Japan Takes Lead in Legitimizing Digital Currencies

Despite the ultra-cautious reputation Japan’s conservative financial authorities and institutions have earned over the years, this move to legitimize cryptocurrencies through government registration and regulation makes Japan the first nation to take such bold steps, notes Kayamori.

“So Japan, almost out of necessity, had to regulate the cryptocurrency market,” says Kayamori.

Qryptos will not be available in Japan, given that the government is presently recognizing only Bitcoin and Ethereum as sound products.

In the January to March quarter, Quoine conducted transactions swapping ten cryptocurrencies for mostly Japanese yen and U.S. dollar fiat currencies to the value of $5.6 billion.

On 11 May, Coindesk, an online news site focusing on digital currencies, tracked the price of Bitcoin passing the $1,800 mark for the first time, and the price of other cryptocurrencies also rose sharply.

Financial analyst Brian Kelly told CNBC in the US that he believed the rally was a result of Japan legalizing Bitcoin, which encouraged institutional investors to buy the virtual currency.

Source: IEEE