While the most western governments have expressed their fears about Bitcoin’s adoption, Japan has taken the opposite direction.
The Bitcoin is blooming, after Japan’s positive cryptocurency regulation
Since April, Bitcoin has been an officially legal payment method in Japan. 4,500 stores started the acceptance of the cryptocurrency. Not only that but the leading financial newspaper “Nikkei”, tips the aim is to increase five-fold by the end of the year.
Japanese consumers can use Bitcoin in a variety of stores, including electronics giant “Bic Cam”. For raising awareness Bitcoin signs are displayed prominently. BTMs – ATMs that exchange fiat for Bitcoin are placed throughout the country.
After the Mt Gox collapse, in which the country’s and world’s largest bitcoin exchange liquidated (losing 850,000 bitcoins), Japanese regulators stepped in. Instead of trying to reduce the use of cryptocurrency, they enacted regulations to maintain capital reserves, implement KYC procedures and keep customer funds separate. On the other hand, many western governments have dithered over regulation about cryptocurrencies.
Donald Trump made comments about Bitcoin
Last week, Donald Trump’s treasury secretary revealed his first public comments about Bitcoin – and they weren’t positive at all. His main concern was with ensuring that bitcoin couldn’t be used “for illicit activities”. He also mentioned that government officials are negative about using the same currency that is being used for: “citing money laundering, terrorists, and the dark web.”
These assumptions aren’t just only for Bitcoin. Cryptography as a whole is something many western governments seem to be afraid of. British and US leaders are expressing their frustration that encrypted messaging platforms can’t build backdoors. Officials haven’t laid the ban hammer on Bitcoin, but for sure they haven’t done enough to support it.
“Bitcoin regulation” can have different meanings in different countries. In Japan, it means taking measures to encourage the responsible use of Bitcoin and safeguard citizens. In addition, it enables crypto companies to get on with business. Although in western countries, “Bitcoin regulation” is a synonym for “anti-money laundering”.