Russia, China & India - The Blockchain superpowers from Asia?
Sep 25, 2017 Posted / 21638 Views
From past few years, China has been leading in the position of the world of cryptocurrency trade. Although, it is not the sole Asian country whose attention is focused on this market. From 2016, India which is the second country in the terms of population rank, is also considered to be a leader in the world of cryptocurrencies. According to the surveys conducted by the end of 2016, it was reported that only about six countries hold the control of around 55% of the total online Bitcoin trade, whereas the number second position was taken by India which has approximately 333 million users, which was ahead of the US. On the other hand Japan Is also amongst the countries which are enthusiastically introducing the cryptocurrencies into day to day life. Talking about the past year, there were approximately four thousand commercial points who were accepting Bitcoin, thus increasing by four hundred percent.
The set of circumstances linked with the alteration of the perspective as well as the big scale approval of Bitcoin and many other cryptocurrencies in the Asian countries found a rational explanation. Apart from those, while speaking about India, it is mandatory to mention that just like in the many of developing countries, the young generation is dominant, which is one of the many factors because of which India has a remarkably swift rate for introducing smartphones which also led to the rise in the utility of the mobile Internet. In that case, the most crucial element which gives a pleasant situation for approval of cryptocurrencies in India is that the support it is getting for the development of the IT field and also from the government.
Talking about the present scenario, the cryptocurrencies seem to have bounced back, at the time of the Asian trading session, cutting the huge losses from a slow down in the past couple of days, after China had issued a ban on ICOs and and its crypto exchanges.
The market price of bitcoin recoiled from a low of approximately a $4,000 mark few days back at above $4,400, after it raised around 1.9 percent overnight. However, that is till now quite less than compared to the highest level of around $5,000 that it reached sometime ago, but it’s a noteworthy bounce back after the falling as much as 20 percent, few days back.
Japan in the meantime, has begun to accept payments in normal stores using cryptocurrencies earlier this year, as well as its 3 largest banks which are MUFJ, Mizuho and SMBC have all supported the country's leading Bitcoin exchange, i.e. bitFlyer. Chinese exchanges have been running mining pools to produce blocks, and its efforts comprise sixty percent of Bitcoin's overall hashrate (i.e. the speed at which Bitcoin operations are completed). China has although been in news recently due its time and again ban on the crypto related activities, but we cannot ignore the fact that it is infamous for the huge market cap for cryptocurrencies.
It is all for time to see that which country emerges as the superpower for blockchain, since every country is pacing up in the race and trying to implement new technologies in various fields. But, will the question which also arises that will any of the Asian countries be able to give a tough competition to the US, in the future. A regular effort and a different level of effort are essential for the regulations in cryptocurrencies. Then only, these Asian countries can level up to outshine, the US.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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