Japanese Firms Hit by China’s Capital Control May Flock to Bitcoin
For example, if a foreign company wanted to export items to China, they will not be able to do so due to capital control. The financial turmoil in China is far from over by the look of things, and tighter capital control over foreign companies in the region are being enforced. This has a crushing effect on Japanese companies, as their Chinese subsidiaries struggle to get payments across. As it becomes harder for the Chinese to move funds in and out of the country over the past few months, all companies dealing with Chinese subsidiaries will be affected at some point. For Japanese firms,....
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In the race to adopt Blockchain technology and cut costs, financial firms have to deal with multiple challenges. Japanese financial firms have been hit by the most basic of them of all – a shortage of technical experts. Japan – regulation a positive. The Japanese government has been active in regulating cryptocurrency-based companies. A new law has been passed regulating Bitcoin exchanges, after the Mt Gox debacle. The Japanese Government passed a bill in May 2016, which recognized that virtual currencies have a function similar to money. Japan has also eased regulations, now allowing....
China might gain control over global CBDC standards, a Japanese official warns. Japanese banking officials continue to voice concern over China’s progress in the development of its central bank digital currency.Kenji Okamura, vice-finance minister for Japan’s international affairs, warned the global community of the potential risks of China’s digital yuan, Reuters reported Oct. 9.Okamura said that China’s digital yuan initiative is “moving at a relatively fast pace” as the Chinese government presumably aims to be the first global jurisdiction to adopt a CBDC.“First-mover advantage is....
Chinese residents who value their financial freedom need to consider obtaining Bitcoin. China’s capital controls are slowly getting out of hand as of late. A new move will see UnionPay bank card holders withdrawal limits cut in half. This is another move to fight the Macau gaming industry, which is often seen as a “safe’ way to avoid capital control. All of this will highlight the value and viability of Bitcoin even further. With multiple billions of yuan flowing out of the Chinese economy every year, stemming the tide is of the utmost importance. Doing so is not an easy feat by any means,....
Mark Karpeles, CEO of the disgraced Japanese Bitcoin exchange MtGox, has been charged by the Japanese authorities for embezzlement, according to Yahoo News. Karpeles was taken by the Japanese police last month on the charges of embezzlement of hundreds of millions of dollars in Bitcoin. The allegations against France-born Karpeles include the charge that he is the beneficiary of this fraud and had falsified data. Although the CEO of the former Bitcoin exchange has been held by the Japanese authorities for six weeks, yet no formal charges had been levied on him. As per Yahoo News, he was....
Analysts have warned that China’s capital outflows are accelerating while the yuan is depreciating sharply. They predict the situation to worsen in 2017. Bitcoin.com asked Spencer Bogart, Equity Research analyst at Needham & Company, how China’s situation could affect bitcoin. Yuan Headed for Biggest Decline in Over 20 Years. Goldman Sachs recently....