The Future of Cryptocurrency: What does it behold for the modern world?

With current regulations imposed in Asia on cryptocurrencies — the wins for bitcoin adoption coming at course of discretion, South Korea has tensed cryptocurrency obligations while India lifted the 2018 ban allowing the trade of the virtual currency in the BFSI segment which indeed is ‘historic’. This turns out to be good news for many entrepreneurs and startups who look forward to investing in this promising market.

THE SUPREME COURT OF INDIA’S ORDER:

The supreme court of India has withdrawn the Reserve Bank of India (RBI)’s two-year-long ban on the digital currency that led to the shutting down of many cryptocurrency-related businesses and services.

Within a fortnight since the ban is lifted, cryptocurrency has expanded boundless in India. Many cryptocurrency exchanges have revived operations and companies are lining up expansion plans even as customers are queuing up for registrations within weeks of the Supreme Court’s relieving decision.

The U.S. based crypto exchange- Kraken has announced to start its operations in the Indian market. According to Kraken, its growth in India was hampered by the ban imposed by the Reserve Bank of India (RBI).

FINANCIAL ACTION TASK FORCE (FATF)’S GUIDELINES TO SOUTH KOREA:

With no laws and having guidelines only in the past, the new bill provides a framework for regulating cryptocurrency as per the Financial Action Task Force’s (FATF) AML standards.

As the cryptocurrency expanded in South Korea after FATF AML standards, South Korean investment firm NXC, acquired Bitstamp, the largest cryptocurrency exchange in Europe in terms of the trading volume. As a result of which, NXC will win the ownership of both ‘Bitstamp’ and a smaller South Korean exchange ‘Korbit’. While Korbit and Bitstamp will operate separately, the two exchanges will share technology and resources for research and development.

We’re glad to see positive sentiments and regulations in South Korea & India, in both the countries Timebit has been running marketing operations for quite some time now. The singapore-based startup is enabling a plethora of cryptocurrency exchange startups and platforms with solutions and services they require at each step with their wide variety of offerings.