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Japan to monitor Bitcoin rather than regulate it

bitcoin in japan

Japan to monitor Bitcoin rather than regulate it

(CoinReport) Japan’s involvement with bitcoin has taken a massive blow due to all
of the negative press surrounding the Japanese failed bitcoin exchange, Mt. Gox.
Since then, warnings of the risks involved with dealing in the digital
currency have been spread throughout the world by regulators and critics
alike.

Japan Will Monitor Bitcoin

However, rather than
placing specific laws or regulations attached to how the country should
be allowed to use bitcoin, it will just monitor it instead. On Tuesday, the Japanese government claimed that regulating bitcoin wasn’t under their jurisdiction.
Sources say that Japan’s Ministry of Economy, Trade and Industry is
devising a plan to make it easier to monitor illegal bitcoin activity.
Prime Minister Shinzo Abe and his administration identify bitcoin as not
being a form of currency. They do identify it as being an electronic
payment method.
As most government officials and regulators do,
Japan’s warn the public of bitcoin’s potential dangers, such as its uses
in money laundering and drug trafficking.

Regulators Warn of Bitcoin

While
Japan has no plans to enforce rules over bitcoin, other regulators feel
that regulation over the digital currency is the only way for it to be
safe enough for investors to get into.
On the other hand, some
feel bitcoin isn’t safe enough to implement into our economy, but for
those that want in, they should do their homework first. Indiana
Secretary of State, Connie Lawson claims that:

“The
value of virtual currencies is highly volatile, and the concept behind
the currency is difficult to understand even for sophisticated financial
experts.”

Though this may be true in some
cases, that doesn’t mean people can’t figure it out for themselves.
Bitcoin was foreign to every enthusiast at one point in time. Like with
all new concepts and innovations, time is needed to get acquainted with
the technology.
Once
upon a time, even the Internet sounded dangerous and ludicrous idea.
Regulators, whether in Japan or the U.S., need to stop putting fear in
people and let bitcoin have an organic chance at success.
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