Japan Still Believes in Bitcoin

February 7, 2018

Japan wants to become the official leader of the cryptocurrency market, although it is already considered one unofficially. Experts say that the country is still attracting investors' funds. Even in the light of market's falling trend and recent cyberattacks on cryptocurrency exchanges, including the one on Coincheck, Japanese authorities continue to support this industry and are ready to recognize cryptocurrency as a legal tender in the country.

Takashi Shiono, an economist at Credit Suisse in an interview with Express said:

"There are estimates that tax revenue from the cryptocurrency business, including capital gains taxes from individual investors and from corporations, could amount to 1 trillion yen (US$9.2 billion), though that is very speculative at this stage."

Japanese authorities believes that the country might benefit from the cryptocurrency market, because its economy has suffered a lot in recent years: stagnation, large national debt, sharp declining of population and, as a result, of taxation base. The main goal of Japan is attracting investors from all over the world and providing them with an opportunity to use cryptocurrency without any hindrance. This is why the Land of the Rising Sun does not have any intentions to ban cryptocurrency, although Japanese authorities would like to tighten regulation.

Shiono said:

"We’ll likely see stronger regulations, but not a ban."

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