As Asia progresses with CBDCs, Could regulation impact its crypto world?

• In nations such as China and Singapore, we have seen significant growth over the past two years for the crypto and the blockchain industry. 
• Asia has been able to put itself first of many other continents and countries when it comes to the world of crypto.

It is well known that Asia is the so-called hub for cryptocurrency. In nations such as Japan, South Korea, China and Singapore, we have seen significant growth over the past two years for the crypto and the blockchain industry. Through this, Asia has been able to put itself first of many other continents and countries when it comes to the world of crypto. China is the only country to be in its final stages of developing a CBDC, otherwise known as a central bank of digital currency. This is just one way that China is winning over the western world.

The co-founder of BRD, Adam Traidman has given his thoughts on the upcoming central currency from China. 

Speaking in a recent podcast with Anthony Pompliano, Adam said that national digital currencies are not going to hit the markets any time soon. He further went on to say:

“They are going to take time because of the practical issues[…] There are clear indicators that governments are going to move ahead with their own digital currencies soon, but they’ll hit the markets only in another five-ten years; I’m not sure if they’re going to be blockchain-based.”

For central-bank digital currencies, there are many countries that haven’t made a lot of progress outside of Asia. When talking about Japan and its role in the crypto/blockchain space, Adam further commented saying:

“There’s a lot of money here that is waiting to be invested in various things, and so people trade. This Bitcoin popularity among the 8 out of 10 Japanese might be because of Mt. Gox and other scandals. Not always a good thing though, because they heard about it because of scandal, right?”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!