The ongoing quest for Bitcoin to be viewed as a legitimate currency gained extra strength earlier this month as some of the world’s leading economies took steps to legalize the cryptocurrency.
After a rough period in March where $2 billion was wiped off Bitcoin’s value as a result of concerns regarding its underlying technology, the cryptocurrency has bounced back as Japan and Russia made moves to regulate Bitcoin.
Japan legalized Bitcoin as a payment method through a new virtual currency act, and Russia appears to have reversed its long-standing resistance to Bitcoin by stating that it hopes to recognize the cryptocurrency as a legal financial instrument by 2018.
This dramatic news helped the price of Bitcoin to rise by 8% in less than a week, and it pushed up the value of the cryptocurrency by over $1 billion. And although Japan’s moves doesn’t put Bitcoin into the same bracket as real money, it does accept it as a legal payment method at consumer electronics firms like Bic Camera.
The loosening up of regulations in Japan could spell a more liberal approach in other affairs too. Whilst gambling is still illegal in Japan, Lucky Nugget Casino’s blog has shown how there are already some interesting rumours regarding how the Japanese parliament might reverse this and so it could be that Japan could become a world-beater in casino entertainment as well as cryptocurrency adaptation.
There are now an estimated 260,000 stores in Japan that take Bitcoin as a legal form of payment, and with other nations like Australia and Switzerland also looking to be leaders in Bitcoin adaptation, it seems as though the cryptocurrency could bounce back from the endless news stories regarding hacking and the use of Bitcoin on the black market.
The association of Bitcoin with the more nefarious parts of the ‘dark web’ is one of the key reasons why Russia has been such an opponent of Bitcoin technology. But with Russia’s deputy finance minister stating that they were looking to find new ways to regulate the cryptocurrency as a way of fighting money laundering, it’s hoped that increased state regulation could make Bitcoin more attractive to investors.
Although Bitcoin has had plenty of much-publicized trouble with price volatility, it still represents one of the more fascinating developments in global finance. And whether it becomes used for casino games or consumer electronics, it seems that Bitcoin is starting to become taken a little more seriously on a global scale.