Western Countries Can Learn From Japan on Bitcoin
From fear to excitement, Bitcoin has been charged guilty of provoking conflicting emotions amongst people. Bitcoin also stands as the next big challenge for the government who have been entrusted with bringing upon regulation in every sphere starting from motor car to internet. In such a tumultuous scenario when regulators of countries such as China are imposing a complete ban on ICO dealing, its sister from Japan is welcoming the cryptocurrency wave with open arms.
Japan and Bitcoin
Starting from April, Bitcoin has been achieving increasing importance in Japan paired with 4500 stores who are accepting cryptocurrency in exchange of goods.
Nikkei, a Japanese leading financial newspaper has predicted this number to increase by five times within the end of this year. Whether it is big sellers such as electronics giant Bic cam or small retailers, the Bitcoin frenzy is growing all the more with every passing second. Bitcoin signs are also being put up all around the city to increase general awareness amongst people about this cryptocurrency.
Also Read: Bitcoin adoption increases in Japan
Bitcoin ATM’s are helping people convert their digital tokens into corresponding figures of liquid currency while special bitcoin usage discount is being offered via Remixpoint on paying utility bills. Mt Gox, the largest Bitcoin exchange in Japan lost 850000 bitcoins in its collapse which opened the floodgate for regulators to step in. But rather than banning cryptocurrency trading, such regulators asked the exchanges to maintain separate customer funds, capital reserves and implement KYC procedures in its dealings. Just when Japan is making strides in the Bitcoin plethora, its western sisters are still dwindling over the issue of whether Bitcoin needs to be regulated or not.
Regulators Meet Up
The treasury secretary of Donald Trump has issued his first public declaration regarding Bitcoin this week showing concerns over the vast array of illicit activities which Bitcoin can propel. Previously government officials from around the globe had linked Bitcoin with dark web, terror funding and money laundering. Such accusations spread over Bitcoin to the holistic world of cryptocurrencies which cannot be controlled centrally. This has restricted several legislations from imposing regulations on entry and exit points from the world of fiat currencies.
The tech-savvy nation of Japan had always been appreciative of the transformative power which emerging technologies hold. It feels that cryptocurrency should first be embraced by the most digitally-inclined clan of countries.
Estonia situated in Europe with its e-Residency digital passports is another country walking towards crypto enlightenment.
“Bitcoin regulation” coveys different meanings in different countries. In Japan it stands for safeguarding citizens without narrowing the scope of Bitcoin and crypto companies whereas in other developed countries, bitcoin regulation stands for anti-money laundering.
Financial Times recently published an article titled as , “Australia follows Japan in move to regulate bitcoin.” This is triggered by the fact that Australia is showing green signals to a growing number of Bitcoin ATM’s and retail store coverage. The country’s justice minister recently stated in Orwellian terms that, “stopping the movement of money to criminals and terrorists is a vital part of our national security defences and we expect regulated businesses in Australia to comply with our comprehensive regime.”
Also Read: Bitcoin Adoption Increases in Australia
Japan on the other hand is welcoming entrepreneurs, exchange owners and crypto pioneers with the slogan, “we’re open for business”. Given its dynamic operations, western countries can surely learn a lot from Japan.
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