Why did Japan Declare Bitcoin as a Legitimate Payment Method (Japan’s 2017 Law Recognizing Bitcoin as a Legal Payment Method)
Why did Japan Declare Bitcoin According to bitcoin.com, the Japanese government
Why did Japan Declare Bitcoin According to bitcoin.com, the Japanese government announced its plan for Bitcoin on June 30th. This announcement is part of the country’s central bank (BoJ) economic stimulus package implemented to address the COVID-19 pandemic. However, according to official Japanese media SCMP, as of the end of April 2019, approximately 9 million people in Japan held cash and digital currencies, accounting for about 2% of the global population. “We now have over 10 billion dollars’ worth of crypto assets,” said the former finance minister, “and over time, we will become the world’s largest digital economy.”
Japan’s 2017 Law Recognizing Bitcoin as a Legal Payment Method
According to a Japanese news agency, the Japanese Parliament passed the Financial Instruments and Exchange Act, recognizing Bitcoin as a legal payment method. The bill was first proposed in March 2017 by the Lower House Economic Policy Committee and underwent deliberation in the House of Representatives. It has been reported that since 2017, senators have proposed an amendment categorizing virtual currencies as a form of transferable property and asset. Additionally, the revision of the Fund Settlement Act regulates cash transfers using cryptocurrencies but prohibits institutions such as banks from providing account balances equivalent to legal tender.
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