The price of bitcoin has more than doubled since the beginning of 2017. While the sharp rally since the close of April has drawn many to the the cryptocurrency boom, each new high raises questions about its sustainability.
The growing recognition of bitcoin as a legal mode of payment and the evolving positions of regulators in certain countries have been major drivers of bitcoin’s movement during the year. Japan has recognized the cryptocurrency as a legal method of payment, while in India the Ministry of Finance has constituted a committee to examine the existing framework around Virtual Currencies (VCs). Russia, which has been particularly hawkish, is expected to legalize bitcoin and other cryptocurrencies as financial instruments in 2018 to combat issues related to money laundering.
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