fraudulent activities. A Fuji Chimera Research Institute study projects this number to reach 9 billion by 2020. Approximately.7 billion of cryptocurrency, including bitcoin, Litecoin, Ripple and other cryptocurrencies, circulated across Japan two years ago. Gox had handled around 80 percent of global bitcoin transactions. In fact, the country had passed a law in April 2017 that recognized Bitcoin as legal tender, giving a massive boost to the countrys Bitcoin scenario. This step is expected to bring cryptocurrency investing in line with other financial instruments such as stocks.
Japan Officially Recognizes Bitcoin and Digital Currencies
He says to Cointelegraph: I was very surprised when my wife told me she wanted to buy Bitcoin. Also, since Japan is one of the first countries to treat the Bitcoin as fiat money it is of major importance. The Japanese are interested. Women may play a key role in Bitcoin adoption in Japan. He previously worked at Goldman Sachs developing settlement systems, and later on equities derivatives and convertible bonds. More importantly, Japan gives Bitcoin owners a range of avenues where they can spend their digital tokens. However, these are just some of the positive measures being undertaken by the Japanese regulator in favor of Bitcoin and other cryptocurrencies. The new regulations indicate that the regulator is taking proactive steps to take care of the hacking incidents that have plagued the countrys exchanges. Gox incident, the majority of people in Japan didn't trust Bitcoin thinking that. 5) Have external audits annually at a minimum with regard to segregating financial and management statements.