Japan to Crack Down on Illegal Bitcoin Use, But Delays Regulation
Japan does not want people buying drugs with Bitcoin – but it doesn’t want to regulate the currency either (not yet, anyway). Japanese government officials are looking into ways to monitor illegal transactions paid for in digital currency, but are putting off regulating Bitcoin and its brothers under current law, according to a report by Kyodo News International published Tuesday. Fears about Bitcoin use in criminal activity have come to the forefront of government attention since Japan made its first arrest for alleged drug trafficking using Bitcoin earlier this month. The suspect....
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The government of Japan has announced that it intends to increase oversight of illegal transactions that are carried out using digital currencies like bitcoin. The news comes amid increasing fears in the country that criminal organizations are using bitcoin for money laundering and drug dealing, according to a new report from Kyodo News International. Japan's Ministry of Economy, Trade and Industry is now expected to set in motion a plan for how it will monitor illicit trade involving digital currency, working with other government agencies such as the Financial Services Agency and....
Despite having issued a couple of warnings in the past with regard to the use of bitcoin, the Central Bank of Cyprus has essentially confirmed that bitcoin is not illegal, and there isn't quite anything they can do about it - but again warned of the potential dangers of getting involved. "Bitcoin is not illegal, but at the same time neither is it subject to control or regulation," a source at the bank told the Cyprus Mail. Cyprus-based Neo & Bee have taken the central bank's hands-off attitude to their advantage, launching the first of what is expected to be a number of physical branches....
BREAKING: According to Reuters, Japan will not regulate Bitcoin in the nearest future. Japan's Liberal Democratic Party has decided to go against Bitcoin regulation in the aftermath of the Mt. Gox failure. Bitcoin has been under scrutiny by the authorities in Japan, the temporary conclusion by the Liberal Democratic Party is therefor somewhat surprising. The Liberal Democratic Party lawmaker Takuya Hirai, who leads the party's internet media division, said on Thursday: Basically, we concluded that we will, for now, avoid a move towards legal regulation. He also told that a final decision....
There are bigger and more important things to worry about at the moment for the Japanese ruling party, it would seem. Reuters reports that the Liberal Democratic Party in the country has decided to not pursue the regulation of digital currency in the aftermath of the collapse of Mt. Gox, a Tokyo-based bitcoin exchange. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Takuya Hirai was quoted as saying. Hirai is a Liberal Democratic Party lawmaker who heads the internet media division of the party. A final decision as to whether or not said regulation....
Japan's ruling political party has announced that it is against regulating bitcoin for the time being. The Liberal Democratic Party (LDP) made the statement as an interim measure, but the final decision will be made after hearing "more opinions" on the matter, said LDP lawmaker Takuya Hirai. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Hirai told Reuters. Mt. Gox fallout. Following the highly publicised collapse of bitcoin exchange Mt. Gox, Japanese authorities found themselves in the glare of the world's media spotlight. The exchange was....