Japan Officially Recognises Bitcoin as Currency

Posted on:03 Apr 2017 10:17:53
Japan Officially Recognises Bitcoin as Currency
03 April 2017 Current Affairs: A new Japanese law that defines digital currencies as a legal payment method goes into effect on April 1, 2017. That law applies the country’s know-your-customer and anti-money-laundering regulations to Bitcoin and other cryptocurrencies, requires exchanges to meet capital and cybersecurity requirements, and will subject those exchanges to annual audits.

Virtual currencies are enjoying growing population in Japan, where domestic circulation of bitcoin, Ripple, Litecoin and others amounted to 185 billion yen ($1.67 billion) in the 2015 – 2016 fiscal year.

By 2020, the amount of bitcoin in circulation in Japan is expected to reach 1 trillion yen ($9 billion), the Nikkei Asian Review reports.

About Bitcoin:- a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Japan:- Capital: Tokyo

Currency: Japanese yen

Prime minister: Shinzo Abe

Population: 127.3 million

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