BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» Government Failure To Resolve Dutch Ticketing Issues Catapults Blockchain-Based GUTS To $2.5 Million Raised In First Hours Of ICO
Today at 5:10 am by Vladdirescu

» Birdchain Launches ICO To Revolutionize B2C SMS Messaging Market
Today at 4:22 am by Vladdirescu

» Galaxy eSolutions Launches The First Ever ICO For Refurbished Consumer Electronics
Today at 1:16 am by Vladdirescu

» Britznbeatz Music Team Announces Date For The Hottest Music Pre-ICO - Potentiam
Yesterday at 3:44 pm by Vladdirescu

» Latium Launches Token Sale For AI-Based Freelancing Platform
Yesterday at 4:19 am by Vladdirescu

» Neuromation Is One Of The Novelties Of The Blockchain Industry
Yesterday at 2:32 am by Vladdirescu

» Cashaa Partners with Airbitz for Secure and Speedy Global Payments
Yesterday at 1:36 am by Vladdirescu

» Financial Solutions And Crypto Debit Card Provider Etherecash Launches ICO
Yesterday at 1:01 am by Vladdirescu

» ConnectJob: A Universal Blockchain-based Platform with a Wide Range of Services
Yesterday at 12:18 am by Vladdirescu

» To the Skies! - Asteroid Ltd Aims to Start Democratization of Space
Fri Nov 17, 2017 4:25 pm by Vladdirescu

» Coinfirm Partners with TokenMarket to Bring Effective Anti-Money Laundering Process to ICOs
Fri Nov 17, 2017 5:14 am by Vladdirescu

» Altcoins Prices: The Uptrend is “Contagious”
Fri Nov 17, 2017 4:32 am by Vladdirescu

» Promote Your ICO the Right Way with Coinzilla Advertising Network
Fri Nov 17, 2017 3:11 am by Vladdirescu

» Bitcoin Price: New All-Time Heights - It Is Market Cap This Time
Thu Nov 16, 2017 5:51 pm by Vladdirescu

» Prime-Ex Perpetual Blockchain Business Model Is Bringing Real Estate Profits To Homeowners
Thu Nov 16, 2017 4:59 pm by Vladdirescu

» Vr3000 Games ICO Presale launched
Thu Nov 16, 2017 3:45 am by Vladdirescu

» Still Afloat: Altcoin Prices Go Up Despite The Stall In BTC Downfall
Wed Nov 15, 2017 10:13 pm by Vladdirescu

» New Blockchain Startup Starbase Offers New Way To Connect Innovators And Investors
Wed Nov 15, 2017 9:16 pm by Vladdirescu

» Recovering From A Rollercoaster Ride: Bitcoin price Seems To Go Up Again
Wed Nov 15, 2017 5:57 pm by Vladdirescu

» DropDeck.io - The Future of Funding is AI-driven, Decentralized, and Incentivized
Wed Nov 15, 2017 4:06 pm by Vladdirescu


Positive Outlook From Japan and Russia Drives Bitcoin Toward New Highs

View previous topic View next topic Go down

Positive Outlook From Japan and Russia Drives Bitcoin Toward New Highs

Post by Jake anderson on Fri Apr 21, 2017 2:40 pm

Since the beginning of April, the price of bitcoin has stabilized above the $1,000 mark and has started to push toward its recent all-time high of $1,263. The main drivers for this rally have been positive news out of Japan and Russia.

Since April 1, the price of bitcoin rallied from $1,070 to peak at this month’s high of $1,227 on April 11. At the time of writing, bitcoin is trading at around $1,218 according to BitcoinAverage. The market value of bitcoin has increased from around $17.5 billion on April 1 to surpass $19.5 billion on April 20, according to data compiled by CoinMarketCap.

Bitcoin Is Big in Japan

Japan officially recognized bitcoin as a legal payment method on April 1, which gave bitcoin an immediate price boost following the announcement. Not only can bitcoin now be legally used in Japan to make purchases and send remittances, but the digital currency is also exempt from sales tax.

Furthermore, following the legalization of bitcoin, two major retailers announced their intentions to offer bitcoin as a payment method in their stores. Retail giants Bic Camera and Recruit Lifestyle have both announced that they will trial bitcoin payments in anticipation of a possible increase in the use of bitcoin for consumer purchases. As Recruit Lifestyle uses the point-of-sale app AirREGI, which enables merchants to accept bitcoin payments, there is the potential that over a quarter of a million Japanese retailers may soon accept bitcoin payments before the end of the year.

Given that Japan has become a trading hub for bitcoin, the positive news coming out of the country not only boosted local demand but also increased bitcoin buying globally. Traders are likely to be optimistic since its new legitimate status could give the price of bitcoin a substantial boost driven by real demand in the coming months.

Russia Is Changing Its Stance Toward Bitcoin

Russia has been a tricky jurisdiction for bitcoin users and startups, as Russia’s central bank, the Bank of Russia, effectively banned the use of digital currencies in 2014 for fear it would undermine the Russian ruble, which was struggling at the time.

The bitcoin ban resulted in bitcoin websites being shut down and led to several lawmakers speaking out against the use of digital currencies in Russia, suggesting that they are a vehicle for money laundering and terrorist financing and that they “cannot be used by individuals or legal entities,” according to the Russian Prosecutor General’s Office.

However, at the end of 2016, the sentiment toward bitcoin in Russia started to change. The Russian Federal Tax Service issued a letter in October 2016 that stated that under Russian law digital currencies are not illegal and that there are no prohibitions for citizens or companies when it comes to dealing with them. While this letter was a clear change in sentiment by Russian authorities, it gave no clear indication of how digital currencies will be regulated in Russia.

Last week, however, Russia’s Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview that the Russian central bank and the government are working on a joint position that could see digital currencies such as bitcoin become recognized as a legal payment method as soon as 2018. Meanwhile, his counterpart at the Russian central bank, Deputy Governor Olga Skorobogatova, stated in February that the authorities intend to decide by mid-2017 whether digital currencies should be considered as cash, an asset or a security.

Russia’s change in sentiment toward bitcoin has helped to boost the currency’s price and will likely increase its demand in the world’s 11th largest economy, which could potentially push the price of bitcoin to new highs in the months to come.


source:https://bitcoinmagazine.com/articles/positive-outlook-japan-and-russia-drives-bitcoin-toward-new-highs/

Jake anderson

Posts : 8
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum