Japan Considers Regulating Bitcoin as Currency

Quote from: the_poet on February 24, 2016, 01:47:19 PM

http://asia.nikkei.com/Politics-Economy/Policy-Politics/Japan-eyes-treating-bitcoins-the-same-as-real-money

I wonder what influence that would/will have on Mt Gox? If all of a sudden they didn't steal out crypto, rather they took our money, that would surely increase the severity of any punishments doled out, as well as possibly increasing the final payout to those who were stolen from.

I bet they don't back date it, or take into account Mt Gox though. Still good that Japan is moving the right direction, or is it that they can charge a negative interest rate on it if it is real money?!

basically calling them "assets"

Quote

They are now recognized as objects but are not treated on a par with their more established counterparts.

so like other assets which by definition are a form of currency, but that does not mean that its treated the same as FIAT.

Already Japan has a positive response towards bitcoin. Recently got a news about the issuing of their own digital currency. Even if this happens soon bitcoin would get a good recognition in other countries too.

Quote from: Lutpin on February 24, 2016, 01:52:15 PM

Quote from: banano on February 24, 2016, 01:50:17 PM

it was invented by a Nakamoto

Who could be a John Doe or Joe Smith in real life, for what we know.

Exactly, he/they could be actually from any part of the world.

Quote from: romero121 on February 24, 2016, 02:06:27 PM

Bitcoin being place in headlines is great especially in a country where most people are busy working their ass off. Not sure though what other crazy ideas will Japanese do with Bitcoin if it becomes a native currency.

Not only Japan! "Hopes are high for the currencies as both investment targets and low-cost methods of payment. Monetary authorities worldwide are setting out to regulate the technology, starting with measures to prevent money laundering and other illicit activity."

I'm so excited about all this! I feel like living a true revolution!! Grin

Do they have the permission from Satoshi Nakamoto?

Quote from: watashi-kokoto on February 24, 2016, 02:27:04 PM

Do they have the permission from Satoshi Nakamoto?

haha i think they certainly have permission from satoshi lol Grin

I think this is the start if journey for the recognition of bitcoins by governments. I feel I'd others follow suit then things will look brilliant

It was to be expected after the Mt Gox fiasco and the prevention of further bad press for the country. Like they say, " Under the FSA's proposed definition, virtual

currencies must serve as a medium of exchange, meaning that they can be used to purchase goods and services. " Regulation would help to protect the consumer,

but it would also stifle innovation, if it is too strict and expensive. {Example BitLicense New York}

Quote from: franky1 on February 24, 2016, 02:01:25 PM

basically calling them "assets"

Quote

They are now recognized as objects but are not treated on a par with their more established counterparts.

so like other assets which by definition are a form of currency, but that does not mean that its treated the same as FIAT.

then they are not understanding what bitcoin really easy, and it is not only an asset for speculation, but an instrument of payment principally...

So if I am understanding this correctly?
They will remove their current currency and use bitcoin as the standard?

Or will they just accept bitcoin as a alternative currency?
And provide a safe place for people in japan to trade bitcoins?

It seems that they would try to tighten it's freedom in order to increase the security of it among users there and most affected one's would be those exchanges that operate there in Japan and normal people as well. Although what their trying to do is for safety purposes, I'm afraid their going to mess the whole situation even further up by getting involved directly.

As long as they don't consider it to be illegal, then it's not necessarily all bad. In what ways are they going to regulate?

This regulation will hit the Japanese exchanges the most because they will need to obtain a license from the government to continue operation. Anyway Japan is a forward-thinking nation they will figure this out no worries Wink

Quote from: banano on February 24, 2016, 01:50:17 PM

it was invented by a Nakamoto

nop i did it

Quote from: Amph on February 24, 2016, 02:44:25 PM

Quote from: franky1 on February 24, 2016, 02:01:25 PM

basically calling them "assets"

Quote

They are now recognized as objects but are not treated on a par with their more established counterparts.

so like other assets which by definition are a form of currency, but that does not mean that its treated the same as FIAT.

then they are not understanding what bitcoin really easy, and it is not only an asset for speculation, but an instrument of payment principally...

the blockchain is the instrument of payment. the protocol linked to satoshis genesis block is the instrument of payment. but bitcoin is becoming the term to use for the units/tokens. not the protocol.

EG
"bitcoins blockchain" can be compared analogically as visa america
bitcoin can be compared analogically as dollar
"litecoins blockchain" can be compared analogically as visa europe
litecoin can be compared analogically as euro

thats why "blockchain" buzzword is becoming a thing.. not only because its a better term than 'cryptocurrency' but it also helps define what people are talking about when they use the word 'bitcoin' as its not good to call the token, the ledger database and the protocol code, just bitcoin.

It is a great information if its is true since it will be the beginning of a new era and bitcoin will be accepted by other countries as well in near future. Hope for the best and pray it may come true very soon.