Topic: [2017-4-02]Bitcoin Tops $1100 As Japanese Payments Law Goes Into Effect (Read 501 times)

Sometimes it's annoying, one day I needed to give somebody money, since transferring the skrill to my bank takes 3 to 7 days and I should transfer bitcoin to neteller first and then neteller to skrill, I did the calculations I could do This operation on Tuesday and Saturday that the person would already have their money.

my mistake. I transferred bicoin to neteller, my god took a day to have a confirmation. It was a nightmare

The average joe type of people are very simple. If things work, then it's all fine. If things don't work according to them, then it's of no use to them. To a certain point I can understand why they don't see much in Bitcoin if they have to wait that long for a transaction to confirm, but even taking the confirmation times into consideration, it's still way, way faster than wiring money from one place to another. That's something they don't realize.

Yes, SegWit & LN will definitely be needed for this to go mainstream in Japan. It only takes 1 bad experience for a new user to turn them

against this technology. I have had a personal experience where I introduced someone to Bitcoin and they made a transaction in a time where

one of these spam attacks was done.... the person had to wait 2 hours for his transaction to confirm and they abandoned Bitcoin because of

that. 

In order for Bitcoin to be used as payment tool on a large scale, it must offer a significant better usability experience when it comes to buying goods locally. As long as that isn't the case, people will prefer to pay with their fiat currencies. That's why I believe the implementation of Lightning Network will push Bitcoin closer to competing with fiat on local level.

I hope the Japanese will use bitcoin in their purchase. That will provide support to the bitcoin.

I'm not sure that a surge in Japanese consumers has actually resulted in that much of a surge in demand.  Maybe a little bit, but I think the balance of skepticism and optimism with a hard fork has been the main factor for a while and might continue to be.  I don't think that too many Japanese people are going to think, "Wow! I have to register my identity on exchanges now! I'd better buy some Bitcoin!  So, what's the best exchange nowadays?  Mt. Gox?"

Bitcoin Tops $1100 As Japanese Payments Law Goes Into Effect

After a virtual rollercoaster over the last few weeks, Bitcoin is back above $1100 today as traders anticipate demand with Japan recognizing bitcoin as a legal method of payment starting yesterday.

A weak dollar has helped the bounce back from SEC's ETF decision and fears about the fork but demand from Japanese consumers has sparked the most recent push back up to $1100...

As Coindesk reports, the country's legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument. It's a debate that began in the wake of the collapse of Mt Gox, the now-defunct bitcoin exchange that shuttered after months of growing complications and, in the end, revelations of insolvency and alleged fraud.

According to Japan’s Financial Services Agency, that law went into effect on 1st April, putting in place capital requirements for exchanges as well as cybersecurity and operational stipulations. In addition, those exchanges will also be required to conduct employee training programs and submit to annual audits.


Yet there may be more work to come in this area.

For example, Nomura Research Institute's Yasutake Okano indicated in a May 2016 report that other Japanese laws may need to change to account for the tech, including the Banking Act and Financial Instruments and Exchange Act. Reports indicate that other groups in Japan are moving to plug some of those gaps as well. According to a report from Nikkei, the Accounting Standards Board of Japan decided earlier this week to begin developing standards for digital currencies like bitcoin. Its work mirrors other efforts being undertaken elsewhere, including Australia, which began pushing for such standards late last year.


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