Cryptocurrency received in Japan, the status of legal tender
In case of success of the experiment, the costs of remittances will be reduced by approximately 5%
Cryptocurrency, including bitcoin, today received in Japan, the status of the payment instrument in accordance with the decision taken earlier by Parliament of the law on currency regulation.
This is reported by the world’s media with reference to the publication Nikkei.
In this case, the document States that it performs the function of currency and the official currency is the yen.
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It is clarified that the Japanese Council on auditing standards will be able to prepare a single set of rules for this account only after six months.
We will note, according to estimates by Japanese experts, in case of success of this experiment and the introduction of new technologies to large banks, the costs of remittances will be reduced by approximately 5%. This, in turn, will lead to lower Bank fees and increase the demand from customers for banking services.
Recall that bitcoins are a “virtual money” – online software-code that is not regulated by any country or banking Supervisory authority. One of the features of bitcoin is that it is able to guarantee a complete anonymity of the person or group of people who with his help purchase.