More than 4,200 stores throughout Japan now accept payments in bitcoin and this number is apparently increasing by roughly 4.5 times a year. The use of the cryptocurrency bitcoin as a digital form of money for payments is being taken more seriously by governments with the Bank of Japan announcing it will sponsor an upcoming forum related to what is known as “distributed ledger” and on blockchain technology which cryptocurrencies are based on. Much to Japan’s credit too, bitcoin exchanges are monitored to prevent manipulation unlike in China where exchanges in Beijing and in Shanghai bitcoin manipulation was going on to launder money and move capital out of China. If you are not involved in cryptocurrrencies like bitcoin and want to get in some good practice while building a decent bitcoin portfolio, please go to the banner at the bottom of this post and “click” on it. You will be taken to a website where you can register free then immediately begin building a bitcoin portfolio for yourself. President Donald Trump includes in his transition team, bitcoin investor Peter Theil (PayPal). In fact, it has been mentioned in several recent articles bitcoin will be used to finance retirement plans for people.
Source: cryptocoins news
Bitcoin Accepting Shops in Japan Increase Drastically, by 4.5x
The Japanese bitcoin market has added a significant number of bitcoin merchants this past year. Local publications such as NHK revealed that there were over 4,200 bitcoin-accepting shops in Japan by the end of 2016, demonstrating roughly an annual growth rate of 4.6x.
Rapid increase in the acceptance of bitcoin by merchants can be directly attributed to the Japanese government’s recognition of bitcoin as money. In May of 2016, the National Diet of Japan passed a bill to regulate digital currency exchanges, declaring bitcoin as a legal form of money.
Establishment of Bitcoin’s Legality
Local lawmakers further emphasized the role of the government in the development of fintech and cryptocurrencies, explaining that the collaboration between Japanese bitcoin exchanges or service providers and the nation’s Financial Services Agency will allow the general population to build trust on bitcoin and consider it as a legal tender.
“[The Japanese government] also said when the legal status of the virtual currencies is established, more firms, including big conservative Japanese firms, will enter the market to energize the industry and facilitate the use of cryptocurrencies, such as bitcoin. The new rule defines virtual currencies as “asset-like values” that can be used in making payments and can be transferred digitally,” a local media outlet reported.
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