Asia is always an exciting continent when it comes to cryptocurrencies. No other region has a more significant love-hate relationship with Bitcoin, Litecoin, and others. Although not much is known about the current landscape, some recent developments are worth paying attention to.
Don’t Call It A Comeback
Asia has been a relatively problematic region for cryptocurrencies over the years. Despite China being the powerhouse for Bitcoin in the early days, the government decided to put clamps on all trading activities several years ago. As a result, all other cryptocurrencies went through similar momentum, resulting in a decrease in transaction volume, among other things.
In 2019, however, it appeared as if the situation would improve. Charlie Lee, the Litecoin creator, co-hosted a meetup in Hong Kong that year. As Hong Kong is autonomous from China, it is not entirely surprising to see cryptocurrency support emerge there. In the same year, he also served as a keynote speaker for the TOKEN2049 event. This seemingly hinted at a comeback for cryptocurrencies in Asia, even though they have never been completely gone either.
Even today, very little information regarding cryptocurrencies comes out of Asia. The current state of Bitcoin, Ethereum, Litecoin, and many others remains unknown. It appears as if trading still occurs across local exchanges and peer-to-peer platforms, but there hasn’t been any “major news”. It leaves much to speculation, either for better or worse.
A Boost In South Korea
Cryptocurrency ATMs are an excellent way to obtain Bitcoin or select other cryptocurrencies with cash. Although Asia isn’t necessarily a prominent region for ATMs just yet, it is home to a fair few of these machines. Over the years, nearly two in three ATMs worldwide introduced support for Litecoin alongside Bitcoin, making this currency more accessible.
In South Korea, The Litecoin Foundation partnered with MeconCash to bring Litecoin support to 13,000 ATMs. These are not traditional cryptocurrency ATMs, but rather machines used for MeconCash’s M.Pay payments platform. There has never been any official data on how this partnership has evolved or whether it boosted overall interest in Litecoin. Even so, developments like these confirm there is still some interest in cryptocurrencies in that part of the world.
More 2021 News
Earlier in 2021, there was a significant gaming development affecting Litecoin in Asia. One of the local gaming stores has integrated support for four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Icon. Although it was never mentioned which gaming store this is, it does confirm that cryptocurrencies’ overall appeal is not diminishing just yet. In fact, it may be growing again, which would be rather intriguing to behold.
Whether there is a future for Litecoin in Asia’s gaming industry is challenging to determine. This is not unique to LTC either, as Bitcoin and Ethereum may see similar struggles in the future. Asia remains a big mystery as far as cryptocurrencies are concerned, and there are no genuine efforts underway to change this narrative.
As Asia remains a crucial financial hub, it is likely to assume that cryptocurrencies will play some significance. However, the current regulatory landscape seems to prevent any broader adoption from happening right away. That is rather unfortunate, as Asia can become a massive hub for this alternative form of money.
However, until the regulatory landscape changes, it remains unclear whether there is any room for further growth. The developments above confirm there is still some interest in cryptocurrencies, although the efforts are mainly localized. A large-scale effort may not be possible for some time to come, unless something major changes.