Prescott Regency - Bitcoin Crackdown in China Leads to Increase in Popularity in Japan

Just one year ago, China was contributing to around 90% of total Bitcoin trade. However, since September when Beijing decided to ban Initial Coin Offerings (ICOs), and crackdown on cryptocurrency exchanges, new developments have occurred in the Asian crypto market.

Japan embraces Bitcoin as a legal tender


Prescott Regency have monitored the industry as Japan has managed to take leverage, and embrace the Bitcoin movement with enthusiasm. Japan went one step ahead at the beginning of this year, and acknowledged Bitcoin as a legal tender. Today, Bitcoin trade accounts for approximately 50 percent of the worldwide market, as compared to just 25 percent in the United States.

The movement in Japan has now been joined by big retailers. The legalisation of cryptocurrency has boosted their desire to enter into partnerships with Bitcoin exchanges, and start accepting this cryptocurrency as a legal payment mode.

There are now over 4,500 shops in Japan that accept payment of Bitcoin. According to Nikkei, this figure may increase five-fold by the years end.

Bitcoin's popularity coupled by guidelines from regulators


Mai Fujimoto, who has now been named Japan's Miss Bitcoin, as she continues to tweet and blog about anything and everything Bitcoin. According to Fujimoto, while currencies gain trust through regulation, Bitcoin may not replace a fiat currency soon. The reason for this is, it’s still being regarded as an investment tool, instead of a daily currency.

Fujimoto told CNBC that there are many people from Japan who have purchased Bitcoin. She feels that Japan may require some time to become familiar with cryptocurrency. However, there have been some issues related to this cryptocurrency, despite its high popularity in Japan. Around three years ago, Mt. Gox, the Bitcoin exchange based in Japan collapsed. The exchanged was declared bankrupt, after its accounts were raided by hackers. Hence, there is little wonder why regulators are imposing more stringent rules. They have instructed the digital currency exchange to ensure that separate customer accounts, minimum capital reserves are maintained, and anti-money laundering procedures are implemented. However, such guidelines are only expected to work in the interests of Japanese customers who will attain confidence in owning and trading Bitcoin.

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