Tuesday, March 8, 2016

Bitcoin will be legalized in Japan

The Japanese government is considering to legalize Bitcoin.


On 4th March, 2016, the Cabinet approved the bill for regulating crypt currencies. In this legislation, Bitcoin and other digital currencies will be treated as if they are fiat currencies. Now, they are defined as the property value.

The Guardian: Japan considers making bitcoin a legal currency

The new legislation has gained expectation from each party. For the authorities, the risk that Bitcoin is used for the illegal purpose will be reduced. For users, they will be unlikely to be tricked by unauthorized dealers. And for providers, they will be free from the worry that Bitcoin will be subjected to taxation.

Coin Desk: Japan Proposes Definition for Bitcoin in Bid to Regulate Exchanges

The bankrupt of Mt. Gox has negatively influenced the reputation of Bitcoin in Japan. In addition, Japanese are so conservative that some Japanese are still hesitating to use a credit card for online shopping. Considering these factors, I think the attempt for legalizing Bitcoin is innovative. I have heard some politicians are willing to introduce new technologies to Japan society for improving productivity. I admire their thoughts.

In Japan, some companies accept online payment using Bitcoin. DMM.com, a popular digital publisher, started the service recently. However, the volatility of Bitcoin price prevents me from its daily usage. It will take more time for Bitcoin to be recognized as a casually functional digital currency.

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