Virtual Currency Market Continues to Lure Key Players across the Globe

With ease in the transaction without the involvement of banks or any other financial institution, has made the virtual currency market a common phenomenon across the globe. The rise in the proliferation of malicious software and recognition of virtual currencies by the developed countries accelerate the industry market.

Recently, it was reported that Russia is willing to professionalize cryptocurrency by trading on the exchange. If it is able to successfully implement its idea of trading the currency on the Moscow Stock Exchange, then it would be the first stock exchange market to make crypto-currency a new investable asset. The exercise for the aforementioned aim has started and it is anticipated to come be completed and its testing would start by early 2018. Although, it has been cleared by the Finance Minister of Russia that only qualified investors will be allowed to make exchanges. In addition, they have set a criterion for a qualified investor, which is that the stakeholder must have at least six million rubles in personal assets or 200 million rubles for investment firms.

The abovementioned measure by the Russian government will provide a platform that would enable Russia's National Settlement Depository (NSD) to issue a crypto-currency and "crypto-currency wallet" for banks, pension funds, and retail investors. This would also enable the exchange of those assets for paper currencies. Its launch is also slated in early 2018 but, rules and regulations are yet to be finalized. The move by the NSD is said to signal that the country’s financial institutions are at full swing to adopt blockchain technologies to build up its knowledge and national usage of crypto-currency. Russians are said to be some of the savviest crypto-currency developers across the world.

Even, Russia’s contemporary, the U.S., is following the footsteps of Russia. There is the rise in trend to commence virtual currency exchange start-up and the latest entrepreneur to take advantage of this trend is Victor Hugo Romero. He is hopeful that the next gold rush will happen online. Therefore, he has taken a money transmitter license from Florida, so that he runs his own start-up. The trend to switch to the virtual currency is rising in the Asia-Pacific region. Japan’s DMM.com is set to introduce virtual currency mining business. The company aims to transform the DMM mining business into one of the largest mining firms in the world in 2018. It has observed that the virtual currency has been luring the Japanese firms over the past few years. The firm has announced that it will establish its own virtual currency division which will begin to operate from the October 2017. It has promised that it functions in accordance with the “made in Japan” notion and a large scale mining farm.

Another Japanese company GMO, is also set to expand its market by opening its branches in the European market. It is largely believed that cryptocurrencies will develop into new universal currencies, which will be available for use by anyone from any country or region, to freely exchange value and create a new borderless economic zone. Nobody would have imaged that the virtual currency can be used to pay rents for the house. This has come true in the U.K., where a house owner, Co-living pioneer The Collective, has allowed his tenant to pay rent in bitcoin. Furthermore, they have announced that they will start accepting rent payments in the form of cryptocurrency by the end of 2017.

It would be correct to say that with the rise in adoption of cryptocurrency, people have started to store, value, and transact for goods and services across the world. Moreover, countries with less developed financial infrastructure and high smartphone usage are said to provide opportunities to the virtual currency market. For instance, in Kenya, half of the national GDP is operated by digital currency, which makes it a potential market for a virtual market. A report published by Allied Market Research, titled, “Virtual Currency Market”, highlighted similar trends.

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