15 Insights on Bitcoin in Japan
Aug 04, 2017 Posted / 2290 Views
Almost a decade ago, cryptocurrency came into existence, and still, it has been struggling a bit to acquire its legality and acceptance around the globe. But it has been also quite prominent, that Japan has been supporting cryptocurrencies from a long time. It has also launched many other cryptocurrencies for its own country. Japan has always tremendously supported the idea of cryptocurrencies.
Let us have look on the few insights of the cryptocurrency network in Japan
Earlier, Japan used to have around 1% of the bitcoins trading volume, which later rose to 6%. It has been reported that on some days, out of the total amount of trading volume of Bitcoins, Japan has the highest of 55% of it.
In April 2017, Japan made the acceptance of Bitcoin legal. It accepted Bitcoin and other cryptocurrencies a legal mode of payment like for bills, trade etc.
Now Bitcoin is a recognized currency in Japan.
The Japanese hunger for Bitcoins is quite voracious! According to the new law passed for the cryptocurrency, Japan has not only made Bitcoin legal but has also removed 8% sales tax on a purchase of Bitcoins and other cryptocurrencies.
Japan has been going crazy over the cryptocurrencies. It has been reported that both Japan and China are putting maximum efforts to regulate Bitcoin prices, so that the market will lead to great returns in exchange, ushering more growth of the cryptocurrency sector
Japan's hysteria for Bitcoin and other cryptocurrency is becoming quite stunning. It has ventured to launch 10 new Bitcoin Exchange set-ups. Reportedly, 18 companies in total, at present are aiming to get the license for the setting up Exchanges. Some of them are even start-up companies. While, the other 10, companies are applying to get the license, citing the Japanese Cryptocurrency Business Association.
The three largest banks of the Japanese economy are in full support for the acceptance of Bitcoins as a legal payment method. It has supported the decision, and have started accepting Bitcoins in their banks as well. MUFJ, Mizuho, SMBC all have backed up the country's largest Bitcoin Exchange setup, bitFlyer.
With the decision to legalize Bitcoin currency and other cryptocurrencies, the prices of Bitcoin have surged a lot. The market of Bitcoin has seen the exponential rise in the prices, around the world. Many people have benefitted from Japan's decision on Bitcoin.
The exhilarating response by the Japanese government over Bitcoins, it has been stated that Bitcoin will be more stable than the native currency, Yen.
This gives the civilians to invest more in Bitcoins, rather investing in its native currency.
With such drastic changes and improvement in the Bitcoin market of Japan, there is a great rise in the demand for the virtual coins. Investors and civilians, both now feel secure with the cryptocurrencies, that has lead to the boost in the demand for the virtual coins.
The phenomenal rise in the prices of the Bitcoins has opened its scope for Asian countries as well. After Japan's decision to legalize and promote Bitcoin and other cryptocurrencies, Asian countries like Malaysia, South Korea has decided to take the same route by legalizing Bitcoins and other virtual currencies.
The government of Japan has even agreed to accept the Blockchain Bitcoin technology for its online services for administrative purpose, to improve security and reduce cost. The government of Japan aims to open the Bitcoin technique for public tenders in the future and also open it up for the private sector.
Japan, till now, has been foresighted as the most favorable place to purchase Bitcoins, as there are no taxes on it and it has even legalized and boosted the cryptocurrency setup.
With recent split of Bitcoin into Bitcoin Cash, many banks and exchange setups have put a halt on the exchange and payment of Bitcoins. It was imposed on 1st August. Once the scenario becomes clear, it will resume the services.
The heavy exchange and boost of Bitcoins in Japan have led to scrutinizing the companies which are intending to setup Bitcoin Exchange systems.
The companies will have to go through some pains to setup the Exchanges for Bitcoins, legally.
The huge increment in the market prices, legalization, withdrawal of taxes, has made it so smooth and clear for the people and investors to invest and trade in Bitcoins. This is expected to benefit the economy of Japan on a large scale, widening its horizons for Bitcoin market and other countries as well.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.