People in Japanese currency: even more crazy about digital currency, although cash is the king

release:2018-02-02 15:26:20 publisher:ARTS coin_Global art digital asset trading platform-artschain.com

Since last year, when China banned ICO and encrypted currency trading, it has been far from the fertile soil of encrypted currency. The people's Republic of China was once the world's most traded country, producing 80 percent of all Bitcoin. Today, This aura has been transferred to neighbouring Japan, but it still does not satisfy the Japanese currency.

The encrypted currency has made Japanese investors crazy, but according to the report. They are still used to spending cash. Masao Muraki, a global financial strategist at Deutsche Bank, quoted Nikkei, Japan's Economic News, from October to November. 40% of all Bitcoin transactions are in yen. That has risen to more than 56%, according to the Japan Times.

Legal tender under the legal system

Japan was one of the first countries in the world to make encrypted currency legal tender. Investment analyst Nicholas Smith wrote:

While neighboring countries China and South Korea have been scrambling to shut down encrypted currency exchanges, Japan passed a law on April 2017 (payment Services Act). Recognition of encrypted currency as legal tender. As a result, China, which dominates the Bitcoin market, was squeezed off the map, while Japan rose to number one.

Some of the world's largest cryptographic exchanges are in Japan today, but one of the latest news is not very good, despite Coincheck's decision to compensate customers for new currency losses. But amid the collapse in mainstream media and markets, there is still a sense of suspicion and fear. The West seems wary of the East's enthusiasm for an encrypted currency.
Japan has a solid legal system to support the industry in building trust between traders and investors. Midori, chief financial officer of BitFlyer, Japan's largest encrypted currency exchange. Kanemitsu says:

In fact, Japan is the first and only country to have a proper legal system to regulate encrypted currency transactions. This is a big deal. When there is no law to regulate encrypted currency, there are fears that exchanges will fail. What will happen to their money?

Encrypted money teller

Japan still loves its cash and is one of the world's most cash-dependent countries. Analysts say 62% of consumer transactions are cash transactions. Japan's ATMs and bank branches are denser than many other countries, so they are more convenient. Bitcoin ATMs are also popular in other countries, such as Singapore. This is also the benefit of cryptographic money technology.

Japanese Prime Minister Shinzo Abe's economic plan is to focus on the application of financial technology. His government aims to gradually reduce the regulation of financial technology start-ups. To promote the growth and application of the industry. Cryptographic money may be a large part of this, in recent months, it has stepped into the banking sector. For example, SBI Ripple Asia. Despite scepticism in the Western media, Japan is still leading the way in the application of financial technology and encrypted money technology.

Source : Babbit Information

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