Japan eyes treating bitcoins the same as real moneyhttp://asia.nikkei.com/Politics-Economy/Policy-Politics/Japan-eyes-treating-bitcoins-the-same-as-real-moneyTOKYO -- Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies, a step that would strengthen consumer protection and spur growth in the virtual economy.
The Financial Services Agency's legislative revisions would recognize bitcoins and other virtual currencies as fulfilling the functions of currency, it was learned Tuesday. They are now recognized as objects but are not treated on a par with their more established counterparts. The changes will be submitted during the current ordinary Diet session, with the goal of passage before the term ends.
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. They must also be exchangeable for legal tender through purchases or trades with an unspecified partner. The FSA sees such a definition possibly helping to develop the financial technology sector.
...
