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 ending (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 naysayers of Bitcoin's acknowledgment pointed out the popular use of the currency by money launderers and organizers of criminal activity to back up their case. Because the currency is digital and virtually anonymous, tracking its users' activity is nearly 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 financial institution employees. The government will put into place various banking institutions that will be regulating Bitcoin-related 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 for Bitcoin to remain fully legal—after all, the currency has been utilized for a long time by many gambling networks 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 comes with numerous benefits, including individual game bonuses, online casino promotions, and many other perks. It provides an alternative to traditional banking methods, is attached to some of the most popular online gambling websites, and 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 Bitcoin-related activities or at least recognize when it is being used outside the bounds 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—that is the number 12 with 14 zeros 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 for 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 of. The statement of the agency is that a currency must be designed in a way that puts a halt to fraud and manipulation, protecting investors and public interests—and according to them, that is not what Bitcoin is.

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