It has been 10 years since the birth of Bitcoin. In this decade, cryptocurrencies and blockchains have been walked through every corner of the world. Whether it is Litecoin, Bitcoin or Ethereum, there is only one goal for them, which is globalization and legalization.
Asia is the largest continent in the world and has lots of resources. In this vast land, many blockchain industries have been born due to cheap electricity and a fast-growing economy. Developed countries such as Japan and South Korea have realized the legalization of cryptocurrencies, while China, India and other Asian countries generally hold a wait-and-see attitude toward cryptocurrencies.
1. Underground cryptocurrency trading in China
In the whole world, the country with the most circulated cryptocurrencies is China. There have been reports that China has more than 80% of the blockchain industry and companies, like Bitmain which hard forked bitcoin, and TRON coin which ranked 12th. The top 10 currencies of the citicoins.cominclude Litecoin and Bitcoin Cash, which were created by the Chinese.
And all of this was subverted at this time last year. On September 4, 2017, the Chinese government issued an ICO regulatory policy. This behavior caused the bitcoin price to plummet 20% at that time, and the price of other altcoins could even fall by more than 80%.
However, starting from this time point, many blockchain companies in China began to set up servers and conduct business overseas, including the Binance exchange that everyone is familiar with, which gradually became stronger after fleeing from China on September 4.
Recently, the Chinese government claimed that the cryptocurrency transaction volume of the Chinese people is already less than 1% of the world. Although it is illegal to conduct cryptocurrency transactions on the surface in China, in fact, these transactions are only choosing to trade on the foreign platform. There are still many Chinese who conduct cryptocurrency transactions.
2. Cryptocurrency battle in India
Excluding China, the country with the largest cryptocurrency market must be India. Probably because of cultural differences, the acceptability of India to cryptocurrencies is many times higher than that of China, and Indian nationals’ attitude toward cryptocurrency is positive. Even the Indian central bank is studying cryptocurrency.
When everyone thought that India would be a legalized country for cryptocurrencies, the RBI implemented a cryptocurrency ban in July, and requiring commercial banks not to trade cryptocurrencies, which is illegal. In order to continue trading, Indian traders adopted a P2P approach to conduct “legitimate” cryptocurrency transactions.
On September 11, the Supreme Court of India made a final ruling on the cryptocurrency ban. Whether the booming cryptocurrency in India will continue will be a question mark.
3. The strengthen strict management of Japan and South Korea
As the two major developed countries in East Asia, Japan and South Korea are among the few countries in Asia that support bitcoin trading. Japan passed the legal status of cryptocurrency as early as April 2017, and South Korea has recently lifted the ICO ban, helps the exchange grow and is expected to be legalized recently.
However, the exchanges in these two countries are not very safe, and cases of theft often occur. But fortunately, with the support of the government, the local exchanges will ensure the good operation in the industry.
4. Attitudes of other countries
The following cryptographic currency countries in Asia are not covered in detail, but their contribution to cryptocurrency like ETH coin is also enormous.
Legal: Singapore, Thailand, Iran, Philippines, Israel, Russia, Malaysia, etc.
Illegal: Vietnam, Indonesia, etc.
All in all, the number of countries that currently legalize cryptocurrencies is increasing, and some countries are still in a gray area. If more and more countries are legalized, the recognition of cryptocurrencies will increase, and the world will slowly change. Let us look forward to that day.