Japan, Russia move to legitimize cryptocurrency

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Japan legalized the concurrency as a payment method and Russia is seeking to regulate it too.

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The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months.
Other side, Russia is a country has never seen eye-to-eye with bitcoin up until now. Several legal proposals have been drafted which could have lead to jail time. Thankfully, it appears regulators have come to their senses, as bitcoin users in Russia no longer need to fear jail time. In fact, the country may turn bitcoin into a legitimate financial instrument as early as next year. Initially, cryptocurrencies in there are most likely to be bought via bank accounts in order to make online purchases, with some also acquired as a speculative investment, Alfa-Bank Vice President Oleg Legostev said in comments emailed by the lender’s press service.
Bank of Russia Deputy Governor Olga Skorobogatova said in February that the authorities would decide if digital currencies can be considered as asset, cash or security by mid-2017. Legalizing bitcoin is a direct result of investors looking for alternative solutions. Additionally, it will also help give bitcoin a better publish image moving forward. After all, once bitcoin is a legal currency, activity will be monitored even further. That is not necessarily a bad thing as long as people use it for legal purposes. Anyone conducting illegal activity with cryptocurrency will have to find other solutions, though.
Japan began accepting bitcoin as legal currency with major retailers backing the new law. Consumer electronics retailing giant Bic Camera began accepting bitcoin last week.
Bitcoin was the first digital currency to achieve a measure of popularity, thanks to its use of blockchain, an online ledger that tracks and verifies every time the virtual money is used. It’s faced some criticism from those who say the software it relies on is too rigid to gain widespread acceptance, with hipper investors moving on to the more sophisticated record book used by Ethereum.

 

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