Japan recognizes bitcoin as valid method of payment

The Japanese Diet has signed a bill that will allow the use of digital currencies like bitcoin as a legal method of payment, effective tomorrow (April 1).

While bitcoin will still not be recognized as a currency, it and other cryptocurrencies have “asset-like values” that can be used as payment to indefinite parties."

From a report on Yogonet.com:

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Bitcoin and virtual currencies will be officially recognized as payments starting Saturday. However, the accounting framework for the use of digital currencies is still about six months away, leaving adopters and bitcoin companies in limbo.

As reported by Nikkei, the Accounting Standards Board of Japan has, on Tuesday, decided to consider the development of an accounting framework for digital currencies. It is expected to take up to six months to reveal a viable accounting method, the report adds.

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Read more here: http://www.yogonet.com/international/node/42835

Since April I see many brands that target the Japanese market turning to bitcoin (ビットコイン) ...
example: Vera & John.

For me it is a great indicator to know which brand are either successful or have the ambition to be... This is a competitive market and it is known that many Japanese have bitcoins 'lying around' :)

Anyway.. my 2 'cents' on the topic... or my 2 'millibitcoin'...or 'μBitcoin?'... or even satochi?.... whatever! ...I should have bought some when I had the chance.:rain:

I was reading about a week ago, maybe less, that the trading volume on bitcoin had started to move majority to Japanese exchanges. I think it was for the first time ever actually. Definitely bullish.

Japan recognizing bitcoin as valid method of payment is great news for cryptocurrencies. Other countries will eventually follow as they will be basically forced to due to international trade. How soon will other countries is a real guess but it really only takes one country to start the ball rolling.

Japan was always a country, where money is everything, and the people nothing. Death from overwork is daily business there in e.g. factories.

The Bitcoin bubble will burst sooner or later, and this will be a good thing.

ALPHABAY, biggest drug and illegal weapon market in the Darknet - only payment method is Bitcoin - destroyed by law enforcement.

$800,000 drug money was created every single day.

Canadian-born Alexandre Cazes, 26, was arrested by Thai authorities at the request of U.S. authorities. Known online as "DeSnake", Cazes was found now week dead in his cell at the Thai Narcotics Suppression Bureau (NSB) in Laksi district of Bangkok.

This is, what Bitcoin will be used in most cases in the reality.
For crime.
The internet you see, is only 2% of the real internet.

I have seen the other, the dark side, that can only exist with Bitcoin, with my own eyes.

Leopold

Of course ... because cash is never used in crime?
Eur 500 notes anyone ?

https://www.nytimes.com/2016/05/05/b...s.html?mcubz=1

Bitcoin is clearly not anonymous. There will be another alt-coin pop up to be the anonymous digital currency. My laymans thoughts are that this coin is currently Monero. Whether this is true or not I don't know but I believe the only crypto they didn't recover from the Alpha-Bay bust was the Monero.

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Originally Posted by TheGooner

Of course ... because cash is never used in crime?
Eur 500 notes anyone ?

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That comparison falls short, because in crime cash, Gold, Bitcoins, diamonds and goods are used as payment.

In the Darknet crime, that is 98% of all internet crime, only Bitcoins will be used.
No Bitcoins means, 98% of all child abuse, live torture, drugs and weapons selling, even hitman over the internet from one day to the other is no longer possible.

And by the way, the real reason, why there are no 500 Euro notes anymore is, that they at any costs will remove cash here in Central Europe, especially Germany, and this happens by the order of the banks. Cash is too expensive for them.

The next bill was the 200 Euro, and they are talking about to take away also the 100 Euro bill.
Slowly but surely no more cash here in Europe, so they can monitor everything what you are buying, for what you are donating, everything.

Leopold

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Originally Posted by Pokerface

Japan recognizing bitcoin as valid method of payment is great news for cryptocurrencies. Other countries will eventually follow as they will be basically forced to due to international trade. How soon will other countries is a real guess but it really only takes one country to start the ball rolling.

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I am surprised like majority of ordinary people do not know that there are other currencies other than bitcoin :-D Great for us :joy:

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Originally Posted by Roulette Zeitung

The next bill was the 200 Euro, and they are talking about to take away also the 100 Euro bill.
Slowly but surely no more cash here in Europe, so they can monitor everything what you are buying, for what you are donating, everything.

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IMO there are two main reasons behind the war on cash, which is currently taking place all over the globe (Australia, India, Europe, USA, etc):

1\ Tracking every single transaction people make for the purposes of taxation and more importantly, data-mining and storing all human transactions thereby removing that pesky thing called "privacy".
2\ If cash exists, central bankers can not fully implement negative interest rate policies. Once the cash is gone, all of our digital assets can be taxed via negative interest rates. This is the war on savers.