For the last few years, the rest of Asia has observed as China emerged as the center of Bitcoin. A few months later, everything has changed, and China has become a spectator. The Chinese government has stepped up its fight against any form of virtual currency. This comes at a time when Japanese investors have become interested in trading in Bitcoin. In fact, bitFlyer which is Japanese owned has turned out to be the largest Bitcoin exchange in the world. Other than the Japanese, South Korea investors are increasingly becoming interested in trading in Bitcoin. However, these investors have gone for Bitcoin competitors that include Ripple and Ethereum. The extensive and popular trading of the virtual currencies have led to the rise of storefronts in Seoul known as Coinone and Bithumb. These are platforms where people can visit for virtual currency deals. This means that they can sell and buy these currencies. The anti-establishment appeal of Bitcoin has been the main reason why the currency is becoming increasingly popular since its establishment. For starters, Bitcoin was established back in 2009, and the currency is known for challenging financial institutions and governments. However, this is quite different in South Korea and Japan where it’s these institutions that are leading the way towards these currencies.
As for Japan, this became possible when the Japanese government approved legislation four months ago. This became the first national licensing program that allowed virtual currencies. To make things more interesting, the Japanese government on Friday offered the first licenses that would allow 11 exchanges. Among these exchanges is bitFlyer. The founder of bitFlyer Yuzo Kano said that the Japanese people can be very conservative when it comes to the way they invest. However, with the right trigger, they can be very responsive. Trading became interesting in South Korea when Samsung announced that it was becoming a member of the companies that would join hands to find use for Ethereum. For starters, Ethereum is a software that is known to include a digital currency known as Ether. This is a software that can be very essential as it allows for smart contracts that involve money. The Korean government, on the other hand, said that it would ban the initial coin offering in an effort to curb the frenzy in the country. These steps have also been taken by regulators elsewhere including Switzerland and the United States. North Korea is also getting into the game.