Asia is taking the lead in the blockchain technology with all the major nations like Korea, China, Japan, working to achieve higher growth in the crypto industry. The governments invest huge funds and run different programs that will promote blockchain technology and artificial intelligence.
Asians embraced the cryptocurrency early enough to have a better understanding of how it works when the other people of the world had not even had a grasp of it. The Asian governments see cryptocurrency as the future currency that will rule the world market instead of the US dollar.
This is a good reason why they are driving very hard in the race to rule the crypto world while there is an opportunity. This will offer them a platform for freedom from the control of the US dollar.
Asian governments invest heavily in cryptocurrency
Asia has now become the blockchain hub, leading the world in the blockchain technology. The governments are working to take the level of technology higher. During a recent blockchain summit organized by the Ministry of Industry and Information China, the ministry disclosed in a whitepaper, the focus area of the government in the blockchain technology. It shows that China has filed the most blockchain patents in the world. In just 2017, about 178 new blockchain companies were created, bringing the total number of startups to 456.
Recently the Ministry of Science and ICT in South Korea launched a major blockchain development program proposing to invest $207m in public and private blockchain ventures by 2022.
Asia has the largest cryptocurrency exchanges and mining farms
Asia is very populous and dominant in the world trade and the increase in the wealth of this population of about four billion people also drives the performance of cryptocurrency.
A study shows that in South Korea, about 30 percent of the total workforce has invested in cryptocurrency. This nation also counts for 20 percent of the world's cryptocurrency trading volume, with Asian firms like Binance, OKEx dominating the trading activity.
According to a research report by Cambridge Center for Alternative Finance, the center of Bitcoin mining, Ordos Inner Mongolia is in China.
All the processes of bitcoin mining and the creation of new currency in the crypto industry is centered in this place.
About 50 percent of the world's major bitcoin mining pools are located in China. This dominance has given Asia an opportunity to lead in a new industry that will, in the future, control the global trade. When this happens the US dollar will definitely lose its power.
