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After the tragedy of Mt. Gox, once the highest volume Bitcoin exchange, Japanese authorities are most likely already working on a plan of action to regulate the virtual currency.

http://www.cryptocoinsnews.com/2014/03/05/japan-may-introduce-bitcoin-regulations-week/

Good food, attractive women, rich culture.

Edit: Oh in regards to Bitcoin? I trust them to handle Gox appropriately. Public shaming is real big over there.

The idea of a regulation in a traditional sense will lead to the same nonsense circle of e.g. designer drugs ... once something is regulated, others change just a tiny bit and surpass laws cause its not registered etc.. its true what they write "“We haven’t yet thoroughly grasped the situation,"

Apart from the food, women and culture, they also have surreal tv commercials.

the japanese economy is likely to be buoyant for the rest of the decade

The suggested guideline in the Japanese government are these,

1. Bitcoin is considered as material, NOT as currency (so it is like precious metal like Gold, Platinum.,,.)
2. Banks are prohibited to exchange bitcoin and currency. Making dedicated account is also prohibited.
3. Security brokers are prohibited to deal with bitcoin transaction
4. Capital gain tax and cunsumer tax (VAT) are imposed
5. Consider additional regulation in derivative trades

Even though it is a progress to make clear guideline as a law, practically they are not restricting our activities. I welcome their decision and wish they alter it with more restriction.

Apart from tax which is not relevant to non-Japanese residents like us, and Japanese bitcoin exchange who wants to have dedicated account in Japanese bank for their clients, nothing is changing from the current situation I wonder. Nobody exchange bitcoin using Japanese banks or Japanese security brokers. I don't know they really understand there is virtually no bitcoin exchange except mtGox. I don't know they understand what exchange is and the role of banks. At least by this there is no reason for banks to deny transfer money from / to bitcoin exchange. They say this guideline is the first in developed countries, I doubt it is and effective at all.

I heard we (the bit coin forum) should shake hand with Hong Kong for the reason that the first offline Bitcoin money exchange opened there. So let us hope that we will have this kind of Bitcoin exchanges almost in the all the cities of the world. Guys, what do you think about this?

I wonder what their thoughts on regulating are. And I wonder what kind of punishments they could come up with.

Personally, I think that they should force all of those complicit to go in public and perform dogeza.

Just like this:

https://www.youtube.com/watch?v=bG6oT5kYI0Y (https://www.youtube.com/watch?v=bG6oT5kYI0Y)

[On a Mt. Gox note, the funny thing is that I could imagine Karpeles acting like this; especially the ending of this video...]

My only thoughts on Japan are this: http://www.returnofkings.com/wp-content/uploads/2013/12/Asian-women-3.jpg  :D

But seriously, they'll be under a lot of pressure to make themselves look good so they'll probably have to go and do something at some point.

Japanese government needs to do something very quick. Now the public image of Japan is no good, firstly the collapse of MtGox, and more recently the 'fake' Satoshi Nakamoto.

No more bad news please.

I think its very, very long and mostly low to the ground, especially on the mountains.  

Japanese people are better than everyone else because they descend from Ameratsu, but they have to fight the monkey-people because the monkey-people won't leave them alone to practice better ways of drinking tea and making video games. The Japanese live in the year 2413 where the technology is better.  They never have sex but constantly pretend to do so, and they spew nuclear waste products on every nation of the world that downloads their cartoons without paying royalties, for great justice.

Japan is the most powerful economy in the world because they can sell incredible amounts of government bonds at vanishingly low interest rates, so they have plenty of money and no one needs to work, so they live in their parent's spare bedroom and never come out.  That's where they invent the best cars in the world, which they then manufacture in China and the U.S. using monkey-people hypnotized by singing company songs.

Since the advent of DOGE, the animal life in Japan is so rich that even wild monkeys go to hot-springs and spas on vacation, where they are waited on by geishas, but are not allowed to touch them.

Japanese language is the most complicated and beautiful language in the world.  So complicated and beautiful that someone once wrote a poem that no one could read because their head would explode.  They tried to use this in World War 2 but their literacy rate is so high that it decimated their own army, leading to rumors of suicide missions -- really they were just poetry readings.

Things that make me want to go to Japan  8)
Also Photoshop perhaps XD

Gox's collapse were not specific to Japan. It would be likely that Gox would have happened regardless of where it was based.

Japan had a long recession but nonetheless was able to maintain a fairly strong and robust economy
They are an example of how to handle a non inflationary market
And also a competitor for Group C in the world Cup

I wish it were true.  There isn't much of a strong or a robust economy left in Japan.  Japan's great for those over the age of 60 with savings and seniority in their companies.  Most people under 40 in Japan are currently stuck in temporary work loop (haken employment, staffing agencies, is 30% of the workforce alone).  Living conditions are dropping like a stone, hours continue to go up (14+ hour days just like Victorian England) compared to the prosperity of the 80s and 90s.


I have to give credit that the Japanese do seem to be loyal to their nation, in keeping it homogenous and discouraging brain drain.  Most countries, in Japan's position, the educated youth a long time ago would had packed bags for the United States or Britain and contributed to those economies.

That long, multi decade recession is still going... And is probably the play book for Western economies in the present.....QE to Infinity....RE prices are still below what they were in the 80's peak!! Abenomics has attempted to destroy the Yen and import inflation (energy & food prices). From what I read, it is sort of happening but JGB's are still the widowmaker...

jap govt are using the mtgox collapase as political capital to regular bitcoin.... sounds desperate

You are saying two contradicting statements.

A recession is defined as an economy that is contracting. A strong and robust economy is one that is growing at a healthy pace.

In politics, sometimes history, and the current situation, needs to be revised. So now it is: It was bad, now it is good. Look at the stock market. Not now, but when we started abenomics. The current drop is not enough easing. Don't look at exports, imports, consumer prices and salaries. It is good now, especially the hope for the future is good. A nation that hopes, thrives. Trust us.

I found this post, and I think it is glitters. The reason might be that I wrote it myself!

It is about mercantilism, which is just another name for abenomics:

https://bitcointalk.org/index.php?topic=412417.msg4476919#msg4476919 (https://bitcointalk.org/index.php?topic=412417.msg4476919#msg4476919)

The situation in Japan has been considered bad for a long time and is still considered bad

Japan's economic development, along with Korea and Germany, was arguably a bubble to begin with.   A lot of it was economic appeasement during the cold war to maintain US influence in Europe and East Asia, and to prevent the spread of Communism and revanchism among the defeated countries.

Look at automobiles for instance - why were Japanese and South Korean automobiles allowed to flood the US market after the 1960s?  In contrast, when does one ever see an American automobile in Korea or Japan unless it's a collectible vehicle or a Harvey Motorcycle enthusiast?

Empires are often costly affairs - not only are fortunes spent on military but then there's all the "bribes" (economic and trade) to maintain the world order.   The British Empire often bribed native leaders in Africa and India - the US empire today continues this policy but now it's called foreign aid, which is taking money from poor people in rich countries and giving this money to rich people in poor countries (Mubarak was a very wealthy man).

ohh, that's why only few people from japan using bitcoin
and in this forum too, i never met japanese user
i think their gov restricted is too strong for bitcoin

Holly necroposting cow. How did you found this post after all those months?

As soon as the Japanese are forced to source debt funding from overseas the country, in its current form, is finished.  240% debt to GDP ratio financed at around 0.7%.  25% of all taxes collected today go to servicing old debt.  What happens when Japan is forced to pay a princely sum like 1.5%?

Fukushima Daiichi will continue to eat billions of dollars for years to come.  Savings rate is currently 3% and dropping.  Rapidly shrinking working age population yet no significant immigration.  Aging population that will come for their savings and realise there is nothing there.  South Korea and China have eaten Japan's electronics and automotive manufacturing advantage.

I like Japan.  Been there a few times and enjoy aspects of the culture.  Shame it will suffer severe crises in the decades to come.

I'll just go ahead and lock this thread. It's old and irrelevant now. I wonder why people keep replying.