To what extent Asian countries have contributed to global cryptocurrency adoption
The Asian countries have shown less resistance towards the emergence of cryptocurrency, as compared to countries from other continents.
The Asian countries have shown less resistance towards the emergence of cryptocurrency, as compared to countries from other continents. Although, not many countries are economically developed and equipped to embrace the virtual currency market, the pace at which developed countries like Japan, North Korea, and China have adopted cryptocurrency is quite impressive. The acceptance of cryptocurrency by such strong independent nations would impact the global adoption of digital currency.
Asia has shown great growth in cryptocurrency acceptance, most of the Asian countries are acknowledging the growing influence of virtual currencies. Most of the Asin countries are not economically stabilized enough to incorporate big changes within a short period of time.
Among the top five companies operating in cryptocurrency exchanges, three are registered in Hongkong, China. The stats show that there has been more than a 50% increase in a crypto-related job in Asia. Japan is among those countries that have been working on blockchain technology. Japan is also among one those countries, where mining activities initiated at their early stages of existence.
Countries that played a significant role in adopting virtual currency
When the digital currency trend was on its way to the sky, many countries all around the world had different approaches towards it. Many countries embraced bitcoin at its early stages of development while other countries stepped in some years later. The adoption rate of digitization and technological changes has been increased rapidly over the last few years.
People in Asian countries have started to adopt new technological trends in a very short period of time. Even in those countries where bitcoin and crypto mining is forbidden by the government, people of such countries have invested in cryptocurrency through registered exchanges.
There are platforms like "the British Bitcoin Profit" that have made it possible and convenient for people all around the world to trade bitcoin with ease. The authorities of many countries have allowed their citizens to trade on only those platforms that are only allowed by the state.
The government of India has not yet recognized virtual currencies as legal tender yet, but the people are not stopped from dealing with bitcoin. As India is famous for being the second-largest country in the world by population, if bitcoin is legalized, it could have a huge impact on bitcoin emergence. India is among the first Asian countries to start trade in cryptocurrencies.
When the crypto trend started, people in India earned millions of dollars through mining and crypto exchange platforms while other neighboring countries were deciding what to do next regarding cryptocurrencies. The lenient stance by the government at the early stages of crypto emergence pulled huge chunks of investment into the crypto market.
It was recently reported, the government is keen to implement a legal infrastructure to tax the earnings from virtual currencies. Currently, the government showed a strict stance towards cryptocurrency. The new bill is on its way against the virtual currency, and investors involved in crypto activities might get into trouble. The Indian Government has given 6 months' time period to liquidate digital assets.
China has contributed much more than any Asian country to crypto adoption, when bitcoin started to hold strong in the financial market, China was a huge marketplace for crypto emergence.
There were several reasons why China was one step ahead of other countries in taking advantage of the opportunity. Mining in China is less expensive than in most of the countries in the world due to cheap energy and hardware. The yuan is controlled in China with strict laws and the native currency has stability issues as well.
Currently, China has followed a strict policy towards cryptocurrency, and local crypto exchanges were forced to move overseas after the government restricted exchange companies to operate in bitcoin trading. China is quite close to officially launch its own cryptocurrency " e yuan "in the market.
Since the development of blockchain and cryptocurrencies, Japan has been one step ahead in embracing the trend. Japan is one of the technological hubs in the world, where technological advancement is rapid and consistent.
Japan has officially declared the acceptance of bitcoin and other cryptocurrencies legal. Virtual currencies now act as a means of payment. All the virtual currency trading platforms are bound to get register with FSA in order to operate in Japan.
The important aspect to consider is that Japan has recognized bitcoin and altcoins as digital assets, not as currency.