Japan has been one of the countries that have spearheaded different projects related to cryptocurrencies. Today in the eastern country you can buy subscriptions, goods and services, as well as make payments between companies. But what has been the real progress of cryptocurrencies in this nation?
Many countries such as Nigeria and El Salvador have officially institutionalized the use of cryptocurrencies. Other countries such as Colombia, Venezuela or Argentina also use cryptocurrencies as a means of payment for certain types of transactions. They are used as an unofficial alternative currency that counteracts the consequences of devaluation and the high cost of living. But what about the world’s major economies? Countries such as Germany, Spain or the United States are working to consider the possibility of regularizing the use of cryptocurrencies at the national level. However, countries like Japan have already been at this for several years and their results are promising. After a general description of cryptocurrency, we will talk about it in this article.
Cryptocurrencies and Japan
Cryptocurrencies are a new phenomenon in the world. They have been around for just over a decade, since the founding of Bitcoin in 2009. Their popularity grew slowly and steadily, but today their success is unquestionable.
Japan was one of the first countries in the world to give an open welcome to this cryptocurrency. According to Info Technology, in 2017 the Japanese government signed the first Bitcoin-related project. The initiative aimed to give access to Bitcoin in the Far Eastern country to buy tether with credit card, as well as perform all kinds of transactions.
Of course, to legalize the use of this currency it was necessary to establish certain parameters for its use. Its purchase does not have any state tax, but it does have certain regulations and restrictions within the country. These regulations include the registration of the company with the competent ministries, the approval of the Prime Minister and compliance with the same guidelines that any financial company must respect in the country.
These regulations take away Bitcoin’s principle of decentralization from its currency, but open a new path for this digital currency in a large market in Asia.
In Japan, you can buy technology items, subscriptions, data and much more. In some banks you can even make credit and investment transactions in cryptocurrencies.
Curiosities about cryptocurrencies in Japan
Bitcoin’s impact has been so great that the possibility of creating a digital yen is being considered. As Xataka and Reuters attest, the use of cryptocurrencies in Japan is very prevalent and the digital yen is about to hit the market.
This impact has not stopped with just the integration of the yen into the cryptocurrency market. Large companies are signing licenses with the Japanese government day after day to be able to cash in cryptocurrencies. For example, Line, the telephone company with great success in many Asian countries, already has the necessary permits to carry out these operations.
Exchanges have also been approved in Japan. Therefore, applications such as Changelly.com are also fully operational. Any type of investment can be made on these types of cryptocurrency-related platforms.
Not all cryptocurrency curiosities have been positive. Between the opening of the Japanese market to digital currencies, there have been some cases of fraud and scams. One of the most famous cases is reported by the BBC. According to the reputable news outlet, Coincheck Inc in Tokyo was the site of a major scandal, where they stole about $534 million in assets. According to the report, they froze many of their cryptocurrencies, with the exception of Bitcoin, thus only registering losses in NEM, but they managed to profit from many other means, taking money from many of their customers.
Overview of cryptocurrencies in Japan
The exchange of cryptocurrencies is a very common practice in Japan. There is a lot of traffic of these currencies in markets related to technology, IT and information. This gives room for new payment alternatives, where cryptocurrencies are just one more among the list of available options.
Buying cryptocurrencies, selling them, trading them is just one of the options in the ocean of options available in Japan. This country has developed a centralized system that accepts cryptocurrencies, which has brought many benefits. It is estimated that new projects will appear in connection with cryptocurrencies and, of course, Japan has been one of the great representatives in this topic.