Japan Seeks to Monitor Illegal Bitcoin Activity
With the fear that criminal organizations could be using bitcoins for illicit activities like drug trading or money laundering, Japan's Ministry of Economy is setting out to investigate how they can monitor illegal bitcoin activity on the web, reports Kyodo News International. The Ministry is expected to work hand-in-hand will other ministries and agencies in the country, of which include the Financial Services Agency and National Police Agency, people familiar with the matter said. Japanese Prime Minister Shinzo Abe will also reportedly have his administration define bitcoin as a....
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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 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....
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