Japan could work with other countries to monitor Bitcoin – but maybe not

Just as people have different opinions, countries’ governments think and act differently.

When it comes to cryptocurrencies, a number of governments have denounced their legitimacy, growth potential, and ability to be wisely used alongside traditional currencies currently supported by federal governments around the world – they are also known as fiat currencies.

On the other hand, some governments have recognized the enormous potential of cryptocurrencies, which can take anywhere from a few years to a few decades to even materialize. That’s when these potentially great results happen in the first place!

Japan, just a few kilometers off the coast of China, a vehement denunciator and opponent of digital coins and cryptocurrencies, is one of the friendliest countries in the world towards these currencies.

Strangely, these “currencies” aren’t even used as currencies by most of the people. Rather, cryptocurrencies are widely used as investments by investors who trust their ability to read the market and buy tons of different cryptocurrencies before the next potential bull run.

Anyway, Japan was one of the first countries to embrace crypto. The country welcomed the mountain. Gox in 2010, just a year after Bitcoin was founded by the still unknown Satoshi Nakamoto. Just three years after the mountain was founded. Gox, the global crypto exchange, grew and performed around 70 percent of all Bitcoin transactions around the world. Mt. Gox stayed at this size for most of 2013 and even until January 2014.

Mt. Gox failed in February 2014, announcing that someone or a group had stolen approximately $ 450 million worth of Bitcoin.

Although the exchange failed, Japan was still open to cryptocurrencies.

Recently, countries around the world have been discussing joining together to regulate cryptocurrencies to minimize fraud and other bad behavior. If all of these countries’ views on cryptos were combined and averaged, it would likely be quite restrictive for cryptos like Bitcoin.

Japan wants to stay away from this stance, Hirmoi Yamaoka, director general of payments and settlement at the Bank of Japan, said in a new interview with Reuters.

Yamaoka stated that Japan would potentially be interested in debating these issues with the world, although it is unlikely to step into international regulatory frameworks.

Japan ultimately wants to regulate the industry in order to “curb excesses without hindering innovation,” said the central bank’s figurehead.

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