately 55.8% of regional transaction volume between July 2022 and June 2023, up from 35.2% the previous year.
However, CSAO is not a monolith when it comes to cryptocurrency adoption. Several factors are driving adoption in different CSAO countries. It also results in different usage rates for different cryptocurrency services. Centralized exchanges dominate web traffic in these countries. Differences also emerge. For example, there is significant crypto web traffic to gaming and gaming platforms in the Philippines. On the other hand, countries like Pakistan and Vietnam rely more on P2P exchanges, especially in markets with tighter capital controls.
Examining two adoption drivers: Philippines and Pakistan
In the Philippines, the Axie Infinity play-to-win game has accelerated cryptocurrency adoption. Gaming has gained popularity across demographics by providing entertainment, earnings, and social connections. The Philippines accounts for a significant 28.3% of Axie Infinity web traffic. On the other hand, it causes Bitcoin and altcoin transaction volume to increase. However, the success of the game paved the way for wider adoption of cryptocurrency. Thus, many Filipinos now have wallets for various altcoin uses.
In Pakistan, the need to preserve wealth amid high inflation and currency devaluation has increased the use of crypto. The country’s difficult economic conditions have left savings vulnerable to rapid erosion and traditional investment options disrupted. Pakistani citizens also face restrictions on holding physical foreign currency. Accordingly, this situation makes stablecoins and crypto a necessity when we look at it as cryptokoin.com. Although crypto trading is officially banned in Pakistan, there are signs of potential progress towards regulation that could facilitate further growth.
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