On Bank Holiday Monday 17th April, the Bitcoin price is seen at $1,185.00 in US dollars and £945 in British Pounds.
The Japanese decision to accept bitcoin as a legal tender boosted bitcoin prices from the lows of $900 to about $1200. Now, the focus shifts to the other two giants, India and China who can be game changers with their vast population and growing use of the internet. However, both seem to be keen to have their own version of digital currency.
China planning its own digital currency
Bitcoin is hugely popular in China. A while back, before the restrictions on withdrawals, the Chinese exchanges generated most of the daily trading volume. The PBOC did not have any control on bitcoins. Hence, the PBOC wants to launch a digital currency of its own to wrestle back control.
Such a move by a major central bank will revolutionize the cryptocurrency universe and skyrocket its popularity and acceptability worldwide. China is a major importer and exporter of goods and services. A digital Renminbi can be a gateway for China to internationalize its currency, and offer it as a substitute to the US dollar.
After all, the number of people using mobile payments is expected to surge further by 2020, reports Bloomberg.
A Chinese digital currency will also make it more transparent, hence acceptable. Currently, the opacity of the Chinese government has been a major roadblock in the acceptance and use of the Renminbi outside of China.
India forms a committee to study cryptocurrencies
India, the second most populous nation in the world is waging a war on black money. Its central bank has also been seriously studying the blockchain technology towards a digital rupee, which will help in its fight against money laundering.