Many countries such as Nigeria and El Salvador have officially institutionalized the use of cryptocurrencies. Other countries such as Colombia, Venezuela or Argentina also use cryptocurrencies as a means of payment for certain types of transactions. They are used as an unofficial alternative currency that counteracts the consequences of devaluation and the high cost of living. But what about the great economies of the world? Countries such as Germany, Spain or the United States are working to consider the possibility of regularizing the use of cryptocurrencies at the national level. However, countries like Japan have been doing this for several years now and their results are promising. After an overview of the cryptocurrency, we will talk about it in this article.

Cryptocurrencies and Japan

Cryptocurrencies are a new phenomenon in the world. They have been in operation for a little over a decade, since the founding of Bitcoin in 2009. Their popularity grew slowly and steadily, but today their success is unquestionable.

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Japan was one of the first countries in the world to openly welcome this cryptocurrency. According to Info Technology, in 2017 the Japanese government signed the first Bitcoin-related project. The initiative aimed to give access to Bitcoin in the far eastern country to buy cryptocurrencies, as well as carry out all kinds of transactions.

Of course, to legalize the use of this currency it was necessary to establish certain parameters for its use. Your purchase does not have any state tax, but it does have certain regulations and restrictions within the country. These regulations include registering the company in the competent ministries, having the approval of the Prime Minister and complying with the same guidelines that any financial company must respect in the country.

These regulations take away the decentralization principle of Bitcoin from its currency, but it opens a new path for this digital currency in a large market in Asia.

In Japan you can buy technology items, subscriptions, data and much more. In some banks, credit and investment operations can even be carried out in cryptocurrencies.

Curiosities about cryptocurrencies in Japan

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The impact of Bitcoin has been so great that the possibility of creating a digital yen is being considered. As Xataka and Reuters attest, the use of cryptocurrencies in Japan is very frequent and the yen digital is about to hit the market.

This impact has not stopped with just the integration of the yen into the cryptocurrency market. Large companies sign licenses with the Japanese government day after day to be able to charge in cryptocurrencies. For example, Line, the very successful telephone company in many Asian countries, already has the necessary permits to carry out these operations.

The exchanges they have also been approved in Japan. Therefore, applications such as Changelly.com they are also fully operational. Any type of investment can be made in this type of cryptocurrency-related platforms.

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Not all cryptocurrency curiosities have been positive. Among the opening of the Japanese market to digital currencies, there have been some cases of fraud and scams. One of the most famous cases is collected by the BBC. According to the reputed news outlet, Coincheck Inc in Tokyo was the site of a major scandal, where they stole about $ 534 million of assets. According to the report, they froze many of their cryptocurrencies, with the exception of Bitcoin, with this they only recorded losses in NEM, but they managed to profit from many other media, taking the money of many of their clients.

Cryptocurrency outlook in Japan

Cryptocurrency exchange is a very common practice in Japan. There is a lot of transit of these currencies in markets related to technology, information technology and information. This makes room for new payment alternatives, where stock currencies are just one more among the list of available options.

Buy cryptocurrencies, sell them, trade them it’s just one of the options in the ocean of options available in Japan. This country has developed a centralized system that accepts cryptocurrencies, which has brought many benefits. It is estimated that new projects will appear in relation to cryptocurrencies and, of course, Japan has been one of the great representatives in this matter.