Bengaluru, Chennai, Ahmedabad Among World’s 20 Most ‘Crypto-Intensified’ Cities
In the crypto sector, which exceeded the market value of three billion dollars last year and fell below the value of 1 billion dollars last month, the adoption is not coming as smoothly as one might expect. In its latest report, CoinKickoff narrowed down the twenty most ‘crypto-stressed’ cities in the world, including three cities from India. In the crypto-stressed list at the top are Amsterdam, India’s Bengaluru, Chennai, and Ahmedabad got the 11th, 15th, and 19th positions respectively.
According to the IndexBengaluru, Chennai, and Ahmedabad recorded their crypto stress levels at 27.08 percent, 26.38 percent, and 25.51 percent respectively.
The ongoing regulatory framework that applies to crypto laws around the world has emerged as the main reason why investing in these digital assets seems to be stifling in several parts of the world.
As long as the crypto sector is not heavily regulated, investors will be reluctant to expose themselves to the financial risks associated with the sector, the report highlights. India, where crypto investors are apparently depressing the sector, is still in the process of formulating its own crypto laws.
From December, India will be taking over the presidency of the G20 group. Among the priorities, India is looking to collaborate with 19 other G20 member countries in creating a framework on cryptocurrency, which will work at the international level.
However, before that happened, Egypt’s Cairo, Canada’s Toronto, Germany’s Frankfurt, UK’s London, and Russia’s Moscow also entered the list of the 20 most crypto-stressed cities in the world.
A study by Chainanalysis recently found that the global adoption of crypto will increase by 880 percent by 2021, with India, Vietnam, and Nigeria leading the way in its adoption.
Meanwhile, major cities are experimenting with new infrastructure technologies to drive crypto adoption with ATMs and merchants accepting crypto as payments.
“Our analysis found that of the 131 countries where cryptocurrency can be bought and sold, residents of the United Arab Emirates (UAE) are the most concerned about their investments,” the report noted.
Interestingly, UAE regions such as Dubai and Abu Dhabi are accelerating efforts to establish themselves as global crypto hubs. It is not surprising that investors from these areas feel anxious when the markets experience a fall.