Japan Officially Recognizes Bitcoin and Digital Currencies as Money

[avatar_kiyoshi]

As word of Bitstamp’s approval in the European Union breaks, Bitcoin itself may be scaling even higher fences in Japan. Bitcoin has certainly had a checkered past in “The Land of The Rising Sun,” but has been making great strides to rebound over the past two years. Now, it appears that Bitcoin and the world of digital currency have officially been accepted as “having a function similar to money” within the island country.

According to the Japan Times, the Japanese Cabinet has officially approved a set of bills that will help the integration of digital currency into the legacy banking system through regulation. As we at BitConnect.co have previously reported, this legislation has been in the works for several weeks. The recent announcement formally makes what was already considered a forgone conclusion official.

New Japanese regulations will require Bitcoin exchanges to adopt established KYC/AML standards used in other nations. Banks will be able to enter the burgeoning “Fintech” industry for future gains and asset management. Preventing new forms of money laundering through Bitcoin and maintaining consumer protection will also be goals in 2016.

Full read: https://bitconnect.co/bitcoin-news/130/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money/

What do you think?

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[matanx]

seem many Asia country have open mind on Bitcoin and Blockchain Technology. like the news i watch in Taiwan.
https://translate.google.com/translate?hl=en&sl=zh-TW&u=http://www.ithome.com.tw/news/105580&prev=search
also Hong Kong new startup ANXintl have rapidly growth. seem it much more potential in Asia.

[Wapinter]

It is exciting to know that bitcoin is gaining its due recognition.Hope after Japan other countries will follow the suit although unless any country explicitly declare bitcoin illegal,I dont think it is going to make any difference if governments approve bitcoin or not

[Evildrum]

There are a few things that always make me curious when it comes to KYC and AML's.
Do they submit the information quarterly or right away,what are the guidelines for them?
Maybe they just keep the information in case of audit,would like to know because I hate these rules.
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Japan as I have stated in similar threads has potential but often sides on the more regulation is needed side of things.
That is what worries me about them because they could be the first to lay the ground work and other countries will just mirror what they set out for their people. If its to tight on the regulatory side it could be a bad thing all around.
Hope they let bitcoin breathe...

[tuvok007]

Arigato konichiwa  https://bitconnect.co/bitcoin-news/130/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money/

[BTCBinary]

Its about time governments start to recognize bitcoin as real money. Bitcoin is the most significant invention of the 21st century and governments need to start recognizing this new technology so that it can be developed to transform the financial landscape

[quintiilieo]

Oh its nice to read that. Im excited now if they officiallyy recognizes bitcoin as money its the start to know bitcoinworld in public. This is the time that we are waiting it just a start of recognizing in the world.

[pooya87]

this is a great news in my opinion, Japan has always been one of the pioneers in technology and they have always accepted new and useful technologies with open arms.

i think this decision of theirs will show its real effect on bitcoin slowly but it is going to be big effect on the way to mass adoption.

[SanaButt]

If Japan done this, it is good for Japan's people, because they can use the bitcoins easily in everywhere. they will never face the problems just like the countries's people faces. i wish the day will come when my country will also do just like Japan' s government done.

[TheDreadPirateDickstein]

As word of Bitstamp’s approval in the European Union breaks, Bitcoin itself may be scaling even higher fences in Japan. Bitcoin has certainly had a checkered past in “The Land of The Rising Sun,” but has been making great strides to rebound over the past two years. Now, it appears that Bitcoin and the world of digital currency have officially been accepted as “having a function similar to money” within the island country.

According to the Japan Times, the Japanese Cabinet has officially approved a set of bills that will help the integration of digital currency into the legacy banking system through regulation. As we at BitConnect.co have previously reported, this legislation has been in the works for several weeks. The recent announcement formally makes what was already considered a forgone conclusion official.

New Japanese regulations will require Bitcoin exchanges to adopt established KYC/AML standards used in other nations. Banks will be able to enter the burgeoning “Fintech” industry for future gains and asset management. Preventing new forms of money laundering through Bitcoin and maintaining consumer protection will also be goals in 2016.

Full read: https://bitconnect.co/bitcoin-news/130/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money/

What do you think?

What's idiotic about this is it seems you think this is a good thing, and it's not

[Quartx]

Well most Asian countries legislation are pretty open to cryptos. It is a good thing I guess, now where can I buy Pokemon center merchandise for Bitcoins

[h3rlihy]

It's good that it's getting some proper recognition as something more than just "used for dodgy deals" >.<

[vero]

it was nice, seems asian countries has looking bitcoin as a valid alternative payment. i hope this news  will impact to increase the price of bitcoin.

[btcltccoins]

It is a good news for Japan's people, the people of Japan will be thank to his government, it makes very helpful for the people of Japan, they can use easily bitcoins in everywhere and earning is also very easily, i wish the day will come in my country when my government will announce it.   

[salmanahmedone]

It is a good news for Japan's people, the people of Japan will be thank to his government, it makes very helpful for the people of Japan, they can use easily bitcoins in everywhere and earning is also very easily, i wish the day will come in my country when my government will announce it.   

Yes of course it is a good news but only of Japan's people, i also wish that my government will allow it all, it can make very easy for us, because mostly people can earn bitcoins as a job, and it is also very good for bitcoins,then bitcoins will be make a one and only online currency which are using in a high level.     

[TheDreadPirateDickstein]

NOTICE THE PRICE IS DROPPING! HELLOOOOOOOOO!

Regulation=low BTC prices....because bitcoin cannot exist or function with regulation.....turns it into a PAYPAL redundancy

[nanonymousx]

Asia is full of energy and liars. Theey are ahead of other regions in adopting new technologies, including Bitcoin

[DimensionZ]

I don't think there is a correlation between the Bitcoin price dropping right now and the news of countries deciding to regulate Bitcoin. The price dropped significantly after Mike Hearn's 'revelations' but this was genuinely bad press underlining the problems Bitcoin had at that moment. I don't see the regulation plans as bad press or negative news.