Japan May Recognize Bitcoin as Legitimate Currency
Financial regulators in Japan proposed the recognition of cryptocurrencies like Bitcoin as legitimate methods of payment on par with fiat money. Exchanges will need to register.. On the 23rd of February the Financial Services Agency of Japan submitted legislative revisions that would see Bitcoin and other virtual currencies recognised as legitimate currencies. This has come about as a result of realizing that virtual currencies essentially fulfil the nation’s definition of the functions of a currency. “There is a long way to go...But we have discussed reform and believe it is the right way....
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What is even more interesting regarding these bills is how Bitcoin is now labeled as “asset-like values which can be used in making payments and digital transfers”. This means Bitcoin is well underway to be recognized as an official currency in Japan, although there is still a long road ahead. Bitcoin puts on many different hats, depending on which country it is related to. Some states see Bitcoin as a currency, others as a commodity, and most regions don’t even recognize Bitcoin at all. Things are moving in the direction of recognizing this disruptive technology as a currency with similar....
What makes a currency “real?” Is it any given government or just the imagination of the people who chose which currency they want to use? In Japan, the Cabinet has recognized that virtual currencies, including but not limited to Bitcoin are in fact similar to real money and the implications for Japan and the countries around the world it does business with could be huge. The set of bills that the Japanese bill set forth to recognize virtual currencies was meant as a measure to help banks expand their information technology capabilities to both cope with the growth of digital currencies and....
The Diet in Japan (the legislature consisting of the Lower and the Upper Houses) has passed a bill today that mandates the regulation of bitcoin and virtual currency exchanges by the Financial Services Agency (FSA) in Japan. Japan has enacted a bill today that will see the regulation of operators of virtual currency exchanges, a Japan Times report revealed. The revised law will see virtual currency exchange operators mandated to register with the Japanese Financial Services Agency. The bill also enables the agency to have the authority to conduct on-site inspections and will require....
The National Diet in Japan (the legislature consisting of the Lower House and the Upper House) is currently deliberating over bills to regulate bitcoin and other virtual currencies and a keenly contested bitcoin industry in Japan is watching closely. Following the debacle of the now-defunct bitcoin exchange Mt. Gox which collapsed in 2014, bitcoin as a currency had a PR problem, particularly in Japan. The government stepped in and sought to establish certain guidelines to regulate the cryptocurrency. Before regulation comes recognition and bitcoin is set to be seen as a currency, similar....
Japanese banks are set for embracing Bitcoin after proposed new laws. Has Bitcoin finally come of age in the land of the rising sun? On March 4, 2016, The Japan Times reported that the Cabinet in Japan had approved a series of bills which would help the banking sector expand their reach when it comes to Information Technology businesses. This intertwining of banking and IT are called ‘FinTech’ in emerging parlance. Interestingly, the cabinet also takes into stock the rising importance of virtual currencies and the new bills will recognize them as a means of making payments and having the....