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Bitcoin has now finally got the recognitions as a main currency along with the prevailing currencies. This has been made possible only because of the new law implemented in Japan which now considers Bitcoin under the option of legal payment. April 1, 2017 was the day when Japan legally made this announcement. This decision made by the Japanese authorities is now helping the country to be placed as a driving force for bitcoin.
11 Companies were recognized and registered as Cryptocurrency exchange operators by Japan’s Financial Services Agency (FSA). Certain requirements to operate as crypto currency exchange operator’s demands you to build a strong computer system, identifying the user identity so as to avoid money laundering. These laws were passed so as to protect the investors from fraud or abuse.
With the implementation of the new law, Bitcoin exchanges now come under the additional regulatory scrutiny. The acceptance of Bitcoin has legal currency has proven to be good news for global cryptocurrency ecosystem.
Initially in the month of April, Japan just declared the acceptance of Bitcoin as legal currency but eventually Japan showed support for the digital currency too. The retailers in Japan are supporting this decision and are now planning to set up their own digital currency called as J-Coin.
The platforms who have accepted cryptocurrency are still trying to understand the new regulations laid by the system. The Accounting Standards Board of Japan too has started working on creating a common accounting framework for both users and businesses who would be dealing with cryptocurrencies.
On one end where Japan accepted Bitcoin as their official currency, other countries including China declared to end the use of Bitcoin. This news from China brought down the prices of Bitcoin. The reason of the dropdown in the prices is that China was called to be the main driver of Bitcoin Market. Chinese investors are now trading the bitcoin directly to one another on peer-to-peer platforms and apps despite of opting for the exchanges.