Japan Teaches Western Governments a Lesson in Cryptocurrency Regulation

[stompix]

Japan in my opinion is the shopping paradise for Bitcoin tourists and I am glad their government opened their doors to Bitcoiners.

There is one slight problem for Japan to overcome before becoming a shopping paradise.
Japan is expensive as hell.
Not only you will pay a lot for the trip there but everything, hotel/accommodation, food, travelling is expensive.
And if we add the average 6$ extra for every souvenir you're going to pick up even if it's a 3 bucks key chain, then that's a major turn off.

Lol Japan could teach Western Governments a hell of a lot more lessons than just cryptocurrency.

Yeah, especially how you allow to run an epic failure of an exchange like MtGox and the whole story of it's bankruptcy.

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[crytomusica]

Definitely,western countries should learn a lesson from japan in regulating bitcoin.Japan has legalized bitcoin since april and no issues has been encountered till now.Its very disappointing to see that western countries have not followed japan.Even other asian countries too try to follow china regarding bitcoin and they don't follow bitcoin.Japan has helped for progress of bitcoin by legalizing it and it has added itself in to main stream of development in the crypto world.

That is a big lesson actually. Japan is one my favorite country when it comes to technology and quality. So that would actually expected.

[WiryEve]

I want to learn more about crypto and from my experience, I feel that conferences could be a good way to learn... I found this one https://blockshowasia.com/ and I'm thinking to go, but tickets are not so cheap, but I suppose it could worth it... what do you think guys? have you heard about it?

I haven't heard about it! Sounds great, but tickets look like they are too expensive...

You can save some money as I did with promo code VIP30.. I think you can use it too, it will be 30% discount, what is huge discount imo

Thank you for this info! I was planning to attend but it seemed to be expensive..But Ill think again)

[honeyb0y]

Japan is known for being first in technology and for Japan embracing the use of bitcoin only means that they saw a good potential of the coin for it's future use and Western government should also see the same.

[JohnHero]

That's great news, if China can't ban Bitcoin and Japan is embracing it, imagine where can we be in a few years. Future is bright folks!

[Pursuer]

That's great news, if China can't ban Bitcoin and Japan is embracing it, imagine where can we be in a few years. Future is bright folks!

well China didn't ban bitcoin and never wanted to do it either. however, there are smaller countries that have banned bitcoin but they have just embarrassed themselves with this move because bitcoin is a peer to peer cryptocurrency and you can not ban a peer to peer network without shutting down the internet!

eventually all the countries will change their stance towards bitcoin. many will embrace bitcoin just like Japan did but these countries will be late and will surely lose the market share of bitcoin. for example Japan is soon going to be like a bitcoin haven and it will boost their country revenue through tourism a lot. and it is always a race which lots of others will lose if late.

[audaciousbeing]

If this article is anything to go by, it shows that Japan has surpassed any country in the world that I have read about which is open to bitcoin. It also shows that the country is a trail blazer while other countries follow suit. What is most surprising is that even after they witnessed the fall of the biggest exchange site, they have all te justification to ban bitcoin forever but they decide otherwise. I now wonder why countries that have not even faced any disadvantage of bitcoin effect going fully against it.

The Japanese government have opened up themselves to the future and getting ready for the next phase of action at the same time a phase of new tourist centre because rather than going to a country while I could be labelled a criminal for owning or spending bitcoin, I would rather move to Japan and enjoy to the fullest. Other countries should start learning to follow this trend.

[chickenado]

https://news.bitcoin.com/japan-teaches-western-governments-lesson-cryptocurrency-regulation/

Bitcoin has been an officially legal payment method in Japan since April, when 4,500 stores began accepting the cryptocurrency, and leading financial newspaper, the Nikkei, tips that figure to increase five-Japan Teaches Western Governments a Lesson in Cryptocurrency Regulationfold by the end of the year. Japanese shoppers can spend bitcoin in a range of stores including electronics giant Bic Cam and bitcoin signs are displayed prominently, helping to raise awareness. BTMs – ATMs that exchange fiat for bitcoin – are scattered throughout the country, and there’s even the ability to pay utility bills complete with a special bitcoin discount via Remixpoint.

Following the Mt Gox collapse, in which the country’s (and indeed the world’s) largest bitcoin exchange liquidated, losing 850,000 bitcoins, Japanese regulators stepped in. Rather than try to stem the use of cryptocurrency, they enacted regulations which mandated exchanges to maintain capital reserves, keep customer funds separate, and implement KYC procedures. Meanwhile, many western governments have dithered over cryptocurrency regulation.

This week, Donald Trump’s treasury secretary issued his first public comments about bitcoin – and they weren’t exactly glowing. His primary concern was with ensuring that bitcoin couldn’t be used “for illicit activities”. He also invoked the usual canards that government officials are prone to uttering in the same breath, citing money laundering, terrorists, and the dark web. The only box the treasury secretary forgot to tick off was the one marked “child pornography”.

These accusations aren’t just limited to bitcoin of course. Cryptography as a whole is the bugbear of many western governments, with British and US leaders in particular expressing frustration that backdoors can’t be built into encrypted messaging platforms such as Whatsapp. Bitcoin is mercifully free from centralized attempts at meddling with code, but that hasn’t prevented governments from restricting entry and exit points from the fiat world. Officials haven’t lain the banhammer on bitcoin, but they’ve done little to support it.

Japan is a tech-savvy nation whose elected officials have a better appreciation of the Japan Teaches Western Governments a Lesson in Cryptocurrency Regulationtransformative power of emerging technologies than most. It follows that the more digitally-inclined countries should be among the first to embrace cryptocurrency. In Europe, Estonia, with its e-Residency digital passports, is another country that’s been positive towards cryptocurrency.

“Bitcoin regulation” can mean very different things in different countries. In Japan it means taking measures to safeguard citizens whilst encouraging the responsible use of bitcoin and enabling crypto companies to get on with business. In other developed nations, however, “bitcoin regulation” is a euphemism for “anti-money laundering”.

Japan legalizes bitcoin because they were specific in the new trends of this new generations,though im from different race but i see that japan adapt its new trends to be enable   to go with the future flow,and understand how beneficial bitcoin is to their countrymen..even in producing products they tend to be the most successful and promising producer with high quality .Their government already know its disadvantages but still they accept it making bitcoin in their country legal.

[Latviand]

https://news.bitcoin.com/japan-teaches-western-governments-lesson-cryptocurrency-regulation/

Bitcoin has been an officially legal payment method in Japan since April, when 4,500 stores began accepting the cryptocurrency, and leading financial newspaper, the Nikkei, tips that figure to increase five-Japan Teaches Western Governments a Lesson in Cryptocurrency Regulationfold by the end of the year. Japanese shoppers can spend bitcoin in a range of stores including electronics giant Bic Cam and bitcoin signs are displayed prominently, helping to raise awareness. BTMs – ATMs that exchange fiat for bitcoin – are scattered throughout the country, and there’s even the ability to pay utility bills complete with a special bitcoin discount via Remixpoint.

Following the Mt Gox collapse, in which the country’s (and indeed the world’s) largest bitcoin exchange liquidated, losing 850,000 bitcoins, Japanese regulators stepped in. Rather than try to stem the use of cryptocurrency, they enacted regulations which mandated exchanges to maintain capital reserves, keep customer funds separate, and implement KYC procedures. Meanwhile, many western governments have dithered over cryptocurrency regulation.

This week, Donald Trump’s treasury secretary issued his first public comments about bitcoin – and they weren’t exactly glowing. His primary concern was with ensuring that bitcoin couldn’t be used “for illicit activities”. He also invoked the usual canards that government officials are prone to uttering in the same breath, citing money laundering, terrorists, and the dark web. The only box the treasury secretary forgot to tick off was the one marked “child pornography”.

These accusations aren’t just limited to bitcoin of course. Cryptography as a whole is the bugbear of many western governments, with British and US leaders in particular expressing frustration that backdoors can’t be built into encrypted messaging platforms such as Whatsapp. Bitcoin is mercifully free from centralized attempts at meddling with code, but that hasn’t prevented governments from restricting entry and exit points from the fiat world. Officials haven’t lain the banhammer on bitcoin, but they’ve done little to support it.

Japan is a tech-savvy nation whose elected officials have a better appreciation of the Japan Teaches Western Governments a Lesson in Cryptocurrency Regulationtransformative power of emerging technologies than most. It follows that the more digitally-inclined countries should be among the first to embrace cryptocurrency. In Europe, Estonia, with its e-Residency digital passports, is another country that’s been positive towards cryptocurrency.

“Bitcoin regulation” can mean very different things in different countries. In Japan it means taking measures to safeguard citizens whilst encouraging the responsible use of bitcoin and enabling crypto companies to get on with business. In other developed nations, however, “bitcoin regulation” is a euphemism for “anti-money laundering”.

It is a really great news for the japan because they see the good advantage of bitcoin that's why they accepted it. This is the proof of like that try until you suceed you need to try if you have want to done becauae if you dont want to try there's nothing to happen. Tha japan ia a great example and now in their population is really a bitcoin user

[leonair]

It is really good to hear that a nation like Japan is open for the use of bitcoin as a currency on their country and beside Japan known for technology innovations which only proves that Bitcoin is for the future. Having Japan's support for the coin makes people trust the coin more and is a big factor the increase on it's price.

[Cyberczar]

That the Japanese government has given bitcoin a nod is a positive for the digital currency. That other governments took a critical stance doesn't mean that they do not want to embrace technology. Rather, these governments are wary of a decentralized internet based currency, as they should. All these is because cryptocurrency is not just a novel innovation, it is untested within national borders. So no country is eager to be used as a digital currency Guinea pig since no one knew what adverse effects such official adoption could have on the economy.

That Japan has taken the bull by the horn clearly shows that it is a country that has the right fundamental metrics required to venture into new technological developments. This is not surprising as we have always seen Japan as synonymous with technology. Having a technically savvy populace has its advantages. Politicians know this. They also know the side their bread is buttered.

[RedUkulele]

I want to learn more about crypto and from my experience, I feel that conferences could be a good way to learn... I found this one https://blockshowasia.com/ and I'm thinking to go, but tickets are not so cheap, but I suppose it could worth it... what do you think guys? have you heard about it?

[jekjekman]

Actually we can point any bad things to anyone if we want to and Western Governments is doing that kind of thing with Bitcoin because they see it as a thing with no transparency so they best judged it with criminal doings. It is just a matter of time now until some countries will follow the step of Japan so we must stay put and watch it to happen as there is no need to stress out ourselves because at the end of the day Bitcoin will perish.

Most countries that prioritize the safeness of their citizens from any threat from Bitcoin is a must but this countries must take a look again to what is the potential of this cryptocurrency again, if they will do the right thing, they will not end up regretting their decisions in the future.