Japanese banks are set for embracing Bitcoin after proposed new laws. Has BitcoinCT r: 8 finally come of age in the land of the rising sun?
On March 4, 2016, The Japan Times reported that the Cabinet in Japan had approved a series of bills which would help the banking sector expand their reach when it comes to Information Technology businesses. This intertwining of banking and IT are called ‘FinTech’ in emerging parlance.
Interestingly, the cabinet also takes into stock the rising importance of virtual currencies and the new bills will recognize them as a means of making payments and having the potential to be digitally transferred.
Japan has just given virtual currencies legitimacy, something that many other nations are still struggling to come to terms with.
So Saito, Attorney at Law who specialises in Virtual Currencies, says to CoinTelegraph: "I think that new law will advance an acceptance of Bitcoin and other VC. Some of major financial institutions, investors, and advertising agencies etc. have hesitated being relevant with Bitcoin. The reasons are that Bitcoin is not regulated, the nature of it has been uncertain and some still have a bad impression on Bitcoin." Sunrise for Bitcoin in the land of the rising sun?
The government in Japan is attempting to bring virtual currencies under the purview of the Financial Services Agency (FSA), the same Japanese agency which manages transactions that take place in Japan’s own currency, the Yen. This will also mean that there would registeration of exchanges which handle virtual currencies aimed at preventing money laundering and extending more protection to the people who use Bitcoin and other such currencies.
Kagayaki (Kaga) Kawabata, Business Development Lead at Coincheck.jp , says to Cointelegraph about these developments: “We believe this movement is positive for Bitcoin and the cryptocurrencies communities. Since the Mt. Gox incident, […]
