Japanese financial regulators have proposed the Financial Services Agency (FSA) to handle digital currencies such as bitcoin as a conventional currency.
The newly revised legislation submitted by the FSA defines any digital currency as a conventional currency if it operates as a legal medium of exchange that can be used to purchase goods and services. The legislation states that digital currencies must be exchangeable and tradeable with an unspecified partner.
The FSA believes the legal status of bitcoin will spur the growth, adoption and awareness of digital currencies across Japan, and contribute to the rapid development of the financial technology sector. The implementation of Bitcoin’s beneficial applications such as micropayments, peer to peer transactions and smart contract-based technologies could transform Japan’s financial technology sector.
http://www.newsbtc.com/2016/02/24/japan-will-treat-bitcoin-conventional-currency/
Topic: [2016-02-24] - Japan will Treat Bitcoin as a Conventional Currency (Read 370 times)
February 24, 2016, 03:12:54 AM
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