Japan, one of the most progressive countries in adopting and developing blockchain technology as well as its applications like cryptocurrencies, has affirmed its advocacy of the distributed ledger technology and virtual assets. 

A senior official at the Bank of Japan was recently quoted saying that the financial institution is completely open to cryptocurrencies such as Bitcoin as well as the blockchain technology that underpins them. 

Japan Contrasts Itself to China in Crypto Stance

According to a report by the Nikkei Asian Review, the official explained that one of the reasons Japan is not afraid of cryptocurrencies is because the country is not concerned about capital outflows, as opposed to China. 

“Because of their fear of capital outflows, the Chinese see every financial asset as the enemy. But we don’t worry about outflows. We are in love with the technology behind it and we are in touch with the technology community,” the BoJ official said.  

Japanese Yen Second-Most Traded Fiat for Bitcoin 

For years, the Japanese yen has been the second-most traded fiat currency for Bitcoin (and vice versa) after the US dollar, reflecting the enthusiasm of the Japanese for virtual assets. According to the BoJ official, Japan “promotes Bitcoin but only with controls.” 

A Coinhills report shows that the Japanese yen is used in 20.1% of all fiat-to-Bitcoin and/or Bitcoin-to-fiat exchanges around the world. 

Leading in National Crypto Exchange Regulations

Japan has been one of the first countries to regulate the use of cryptocurrencies at a national level. The government also took the lead in tailoring regulations for different cryptocurrencies available in the market.  

In July, Japan was reportedly making an effort to develop a SWIFT-like global crypto payments network that could be used by financial institutes for operating cross-border crypto activities. 

Source: https://www.ccn.com/ 

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