In Japan, bitcoin will be made a legal method of payment within two months reported by Bitcoin.com two days ago. Despite the Chinese manipulating the price and causing problems at bitcoin exchanges in China, it is far better to look at bitcoin for the long term. Payment in bitcoin as a legal method of payment in Japan will go into effect beginning April, 2017. The Japanese bitcoin exchange Coincheck revealed significant growth in its user base, rising from 14,000 bitcoin users last April, 2016 to 76,400 in January, 2017.
Hard to explain this rapid increase but there are many fraudulent businesses using different schemes to entice more people into using bitcoin, including mining scams, double your bitcoin in 24 hour scams and donation programs that are very difficult to build out all promising bitcoin wealth. The thing about going through bitcoin exchanges in Japan is that they are way overpriced and rip people off with huge fees. Avoid bitcoin exchanges in Japan if you can. For example, if you use different faucets to earn bitcoin and then let’s say you want to use those bitcoins to make a payment of some type, the exchanges will take $2, $3 and sometimes more in fees to consolidate your bitcoin in your eWallet which then use up your earnings from various bitcoin faucets. And don’t trust most bitcoin faucets since most are scams as well.
Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months
By Kevin Helms
February 7, 2017
Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April.
Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai, who has held numerous speaking engagements on the legal issues of virtual currency regulations in Japan.
Countdown: The Long Awaited Bill
Since Bitcoin’s inception, its legal position in Japan has not been clear. The first bill containing provisions for virtual currencies including Bitcoin was submitted to the Diet last Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months. It amends the existing Payment Services Act and the Act on Preventing of Transfer of Criminal Proceeds.
“The revision of the Payment Services Act, which sets out the basic framework of virtual currency regulation, was promulgated last June”, Kawai told Bitcoin.com. The drafts of detailed regulations and guidelines were published in December and the period for public consultation on the bill ended on January 27, he continued, adding that:
“The new regulations will enter into force in April 2017.”
Please go to Bitcoin.com to read the entire article.