Bitcoin Code – Infiltrating the Financial System of Some Countries

 

The world is running for money management, and undergoing radical changes in the financial technology. Now, this has been helped the investors with the digital currency like Bitcoin, which helps in storing and transferring funds.

Bitcoin came into the market only in late 2008.With its large unregulated nature governments in some countries are still grappling with the legal implication connecting to the virtual currency.

Few Countries that allow Crypto Currency mode of payment

In UAE it has been reported that one of the four-star hotels is available through cryptocurrency. This hotel is located in the heart of Ras Al Khaimah, which has an investment of $350 million and is expected to open in 2020. Some of the biggest names in the world are welcoming the cryptocurrency and offering people to pay in bitcoin rather than fiat currency.

In UAE, cryptocurrency has radically improved the speed, transparency, and security of real estate transactions. Opening to cryptocurrency will hold a tremendous potential for the investors in the hospitality fields.

Other than Middle Eastern countries, there are certain countries where the use of bitcoin is permitted and has become more popular. In 2015, January, California became the 1st American state to give full legal rights to use the currency as a form of viable payment. Likewise, in Germany, the government has accepted this digital currency.  In December 2013, the German Federal Financial Supervisory Authority (BaFin) classified Bitcoin as recognized currency and secure mode of payment. In Germany, trading with Bitcoin is permitted but one has to acquire authorized license administered by BaFin. Other countries have to learn more from Germany that is unsure how to address the growing issues of Bitcoin trade. Germany experience provides an empirical indication of how cryptocurrency interacts with the economic security.

South Korea is one of the major cryptocurrency centers and is the home of the busiest virtual coin exchange, Bithumb.

Japan, has been reported as the top Bitcoin market, with Japanese Yen making up to 60% cryptocurrency by volume. It has been the most active bitcoin traders in the market when it comes to cryptocurrency sending shockwaves to other investors. Many countries still haven’t understood how popular Bitcoin currency in Japan is.

Japan’s financial agency ordered the leading cryptocurrency exchange bitFlyer to take greater measures to prevent money laundering. On a regulatory front, Japan has been a leader, with the first national system and cryptocurrency regulation with moves to ensure that exchanges are operating in the best interest of the investors. The Bitcoin protocol has immense value with the self-regulating payment network. The question is who and how currently will be using this platform.