Japan is Making Bitcoin Legal
Bitcoin, one of the most popular digital currencies in the world is now officially a legal transaction method in Japan, which will certainly increase its fame even more. Acknowledged by the law, Bitcoin is expected to expand its influence and attract more users to its services. On Monday, at around 12 o'clock the Financial Services Agency of Japan made the announcement that the currency would be officially recognized within the borders of the country. This is the happy end (for BitCoin and its users) of a long sequence of debates in the legislative branch of the government over the acceptance and regulation of Bitcoin.
The Problems of Bitcoin's Acknowledgment
The nay-sayers of Bitcoin's acknowledgment pointed out the popular use of the currency by money launders and organizers of criminal activity in order to back up their case. Because the currency is digital and virtually anonymous, tracking its users' activity is quite impossible. There are several reasons why all these problems have been apparently resolved by Japan's legislative oversight. First off, cryptocurrency training classes will be essential to all the financial employees. The government will put into place various banking institutions that will be regulating the Bitcoin-connected transactions. What's interesting is that the details of how those regulations will be carried out aren't revealed. The fact remains that the regulations are necessary in order for Bitcoin to remain fully legal-after all the currency has been utilized for a long time by many gambling networks in order for them to spread their services in countries where online gambling is not strictly allowed.
Bitcoin's Influence
Obviously, online gambling players are more than aware of Bitcoin's advantages. The currency is coming with numerous profits, including individual game bonuses, online casino promotions and many other benefits. It offers traditional banking methods, it is attached to some of the most popular online gambling websites and it offers some of the lowest transaction fees as far as online currencies are concerned. Obviously the officials of Japan will need to quickly figure out a way to track all the Bitcoin-related activities or to at least recognize when it is being used outside the border of the law. The work of the accounting department might get far more difficult since the money that goes out and in people's bank accounts will be increasingly tougher to follow. Bitcoin miners have done a good job with 17 billion dollars as of now. That is, however, nothing in comparison to worldwide circulation, which amounts to 1.2 quadrillion, which is the number 12 with 14 zero-s behind it for those who are not familiar with the bigger mathematical numbers.
Bitcoin on the US Legal Front
Ever since Donald Trump became the new US president, the stock market has calmed down. That is not the case of Bitcoin however (particularly the last 2 years). Digital purchases that cost 240 dollars in April, 2015 cost 1100 dollars this week. The numbers are going to become even higher with the legalization of the currency. The SEC didn't agree to legalize Bitcoin because of how difficult it is to keep track on. The statement of the agency is that a currency must be designed in a way that puts a halt to frauds and manipulation, protecting investors and public interests and according to them, that is not what Bitcoin is.