BITCOIN Market in Asia, Revitalizing again

Analysts expect Bitcoin price to increase consistently in the mid-term if key markets such as Japan and the US sustain their growth and if relatively small markets like India experience a massive change in regulatory frameworks for Bitcoin trading and usage.

"Bitcoin price is nearing its all-time high price set at $1,247, primarily due to the explosive growth of the Japanese Bitcoin industry". Previous report.

For years, one of the leading economies of Asia, India was considered to be one of the more important markets for Bitcoin to penetrate because of the country's poor banking system, declining financial platform and weak infrastructure. Today, local analysts and researchers note that 40 percent of Indian population remains unbanked.

The huge majority of households and individuals in India do not rely on banks or established financial institutions to manage their money for a few reasons.

Lately, the demonetization of 500 and 1,000 bank notes initiated by the Indian government led to a nationwide financial crisis, as banks and ATMs ran out of cash to dispense. Both the banked and unbanked populations of India have been struggling to obtain cash to fund day-to-day operations and basic necessities ever since.

Moreover, research and professional services firms such as PWC (Price Waterhouse coopers) revealed that by October of 2015, 233 million Indians had no access to bank accounts.

For Bitcoin to achieve mainstream adoption in India, a legalization of the digital currency by local authorities is necessary. If Bitcoin becomes legalized by the end of May as many predicts, and millions of new users from India emerge as a result, Bitcoin price will likely surge in the mid-term. Therefore, for the mid-term, the performance of the Japanese, US and Indian markets should be considered as reasons to hold onto Bitcoin as an investment.

"One key factor that would allow the Indian Bitcoin industry to grow at a rapid rate similar to China, South Korea and Japan is the legalization of Bitcoin as legal tender and currency. The central banks of the Philippines and Japan most recently legalized Bitcoin as legal tender, to help their local industries to grow and allow the general consumer base to utilize Bitcoin".

One More Super Power Country Accepting BITCOIN!

Government is ready to regulate Bitcoin in India legally, According to the information the government wants to impose tax under the law,

• What other terms will be applied?
• What kind of law is going to be prepared for virtual currency?

• Although we are doing Transactions via BITCOIN Today but Bitcoin didn't yet have the Legal Authenticity. We are expecting the same to be done soon.

By which it would meant to be legally approved as will be brought under the RBI Act (Reserve Bank of India), and the reserve for its transactions and investments. Reserve bank will issue a guideline on virtual currency and its transactions where the legal tax will be imposed on its investment.

In Abroad, if you make any payments via virtual currency, the FEMA (foreign exchange management act), will be applicable here and, the received amount will not be Tax Free. One has to Pay Tax on the investment of Virtual currencies and also has to follow strict rules and Regulations.

These points came into consideration on the basis of KYC (know your customer). Although "A view Inter-minister Committee" was created, in the first Committee meeting most of the members were in favor to Regulate for virtual currency, while some Opposes, which were too less to Count. Nevertheless, Committee will take a Final Decision in between 15th to 20th May, 2017.