Japan: Bitcoin Regulation Ought To Be An International Effort
Vice finance minister Jiro Aichi of Japan has spoken up in light of the Mt. Gox drama, and he's said that bitcoin regulation should be an international effort, in order to avoid loopholes. Aichi said the ministry may respond "if necessary", but an investigation is underway regarding Gox's practices that reported saw the theft/loss of over 700,000 bitcoin, worth over $250 million USD. "It's not just the Ministry of Finance; many other agencies are related," he said at a news conference, according to Reuters. "As for its legal position, a currency [in Japan] would be coins or notes issued by....
Related News
Despite recent suggestions that its top financial bodies would not take any action against troubled bitcoin exchange Mt. Gox, Japan's senior regulators are now saying they would seek to regulate bitcoin, but only as part of an international effort. Speaking at a press conference on 27th February, Senior Vice Finance Minister Jiro Aichi addressed the topic, stating: "If we regulate [bitcoin], international collaboration would be necessary." Aichi suggested that this type of large-scale coordination is needed to prevent criminals from exploiting loopholes or weak points in international law.....
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....
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....
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....
The Reserve Bank of Australia (RBA) has indicated that it is not in favor of regulating bitcoin and other digital currencies, stating that "it is currently unlikely that any benefits of regulation would outweigh the potential costs". The statements, issued on 7th April, are the latest from Australia's central bank, which went so far as to propose that coordinated cross-border regulation is necessary given bitcoin's potential to disrupt the global remittance industry. The RBA suggested it could seek cooperation from the Bank for International Settlements, an international organisation of....