Japan formally recognized the BTC and digital currency as the currency, the rapid development of the banking industry
Japanese banks are put forward in the new law to embrace bitcoin. Bitcoin is finally in that piece of land on the sun has finally grown up?
In March 4, 2016, the Japan Times reported that Japan’s cabinet has approved a series of bills, which will help banks expand their business contact for information technology. The mixed banking and IT is also called “FinTech” which is a new argument.
Interestingly, the cabinet also considers the importance of virtual currency, the new bill will put them as a way of payment, with the possibility of digital transmission.
Japan has just given virtual currency legitimacy, it is in many other countries are still trying to make things.
Saito, a lawyer specializing in virtual currency, said to CoinTelegraph:
“I think that the new law will promote the acceptance of bitcoin and other virtual currencies. All bitcoin related to some of the major financial institutions, investors and advertising agencies some hesitation. The reason is that bitcoin is not standardized, the nature of it has not been determined, some people still have a bad impression of bitcoin.”
The land of the rising sun on the bitcoin sunrise?
The Japanese government is trying to bring virtual currency to the Financial Services Authority (FSA) regulation, Japan’s own currency, the yen managed transactions in the same Japanese agency. This will also mean that will be the registration of virtual currency transactions, which seeks to use bitcoin currency for expanding protection against money laundering.
Kagayaki (Kaga) Sichuan, from the Coincheck.jp business development department, explained the development of these conditions to cointelegraph:
“We believe that this action bitcoin Monetary Community and encryption is positive. As a result of the Mt.Gox incident, the vast majority of Japanese people do not believe that bitcoin, bitcoin Mt.Gox. People think that bitcoin is used for fraud money. Similar to accept bitcoin will change how people think of bitcoin and encryption currency in general in the law on legal tender. The government’s move to help the bitcoin is the awareness of the public has enormous influence, and will accelerate the integration of other services for bitcoin. In addition, because Japan is the first bitcoin as one of the legal currency of the country, this is very important. It will be a great opportunity to Japan, they are in the country to actively seek innovative technology.”
However, Kaohsiung hill, science and Technology Bureau Group CEO (zaif stock exchange), said cautiously:
The Japanese think all virtual currency, including encryption, only “circulation”. This is an extension of payment. The law requires a certain amount of capital and registered in FSA, forced isolation management to exchange exchange deposit. However, it is not completely how to isolate encryption currency outlook and review. This new law is good we can remove most of the fraud “HYIP coin plan”, but I am afraid it will eliminate small tech start-ups benefit from encryption technology.”
The introduction of information technology in banking
Japan’s banking industry will benefit most from this law. Compared with their European peers seem to have been active participants of encryption currency of the world close the door, the Bank of Japan bitcoin more open-minded.
Jeremy Wood InputOutput, co-founder and CSO, it is an operating company in Hongkong and Japan, said:
“I think in some ways, the bank has accepted bitcoin. The Japanese company that did not happen bitcoin bank failures.”
Then, the Bank of Japan for a great leap forward and start to embrace bitcoin?
Kaohsiung Bureau of science and Technology Co Ltd (Chaoshan zaif exchange) think so, tell us that things start to change, because before January 2016, in the virtual currency in 2015, in his words, to the Bank of Japan is voldemort”. He said that in January 2016, the Bank of Japan to run the test, and began to “smile” to the media about encryption currency. Kaohsiung believes that they are ready to apply it in the enterprise in the next year after the entry into force of the law.
Coincheck.jp Kaga echoed his point of view, since the announcement shows that the Bank of bitcoin and other virtual currency interest. He believes that this will mean the chance existing bitcoin currency trading and encryption more. However, he believes that due to new regulations, entrepreneurial companies to enter the market may face greater difficulties.
In the bitcoin application in Japan, women may play a key role
Japan is the one and only in the world of personal finance, because many financial decisions are made by the family of women. As everyone knows, many people his wife received a regular allowance, they mostly hold family. This is known as the okozukai pocket money, men can be used for entertainment, most of them do not have the right to speak in the family financial management. Japanese women are considered to be money managers and investment wizards. At an interest rate of zero and zero below the environment, Japanese housewives looking for new and interesting investment options.
In fact, InputOutput co-founder Jeremy Wood’s wife for bitcoin curiosity let him be startled at.
He said to CoinTelegraph:
“When my wife told me she wanted to buy bitcoin, I feel very surprised. Japanese interested. Even my wife’s mother asked about the bitcoin problem.”
Jeremy believes that although the bitcoin is a form of investment attractive to Japanese, it is difficult for him to think that they will use it to trade, because Japan is a very cash oriented Society (notes).
The road ahead
Japan and other bitcoin virtual currency in the country’s financial system play a role in paving the way. So, the money can be better supervision and management in china.
The money behind the technology, can also be used in the existing banking system in. This will undoubtedly give the Japanese banking system earlier application advantage. However, this does not mean that bitcoin status and parallel yen.
Charles Hoskinson, co-founder and CEO of InputOutput, said:
From the government perspective, unless you can use it to pay the tax, it is with the official currency is not equal.”
However, the new law of the Japanese cabinet is a welcome step, it is in other jurisdictions can get enlightenment from it.