Japan Officially Recognises Bitcoin as Currency (Download PDF)

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Japan has officially recognized bitcoin and digital currencies as a payment method goes into effect from April 1, 2017. All virtual currency transactions are to be organized by the Japanese Financial Services Agency. New Japanese law that defines cryptocurrency, including

  • Bitcoin
  • Ripple
  • Litecoin, and others
Japan officially recognises Bitcoin as currency

Japan Officially Recognises Bitcoin as Currency

Japan officially recognises Bitcoin as currency

Highlights:

  • This intertwining of banking and IT are called ‘FinTech’ in emerging parlance.
  • The amount of bitcoin in circulation in Japan is expected to reach 1 trillion yen the Nikkei Asian Review reports.
  • They will be required to comply with strict anti-money laundering (AML) and KYC requirements.
  • The reports indicate that the cryptocurrency platforms are still trying to figure out ways to achieve compliance with the new regulations.
  • Accounting Standards Board of Japan has announced that it has started working on creating an accounting framework for both user and businesses dealing with cryptocurrencies.
  • Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.

About Bitcoin:

  • It is both a cryptocurrency and an electronic payment system.
  • It is a form of digital currency or virtual currency created and held electronically.
  • No one controls it that is not regulated by any central bank or government.
  • A type of digital currency in which encryption techniques are used to regulate.
  • The generation of units of currency and verify the transfer of funds.
  • Operating independently of a central bank.
  • Distributed peer-to-peer digital currency that functions without the inter-mediation of any central authority.

Table contain shows About Japan

Table contain shows About Japan

Japan: - Capital:

Tokyo

Currency:

Japanese yen

Prime minister:

Shinzo Abe

Population:

127.3 million

Design:

Image shows the Design of Bitcoin

Image Shows the Design of Bitcoin

Image shows the Design of Bitcoin

- Published/Last Modified on: April 9, 2017

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