Korea, China and Japan are Swapping Ideas for Cryptocurrency Regulation

[junoreactor]

Article on cnn.com > Korea, China and Japan are Swapping Ideas for Cryptocurrency Regulation

“However, cryptocurrencies are unable to play a role as a means of payment.”
By that, I guess we are mainly talking about Bitcoin and the network (+fees) as it is right now.

Yet, I am reading here and there that in Japan it has became quite "common" to pay with Bitcoin, I am wondering which kind of products or services though.

I just hope the markets will not get over regulated in Asia in the near future.

Thoughts?

[btcgreen63]

IMHO, it would be helpful if more cryptocurrencies relied on ASIC-resistant proof-of-work algorithms to decentralize the mining as much as possible.

[Pursuer]

there are all kinds of products and services accepting bitcoin in Japan. doing a little search in bitcoin related social media in the past 6 months turns up a lot of them.
here are some examples:
taxi:


BIC camera:


grocery store??:


sopping Mall:


Visa prepaid cards:
https://news.bitcoin.com/japans-bitcoin-exchange-bitflyer-bitcoin-visa-prepaid-card/

[avikz]

Swapping regulation idea is a good thing. Because Japan is the only country ins Asia ho legalized crypto currency. So if China and Korea is brainstorming with Japan, I believe a positive result will come out for the Asian crypto currency users. Japan's framework for regulating cryptos can be used a base for the other countries as well.

Secondly when we talk crypto currency, it's not about bitcoin always. It's about altcoins as well. So the regulation will including them as well. Crypto market is standing at a very nascent stage. So we expect regulations to happen as it is going more mainstream every single day. Don't think it will be over regulated in any way. It will be either yes or no.

[vibingpositively]

Being ASIC resistant is a good start but that is where the struggle only begins. I would love for that to happen but I somehow doubt those miners will relinquish their power just like that. Does the recent China news have any relevance here? https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

[jseverson]

It would be interesting to see what would come out of this. It seems like this meeting was for South Korea's benefit -- a consultation with China and Japan of sorts? We know that South Korea has been increasingly negative towards Bitcoin, and it's seeking the counsel of countries with polar opposite views. I think that's the good sign, because it suggests they're keeping an open mind.

They'll probably take a healthy middle position, not taking steps as drastic as China did and plan to, while not being as open as Japan. It doesn't look like a complete ban is on the table, but they also want to shorten the leash on exchanges. It also seems like all this uncertainty is already affecting Bitcoin's price, as some news outlets are crediting it as the cause of the most recent slide.