Bitcoin has taken the entire world by a storm in the last two weeks or such. This virtual currency, undoubtedly the most talked about virtual asset today, has spiked over 1,500 percent on a year-date-basis so far and over 115 percent in the past one month. The popular cryptocurrency, due to its volatile nature, has even struck fear among some and confused the heck out of the rest of us. However, not all are discouraged by its volatile nature and unpredictable ways. Interestingly, Tokyo-based GMO Internet Group is planning to allow its employees to receive some portion of their salaries in the form of cryptocurrency, reported Fortune. The Japanese company is planning to launch the new salary option in February 2018 and the plan will slowly be opened to all its 4,000 full-time employees, reports Fortune citing digital currency news site coindesk.com. South Korea, Japan, and the US are the top three global Bitcoin markets. The company may allow its employees to select the portion of their monthly salary in Bitcoin between a minimum of 10,000 yen (around $88) and a maximum of 100,000 yen ($882), according to coindesk.
Bitcoin regulation around the world
South Korea on Wednesday banned its financial institutions from trading in cryptocurrencies including Bitcoin, reports AFP. The country accounts for some 20 percent of global Bitcoin transactions – about 10 times its share of the world economy. On the same day in India, the Income Tax Department conducted survey operations at the nine major Bitcoin exchanges. About one million South Koreans, many of them small-time investors, are estimated to own Bitcoins, and demand is so high that prices for the unit are around 20 percent higher than in the US, its biggest market. The Prime Minister’s Office said that Seoul would ban financial institutions from dealing in virtual currencies – including buying, possessing, or holding them as collateral. Prices on Bithumb, South Korea’s biggest Bitcoin exchange, fell nearly five percent after the announcement, reported AFP. The various teams of the sleuths of the Indian income tax department, under the command of the Bengaluru investigation wing, on Wednesday visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi, and Gurugram. The survey, under section 133A of the Income Tax Act, was conducted for “gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” they said.