Why is the price of BTC (and any other crypto) always higher in Asian countries?

[Assface16678]

I don't think it's high in my country because they are the same thing which is on the actual price of the coin BTC/USD.

I'am from a asian country and the value is the same here in USD. Maybe, the price is set to high amount because thw custodial wallet abuse it because it has no standard law currently. What you should do is buy, low cheap Bitcoin from other alternatives then resell it there. So its some of arbitrage trading, and you gain profit from it, instead of treating it as a bad luck.

The transaction fee on my country is too high because of the centralized wallet we are using they can easily make some changes with this. Also, they have a large amount of transaction and does not have a fair on buy and selling of the coin.

I'am from a asian country and the value is the same here in USD. Maybe, the price is set to high amount because thw custodial wallet abuse it because it has no standard law currently. What you should do is buy, low cheap Bitcoin from other alternatives then resell it there. So its some of arbitrage trading, and you gain profit from it, instead of treating it as a bad luck.

It definitely is the wallets, in my country there is a monopoly in this and the government does not have a clear stance whether cryptocurrency in general is a bad thing. Maybe if there is an introduced competition they can atleast do something to keep their customer base steady.

They are just dominating the use of the cryptocurrency. Also sometimes they don't have enough supporting with the use of it.

[1714632569]

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[Vishnu.Reang]

I have also noticed this. In Localbitcoins India, if you want to sell Bitcoin, then there are several buyers out there who would pay prices which are very close to the market rates. On the other hand, if you want to purchase coins, you may be forced to pay a markup of up to 5% (I am considering only those traders with good reputation). The same thing can be noticed in other peer-to-peer exchanges as well, such as Localcryptos.

[mezzaluna]

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?

Its surely based on the economic status of the country and sometimes those rates are lowered so that people that render that service can gain profit. Its not easy for them to handle that business since most of their income will come from Cryptocurrency.

[Pito001]

It all depends from volumes & demand. If there less sellers for china pairs then they can set higher prices

[DarkDays]

The most important reason behind this price difference is the stringent regulations in some of the countries. For example, Bangladesh has one of the highest price difference because crypto is banned there. India was almost like that for a while with their banking ban. China, the same, Burma the same. So it creates a lot of ground for the old middlemen to come in and charge an extra premium to exchange the local currency with some digital e-currency that can then be traded for any crypto.

Besides this, even large exchanges operating out of Asian countries have to tackle regulatory issues which just makes transferring fiat out of those countries a living hell.

Why they do it? protectionism. That is a topic for another thread though.

[Vishnu.Reang]

I have also noticed this. In Localbitcoins India, if you want to sell Bitcoin, then there are several buyers out there who would pay prices which are very close to the market rates. On the other hand, if you want to purchase coins, you may be forced to pay a markup of up to 5% (I am considering only those traders with good reputation). The same thing can be noticed in other peer-to-peer exchanges as well, such as Localcryptos.

Have you noticed this only in India or in other countries too?

I don't know the case with other countries, because I have only traded for INR. Although it is possible to sell Bitcoins to the international traders, I haven't done that. There are too many issues. They will send the money either to my credit card, or by Western Union. There will be all sort of enquiries from the tax department. But all that said, I don't think that the situation is any different in the other Asian countries.