The move from Japan marked a major step in the adoption of Bitcoin more widely helping it be seen as a valid part of the financial infrastructure - one likely to be examined and watched closely by other governments around the world. Following in Japan's footsteps, CNBC India has reported that the Indian government is leaning toward granting legality to bitcoin and virtual currencies in the country amid regulations with taxes to be levied on adopters. Only last week, the Indian government established an inter-disciplinary committee to examine the framework for virtual currencies in the country, installed by the Ministry of Finance, the country’s financial regulator. According to the CNBC report that committee has heard discussions about the legality of bitcoin and virtual currencies in India and suggests that the committee is veering toward legislation of the cryptocurrency in India.
Surge after Japan afforded legal status
Bitcoin prices surged following Japan's decision to allow the cryptocurrency as a legal method of payment and co-founders had hoped the move would ramp up Bitcoin’s adoption. Pavel Matveev, co-founder at bitcoin platform Wirex, said: ‘Japan’s recognition of consumers’ appetite for cryptocurrency payments is an important development and provides other governments with food for thought if they wish to compete in an increasingly globalised and digital world.'