Japanese Regulator FSA Hears Arguments for not Calling Bitcoin a Virtual Currency


0

Japanese finance regulator the Financial Services Agency (FSA) no longer wishes to describe Bitcoin (BTC) as a virtual currency, Cointelegraph Japan reported on April 8, quoting minutes of a meeting originally held on March 4.

During a plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of the Public Policy Graduate School of Kyoto University, petitioned members to adapt their view of Bitcoin.

The largest cryptocurrency, he argued, has become something beyond a means of transacting, due to its borderless qualities, which have led it to appear throughout the world in its ten-year history.

“I don’t think it would be worthwhile to call Bitcoin a virtual currency,” he summarized.

The comments come as Japan continues to formalize its domestic cryptocurrency industry. Set on creating encouraging regulation, the FSA has now begun issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.

The licensing scheme, which has a long waiting list, was in part a reaction to the events of the past two years, notably local exchange Coincheck’s half-billion-dollar hack in January 2018.

Other industry consumer products also continue to see a rollout in the country, such as plans for train travel payment using cryptocurrency. Last week, Japanese trading platform Liquid achieved unicorn status after it was valued at more than $1 billion.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format