Bitcoin fever continues as many financial markets exploring whether to launch a trading venture in Bitcoin. In a related issue, let's discuss Rising Bitcoin Adoption in developing countries.
17 October, AtoZForex - Cryptocurrencies are quickly becoming the hot technology of the decade, expanding in popularity and usage. Even so, the rising popularity of Bitcoin and its spread to more mainstream applications, use cases for cryptocurrencies have remained limited. As far as adoption goes, Bitcoin follows a familiar pattern.
Rising Bitcoin Adoption in developing countries
Moreover, countries in North America, Europe, and Asia were first to adopt Bitcoin. And also, they are first to establish exchanges and begin restricting them as well. While early Bitcoin trading in these countries was largely boundless, allowing for things like margin trading and high leverage. But, as more of each country’s fiat money moved into Bitcoin, governments and central banks began to draw lines.
However, no matter the increasing rate of adoption and regulation around the world, Bitcoin always manages to find its “Wild West” somewhere new. Let's have a look on bitcoin booms in evolving markets:
Cryptocurrency adoption in Bahrain
Bahrain is keen on adopting digital currencies like bitcoin amid a wider impetus towards a ‘country-level’ adoption of Blockchain technologies. The kingdom is taking a bitcoin-friendly approach in its advent to become a FinTech hub in the region.
Notably, Bahrain Economic Development Board Chief Executive Khalid Al Rumaihi, indicated that Bahrain’s Finance Ministry was also keen on adopting digital currencies like bitcoin. They are even in process of proposing a joint venture with Saudi Arabia and other nearby countries.
Cryptocurrency adoption in Sweden
Sweden is progressive for their finances. Many Swedes use bank cards as major banks do not operate with cash. And, they’re seeking Bitcoin to bring them the rest of the way there. Sweden’s central bank, in fact, is considering the possibility of issuing its own national virtual currency, but the technology behind it is yet to be revealed.
Cryptocurrency adoption in Venezuela
In terms of bitcoin adoption in Venezuela, there is the huge interest for people to change their failing and weakening bolivar into Bitcoin. There is a growing number of Venezuelan’s who trade bitcoin for necessities. Many merchants have taken to accepting Bitcoin and other digital payment methods only.
India Cryptocurrency Adoption
Recently, Indian bitcoin start-up has launched a new app allowing users to buy, sell, send, receive and store bitcoins from any remote device. Unocoin said the bitcoin adoption is rapidly ascending in India. As well as, it also coupled with the government’s decision to demonetize Rs.500 and Rs.1,000 notes.
Cryptocurrency adoption in Singapore
Singapore is one of the gems of the global financial markets ecosystem with 200 banks with total assets of $2 trillion. In addition, the country recently has been under the spotlight for a series of blockchain-related events in the financial and tech world.
Japan Cryptocurrency Adoption
In particular, the Japanese bitcoin industry demonstrated exponential growth rate in terms of merchant adoption. And, also daily trading volumes of local exchanges. Especially, apart from China, Japan considering bitcoin as a digital currency rather than as digital gold and a long-term investment.
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