The world will follow the example of Japan? Japan depends on bitcoin confidence
Japan paid in bitcoin efforts to make bitcoin influence becomes greater, as long as the Japanese did not fail in this regard, the world’s top digital money will always be a success. A recent example is the bitcoin exchange to comply with anti money laundering and know your customer requirements (KYC).
And China, no matter when Japan will have a can cause changes in policy, it will bitcoin market have important influence.
Affect the price of bitcoin
With Japan on Saturday (April 1st) will be officially considered a legitimate bitcoin bitcoin payment, from the beginning of this Monday is steadily rising, more than $1100 price range.
When the bitcoin expansion stalemate is more serious, and the Japanese government after bitcoin free tax laws to stimulate the Japanese consumer demand for bitcoin, bitcoin prices completely from the week before the decline to recover.
In addition, it also brings about anti money laundering and know your customer (KYC) problems, and caused a heated debate. Some users are in favor of it, because they love more legitimate exchanges, so that they can abide by the law, to the identity of the user to pay taxes, and provide some kind of protection for the user’s money.
The new law to strengthen the supervision of bitcoin
After the collapse of the Mt.GoxBitcoin exchange, the new law on Japan for several months. This law by making the Japanese exchange are required to comply with anti money laundering provisions, like the same Chinese. The move is expected to increase bitcoin’s trust, and that example again to stop Mt.Gox.
Coincheck Kagayaki told the media:
“The total market value of digital encryption and the use of money over the past few years have greatly increased, and digital currency bitcoin can not be ignored. Mt.Gox time in Tokyo. I think this lesson has made Japan’s decision to regulate them, to protect customers. And I think, if the new regulations can play a role, other countries will follow suit in japan.”
Anti money laundering and know your customer (KYC) process will also make the government and bitcoin together, which is a lot of people still believe that the ecological system to become a standard market lack.
For Bitsquare KenShishido, this is the development of industry for many years of lobbying policymakers results, rather than the government must take a proactive approach to make bitcoin more broad better.
He added that the meaning of tax has not been finalized, but the consumption tax exemption is a big move formally.
From Chinese to Japan, to other countries, governments are clearly bitcoin as a financial tool. But want to let the digital currency become mainstream, daily users also need to support it.
Why Japan is very important
Japan does not seem to worry about how the general attitude of some countries to bitcoin digital currency. The bitcoin confidence degree it is overwhelming, though it has also had a negative history of digital currency.
This level of trust and interest on the currency based on the ongoing success of the experiment will help to show the legislation of bitcoin can produce much effect.
Want to attract those who still questioned bitcoin bitcoin national interest, and to the broader global social groups, especially the government better publicity bitcoin, there is still a long way to go.
The legitimacy of the state recognized the legitimacy of bitcoin always plays a role.
As for Japan such a large economy and trust bitcoin as a payment method, it is a meaningful thing. This is a sign, some people may eliminate some negative emotions for bitcoin.
“The uncertainty of other developed countries will soon follow this pattern, but like Singapore, Estonia, Switzerland, Hongkong and other countries and the Special Administrative Region may be so. If some countries really bitcoin as legal tender, it will bring about change for bitcoin.”
Bitcoin position in Japan in the law is “monetary assets, exempt from consumption tax”. If a country will bitcoin as legal tender, all United Nations will admit it.
Another notable factors influencing Japan bitcoin prices is that when the law passed, bitcoin prices and real growth trend growth. Maybe it will gradually return to a point, but never fall back to the starting point of the original price.
Coincidentally, another country has also taken similar measures, that is Mexico. The legal act it is committed to the drafting of financial technology, and makes the central bank’s definition can be applied to digital assets, such as two sets of standards based on bitcoin: widely used for the public, and generation, identification, classification, control rules and mechanism of bitcoin.