Hello there... I am from India, and Bitcoin is still in the grey area here. It is not legal, but it has not been declared illegal either. But the government has explicitly stated that Bitcoin is not recognized as a legal currency here.
The government is still working on deciding a framework for it, but we have absolutely no idea about what its verdict will be. So, people here are trading in Bitcoin for short-term gains. Make hay while the sun shines!
How are your governments reacting to Bitcoin and what's its position in your country?
Asiaselfks representative countries have taken stances on bitcoin and cryptocurrencies that span the entire spectrum. Japan is arguably the most cryptocurrency-positive country, and has managed to become so by recognizing coins like bitcoin as a legal means of payment, but not as a traditional currency. Accordingly, banks are not able to offer their customers bitcoin but neither is it unlawful to hold bitcoins, leaving the sector to be driven by fintech innovators exclusively. The result has been stellar, with many companies integrating bitcoin payments into their services and derivative contracts like a bitcoin bond being formulated alongside other forms of adoption.
Other territories in Asia cannot boast such progress, viewing the onset of cryptocurrency with fear. In Asian countries like Bangladesh, Nepal, and Kyrgyzstan, using or trading virtual currencies is highly illegal and comes with harsh punishments. Even Asias largest power, China, has a rocky history with cryptocurrency. The lack of any regulation whatsoever helped China to become an early adopter in the blockchain space, especially in bitcoin trading and mining, but it went through a drastic reversal earlier in the year. Scared by how much capital was fleeing the country via bitcoin, China imposed sudden strict regulations on bitcoin trading and more, and enthusiasts in the country are still dealing with consequences.