Bitcoin Now Seen as Real Money in Japan

Bitcoin Now Seen as Real Money in Japan Bitcoin has taken a step further as it earns official recognition in Japan. According to the Japan Times, the virtual currency has been the focus of a set of bills that will clear the way for integration into the banking industry, which will see it become real money.

The approval of these Japanese regulations will mean Bitcoin exchanges must observe established KYC/AML standards leading to a whole new set of money laundering opportunities. The topic of protecting the consumer from money laundering as a result of Bitcoin acceptance will also be dealt with this year.

The history of Bitcoin in Japan is a turbulent one. Mark Karpeles led Bitcoin exchange Mt. Gox from 2012 to 2013. Suspicions of fraud, among other things, began to surface and the exchange eventually folded in February of 2014. The fall of Mt. Gox had a significant effect on the value of Bitcoin and resulted in Japan’s negative opinions and association with Mt. Gox.

Coincheck is one of the newer exchanges responsible for reigniting the market with more than 1,000 merchants generating billions of Yen per month.

The new regulations come at a time when Japan’s economy is suffering and the government wants to ensure that it doesn’t miss out the potential employment and economic opportunities presented globally.

Coincheck and all other Bitcoin exchanges will soon be required to register with the Financial Services Agency. Bitcoin payments may be made digitally without currency conversion, which indicates that we may soon see this crypto currency become an accepted form of payments for banks and other companies.
  • I think this is wonderful to see happening all around the world. I am a huge advocate for the use of Bitcoin as currency, I started using BTC just for gambling purposes but then realized it was a very valuable currency when trading for different currencies of all sorts; such as gift cards, paypal, or anything you could want.
  • This world being more and more "virtual", I think bitcoins have a bright future...
  • I agree it has been around for awhile at stores shops and used all over but its probably because it is new to the online casinos been playing for a long time and bitcoins are new to me at online casinos i play at which is new. of course i am form usa rose
  • As far as I know all ready we all could use Bitcoin all over the world for payments in stores, shops e.t.c. and that's what important for the regular customer. Bitcoin long ago is not just a virtual currency and obviously in Japan the thinking is more innovative than in ret of the world. Bitcoin possibilities are endless so I think it's just the beginning.

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