The Role of Japan, China and South Korea on Crypto Money

The Role of Japan, China and South Korea on Crypto Money

Although US and European investors are aware of this, Asian markets have a key role in determining the value and volume of crypt money.

Statistics show that three countries have significant influence over Bitcoin’s value; China, South Korea and Japan show more than 50% of the total trading volume of crypto money in 2017.

Role of Japan

Japan is where Bitcoin and other crypto money are born. The first mining companies were also established here. The name of Satoshi Nakamoto, the creator of Bitcoin and Blockchain technology, is thought to be related to Japan and the first steps taken here.

It has an important role in making Japan Bitcoin so popular because it adapts quickly to the use of crypto money for daily transactions. The Japanese government opted not to intervene in the first time with the crypto paralla, as Mt. Until the Gox disaster.

To make exchanges safer and more transparent, the government has developed a licensing program for cryptographic money exchange and wallet platforms. Japan is one of the developed economies that are intertwined with crypto money in the world.

China and Crypto Currencies

Chinese investors have occasionally led the Bitcoin trade in the past. So much so that the Chinese stock exchanges traded at 90% of Bitcoin’s daily turnover, but then the Chinese government set a big set in front of the crypto money exchanges and mining initiatives in the country in September 2017.

The fact that such a big economy’s decision about crypto-money and mining operations has led to very serious tensions in Bitcoin and subcoins. After this global collapse in the crypto money industry, many stock market and mining company operations were moved to Hong Kong.

Hong Kong President of Bitcoin Operations, Lao Weese, believes there are still thousands of people in China who are still investing significant amounts of active crypto money. In terms of investors, China is crucial for both the crypto money markets and the vast majority of major mining companies.

Crypto-money mining leads to serious electricity consumption, but since electric energy prices in China are lower than in other developed economies around the world, many companies have shifted their operations to Asia.

South Korea and Crypto Money Exchange

This was the latest South Korea to join the party from the three countries we considered. In January 2018, financial regulatory agencies underwent a review of the country’s cryptographic currency exchanges. The government made a stern statement that it would ban the crypto money trade because it facilitated terrorist financing and money laundering.

Although the government’s cryptographic monetary approach has softened slightly since January, it is still difficult to say that strict regulation will not come up in this regard. Cutting the crypto currencies in these three major Asian economies may cause the crippled money to suffer a substantial depreciation in the long run.

Source: cryptodaily.co.uk

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