When you think of the leaders is technology and innovation, chances are your mind goes straight to Japan, where they are not afraid to try new things and are constantly evolving and developing. So it should not come as any surprise to know that Japan is the world leader in Bitcoin, the cryptocurrency that has been growing in popularity over the past few years.
Japan have recently passed a law that will allow, with some regulations, for Bitcoin to become a legal tender in the country. There are currently some small shops, restaurants, and bars, etc. who are happily using Bitcoin, but these new rules will allow anyone to be able to accept Bitcoin as tender, as long as they pay the $300,000 for the licence, have a reserve in the bank of at least $100,000 and allow the Japanese National Tax Agency to regularly audit them. This will enable the government to ensure that the cryptocurrency is not being exploited or used for illegal activities. This is set to be rolled out in April of 2017 and is sure to be a new chapter in the way that Japan handles money.
Some experts have been surprised by Japan’s readiness to adopt Bitcoin, due to how large their economy is: third in the world following China and the US. It was theorized by economy experts that it would be countries whose currency was weaker and whose economy was less stable where Bitcoin would do the best, as it would likely be worth more than the currency used in their country. Add to this, the fact that Bitcoin is very accessible as long as the person has a computer and an internet connection, it makes perfect sense that people would assume this; however, Japan has bucked this idea and have decided to take it on as their own.
One of the reasons Bitcoin is so big in Japan is that they have eliminated the sales tax on Bitcoin purchases which is a great reason for citizens to choose Bitcoin as their tender. They also have many insurance companies who are offering to cover any Bitcoin theft or loss which is something not possible online, due to the nature of the coin, however, this creates even more, security and stability for those users in Japan who want to give Bitcoin a chance.
The fact that Japan has adopted Bitcoin means that other countries will surely follow suit, providing it goes well for them, and the uptake is high from their residents. That said, Japan will probably always be ahead in matters such as these, due to their willingness to take calculated risks and forward thinking.