Japan’s Finance Regulator: Bitcoin should not be Called Virtual Currency

May 4, 2019

Japanese finance regulator, the Financial Services Agency (FSA), has stated that Bitcoin (BTC) should not be considered virtual currency, according to the minutes of a meeting originally held with FSA members on March 4th and quoted by Cointelegraph Japan.

At a plenary session of the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, a speaker had stated that the perception of Bitcoin has now changed.

Professor Iwashita Goto of the Public Policy Graduate School of Kyoto University asked members to rethink their view of the cryptocurrency. Goto argued that Bitcoin — the world’s largest cryptocurrency — has become more than just a means of transacting. He said Bitcoin is now borderless, and it has been spreading across the globe over its 10-year history.

Goto said,

I don’t think it would be worthwhile to call Bitcoin virtual currency.

These opinions have persisted as Japan moves forward with the regulation of the country’s cryptocurrency industry. Japan’s finance regulator has been embracing technology and has been issuing regulations to further promote the industry. The FSA has recently been granting licenses to crypto exchanges, which are being established in a bid to cater to Japanese investors.

Japanese businesses have also been keen to adopt cryptocurrencies across several industries, such as options to pay for train travel with cryptocurrency. Moreover, a trading platform called Liquid just received a valuation of over US$1 billion, effectively propelling it to ‘unicorn’ status.

Source: cointelegraph.com

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