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Asia’s Love-Hate Affair With Cryptocurrencies

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Cryptocurrencies are notoriously known for their high riskiness. The crypto market is savage and unforgiving with losses even surmounting to hundreds of thousands during brutal dips. With more people being enticed by the high rewards of the market, many dip their toes into it without keeping the high risk in mind. The bull run of 2021 has resulted in the market capitalization of cryptocurrencies passing $2 trillion, regulators throughout the world are becoming wary of the situation and what it would mean for economies on a global scale if the cryptocurrency market crashes badly.

Asian governments have been alarmed by the situation and the government of Thailand and Korea has been vocal about it. Further joining the ranks is the government of Sri Lanka. The Central Bank of Sri Lanka (CBSL) has issued a detailed notice on cryptocurrencies. The notice talks about what cryptocurrencies are and the risks they pose – especially in Sri Lanka because the crypto market is completely unregulated in the country. The monetary authority also warned the masses of the violation of the foreign exchange regulation as cryptocurrencies are assets.

On the other hand, Vietnam’s cryptocurrency market is suffering from a different kind of problems. Miners in the country are selling off their mining equipment because of a fear of a crash. Computers, graphic cards and other equipment have more sellers than buyers and the situation may propel a bearish downturn.

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