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The Silicon Review Asia

Institution and Governments in Asia finally realized their misconceptions about cryptocurrencies.

Institution and Governments in Asia finally realized their misconceptions about cryptocurrencies.

Cryptocurrencies, like Bitcoin, has been a continuous subject of debate among the regulators for the past few years. Few critics of the technology have a strong belief that cryptocurrencies can never replace fiat currencies because of their nature of distribution and decentralization, but now many critics realized that cryptocurrencies could be a game-changer in global financial inclusion and cross-border trade. Few governments also are now suggesting and developing state-backed digital currencies to compete against contenders like Bitcoin. Initial coin offerings were made illegal in China in September 2017. Furthermore, operations of cryptocurrencies exchanges were barred. Following the ban, speculation arose that China was planning to launch a state-backed digital currency which might possibly replace coins and notes in the future.

Countries like Japan, Portugal, and France made cryptocurrency trading more accessible and attractive to the public. Japan is one the first nations to allow the use of cryptocurrency as a legitimate payment method, and since then, the country has made several regulations to create a sustainable ecosystem to clog hacks and frauds at several exchanges that are operating in the region. As the blockchain ecosystem and cryptocurrencies continue to grow, it is anticipated that in the next ten years, it will become more positive and influential.

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