What opportunities and growth potential does Bitcoin have in Asia?
Cryptocurrency
Asked by Question Bot02/May/20151 answer
1 Answer
F
Faisal Khan
Answered 02/May/2015
Huge! Humongous! Enormous! Did I say immense potential?
Bitcoin has a huge potential for inter-country payments in the regional (SAARC, ASEAN and GCC block) as well as intra-country payments.
Expecting and waiting for modern peer-to-peer payment solution to come here and present a homogenous payment experience all across the region, then we all are mistaken and it would be a long wait.
Bitcoin can short-circuit this and in some way is short-circuiting it. The regulators and the governments need to embrace Bitcoin as opposed to running away from it. Barring the FUD factor, if market makers and gateways are allowed to establish themselves and run in the region, then bitcoin has a huge potential. Imagine if the like of say EasyPaisa in Pakistan is able to send money to AliPay user in China and someone in Dubai is able to send their salary across to BDO card in Philippines using Bitcoin without the overhead as it is usually charged nowadays.
The main threat that Bitcoin poses in Asia is the channelling of illegal (read: undeclared wealth of which there is plenty) out of the country and moving it around. Not that the governments have been able to do much in this regard, but hand over a tool in people's hand to channel money, you can bet your bottom dollar that the abuse risk would be factored in before the regulators give an all okay. Granted it will be a small portion and it can be controlled, but nonetheless.
Either way, Bitcoin will grow in the region. If legalized, the growth rates would be exponential.
Bitcoin has a huge potential for inter-country payments in the regional (SAARC, ASEAN and GCC block) as well as intra-country payments.
Expecting and waiting for modern peer-to-peer payment solution to come here and present a homogenous payment experience all across the region, then we all are mistaken and it would be a long wait.
Bitcoin can short-circuit this and in some way is short-circuiting it. The regulators and the governments need to embrace Bitcoin as opposed to running away from it. Barring the FUD factor, if market makers and gateways are allowed to establish themselves and run in the region, then bitcoin has a huge potential. Imagine if the like of say EasyPaisa in Pakistan is able to send money to AliPay user in China and someone in Dubai is able to send their salary across to BDO card in Philippines using Bitcoin without the overhead as it is usually charged nowadays.
The main threat that Bitcoin poses in Asia is the channelling of illegal (read: undeclared wealth of which there is plenty) out of the country and moving it around. Not that the governments have been able to do much in this regard, but hand over a tool in people's hand to channel money, you can bet your bottom dollar that the abuse risk would be factored in before the regulators give an all okay. Granted it will be a small portion and it can be controlled, but nonetheless.
Either way, Bitcoin will grow in the region. If legalized, the growth rates would be exponential.