Japan wants to lead the way with acceptance of bitcoin, is already a legal payment method

Japan wants to lead the way with acceptance of bitcoin, is already a legal payment method

FINSUM 2019 was launched in the Japanese capital Tokyo. This is a three-day event about fintech, blockchain, crypto and the future of finance. NIKKEI INC and the Japanese Financial Services Agency (FSA) are organizing the event.

Bitcoin and lightning network

The eternal bitcoin optimist Anthony “Pomp” Pompliano was also present. He gave a keynote called: Defining the future of money. After a day full of panels, speeches and talks, Pomp spoke with two managers from the Financial Services Agency. He spoke with the big boss Toshihide Endo and the director of Fintech and Innovation Jumpei Miwa.

And guess what? Both men are enthusiastic about bitcoin. They are also both in favor of the Lightning Network. According to a Pomp tweet, the FSA as an organization is a pro-bitcoin and lightning network.

Japan’s Financial Services Agency is a big proponent of Bitcoin and Lightning Network.

This is the Agency’s Commissioner (top boss) on the left and the Director of Innovation on the right.

The first country that embraces Bitcoin will have a significant advantage ?? pic.twitter.com/cgPkZcZCKQ

– Pump ? (@APompliano) September 3, 2019

He also explained why both men are fans:

They have a fairly clear regulatory framework, they want to see Bitcoin / LN succeed, they have specifically told me that they think open networks will win, and they hope to become a world leader in adopting both aspects of technology.

Controlled trade

The Nikkei Asian Review spoke earlier with someone from the FSA. The FSA pays close attention to secondary trade in the crypto world and compliance with regulations to combat money laundering. “We promote bitcoin but only if the trade is controlled” is quoted.

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Data also suggests that bitcoin is immensely popular in Japan. Bitcoin is 74 percent purchased with US dollars. The Japanese Yen is in second place, no less than 17 percent of all bitcoins are traded against the Yen. For reference, the euro is in fourth place with only 1.8 percent.

Not surprising, because Japanese legislation is designed in such a way that bitcoin is attractive to own. In 2017, the country approved a law that recognizes bitcoin as a legal payment method. This was accompanied by strict rules: crypto brokers and scholarships must comply with rules regarding anti-money laundering (AML) and know your customer (KYC).


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