Bitcoins are a hot topic in the financial markets and the constant inconsistencies always keep them in the news. Bitcoin could jump to 6000$ from 4500$ by the end of the year according to the trends. There has been a 74% increase in its prices over the last three months and it truly has been an eventful year for the currency .
Bitflyer (Bitcoin trading platform) CEO, Kano said that there is a booming demand for bitcoin trading in Japan as well as virtual currency services. On September 29, 11 companies were approved as operators of cryptocurrency exchanges by Japan. Bitcoin regained value at 4500$ where it was, the beginning of September. South Korea banned the cryptocurrency too but it hardly had any effect on Bitcoin. Taiwan also followed on Japan’s footsteps, ignoring china and Korea’s crackdown on the cryptocurrencies.
SEBI (Securities and Exchange Board of India) announced that they are in a process of planning a framework to regulate bitcoin market in India. The chief problem is that the currency is “Non Fiat” and not regulated by an authorized body. The government has realized that the technology has the potential and is phasing out a plan but there is still a long way to go before it becomes legal as it requires absolute monitoring which was recently conveyed by SP Sharma (chief economist at the Ph.D. Chamber of Commerce and Industry) . The government is at unease with bitcoin and also came forward with a proposal to launch its own cryptocurrency (Lakshmi) as a clap back to Bitcoin which will fall under RBI’s Domain.