Japan: Land of the Rising Bitcoin

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....

One Redditor reported that bitcoin trade volumes in Japan were the second highest among all currency pairs across the world. Bitcoin technology is unquestionably finding its share of fans in Japan, a country which recently proposed a rather friendlier regulatory framework for the digital currency. And now, the land of the rising sun is making a similar progress in terms of online trading. Over the gone weekend, Japan has reportedly recorded the world’s second highest Bitcoin trade volume, falling just short of touching China, while beating the US. A discussion initiated on Reddit provided....

Newly-established and popular bitcoin/cryptocurrency exchange Kraken is slated to begin operating in Japan next month, according to founder Jesse Powell, who recently spoke to Bloomberg Businessweek. The announcement comes months following the fiery collapse of Tokyo-based Mt. Gox - an exchange run by French-born Mark Karpeles. In that collapse, upwards of 500,000 bitcoins were lost under uncertain circumstances. In May, Powell was said to have gone to the Land of the Rising Sun for discussions with local legislators in an attempt to plant his company's feet in the country and open up the....

Bitcoin in Japan is bigger than ever, with over 4,200 stores accepting it in 2017 and Tokyo exchange Quoine set for $1.5 billion turnover this year. Bitcoin Hits The High Street. Local news resource NHK reported Tuesday that according to a december survey, the number of stores accepting Bitcoin in Japan had risen by 460% since the same time in 2015. “[Bitcoin] has spread to various sectors such as beauty and nail salons… in addition to extant eating and drinking establishments,” it says. With cryptocurrency payment becoming standard in Japan’s ubiquitous consumer industries, there is cause....

Bitcoin and Japan have had an interesting and strained relationship over the last three years. Businesses, exchanges, and digital currency trading have flourished, and even been encouraged to an extent, throughout the technologically cutting-edge country. Now, recent events and international backlash are starting to turn the national tide of perception against Bitcoin exchanges in the Land of the Rising Sun. When I first heard about Mt. Gox, by far the world’s largest Bitcoin exchange throughout 2012 and 2013, I didn’t know where it was. It was located in Japan, and was, in effect, the....