Post
Topic
Board Bitcoin Discussion
Re: Why is the price of BTC (and any other crypto) always higher in Asian countries?
by
Asuspawer09
on 27/09/2020, 20:52:19 UTC
Its consistently higher that what the normal currency exchange rate would suggest in Asian countries.

For example if you multiply the USD rate of 1 BTC with the CNY rate, its 1 BTC = CNY 73,600, but exchanges there have it around CNY 75,500.

In other countries in Asia and South America also BTC is more expensive to buy in non-USD currencies than in USD.

Why is this the case?

I guess it is because compared to the USA bitcoin is not used in some Asian countries a lot making the price a bit higher than the countries that are already exposed to bitcoin technology.

And maybe because the government does not really support this kind of technology yet just my opinion here in my country, they do not really hate what it is just not really support this yet so companies that want to bring this technology to the country would tend to pay high tax one thing is because it is maybe a poor country. So the tax was just high that the company needed to put the market price of bitcoin higher when converting.

So that the company is going to make its profit.