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Which Country do you think would be the first to accept and regulate Cryptocurrencies?


Kakashi2020

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Based on the latest news developing in the crytpocurrency world, I think South Korea will be the first to create regulation regarding the currency and also be the first ones to use it. They're another country that tends to be ahead of the technological trends and they're very competitive with Japan. Plus they're country has been going through some tumoltuous times so a major change of branding and refocusing people's attention is needed.

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Japan had accepted trading and usage of bitcoin in 2017 and 260000 retail merchants had started using it since last year.  But regulating Bitcoin network by any means is too far fetched as the network is too decentralised and the governance is not concentrated in few jurisdictions.  Unlike private blockchain, Bitcoin network is publicly accessible and the nodes are spread throughout the world.  Regulation can be imposed on the unregulated exchanges, which are not directly related to the blockchain.

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Well i guess Bitcoin is accepted or at least is not opposed by some important countries like Canada and Australia and some other smaller European countries. I guess for Bitcoin to get some kind of higher credibility countries like USA, China , India need to accept it openly. Once these countries start being more friendly to Bitcoin transactions, it will definitely pave way for the wider acceptance of cryptocurrencies all over the World.

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On 12/10/2018 at 5:30 AM, NerdIndeed said:

I'd say Japan. No reason whatsoever but the country is way ahead of everyone else when it comes to the application of technology, and they have this reputation of not being afraid to try things first hand before everybody else.

I too expect Japan to be the first Nation to regulate Bitcoin and other Cryptocurrencies.  It's because it's people are more receptive to Cryptocurrencies.

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53 minutes ago, Kakashi2020 said:

I too expect Japan to be the first Nation to regulate Bitcoin and other Cryptocurrencies.  It's because it's people are more receptive to Cryptocurrencies.

I even heard Japan has forbidden humanitarian (liberal) sciences. Japan is already trying to make innovations, as they have very smart economical analytics. I believe we might see Bitcoin as Japan's 2nd currency some time soon.

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42 minutes ago, Alania said:

I even heard Japan has forbidden humanitarian (liberal) sciences. Japan is already trying to make innovations, as they have very smart economical analytics. I believe we might see Bitcoin as Japan's 2nd currency some time soon.

Maybe. Regarding its adoption, there's this risk of cybercrime and terrorism which thrives off of that "anonymity" factor of the internet. But once these security threats are addressed, Bitcoin might be the de facto currency of the internet.

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  • 4 weeks later...

I recently read that noone really knows where Bitcoin where launched or from where the the first block called Genesis Block was mined.  All the while I thought that it was either in Japan because of the name of the so-called inventor or in the United States but in fact no one really knows where it originated or where it was invented or mined.

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Honestly, I think it'd have to be Japan or South Korea. When it comes to digital advancements and integrating new technologies into the daily lives of their citizens, these countries almost always appear to be the most flexible. Given the automation already present in their country, it wouldn't be too farfetched to think that they'd be able to integrate the use of bitcoin into the equation. I think it's a little too early to tell at this point, though.

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  • 2 years later...

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