Japan’s financial regulators no longer wish to describe Bitcoin as a virtual currency

Financial Services Agency (FSA) in Japan are petitioning a view that Bitcoin will not be referred to as a virtual currency.
Professor Iwashita Goto said “I don’t think it would be worthwhile to call Bitcoin a virtual currency.”

Ken Chigbo Independent Analyst

Financial Services Agency (FSA) in Japan have stated that they no longer wish to describe the world’s largest cryptocurrency by market cap, Bitcoin (BTC) as a virtual currency, following financial meeting amongst the country’s authorities.

Professor Iwashita Goto, part of the council at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, had led a petitioned view on Bitcoin. Goto said:

I don’t think it would be worthwhile to call Bitcoin a virtual currency.

The latest commentary comes on the back of Japan making steps towards formalizing its domestic cryptocurrency industry. Regulators in the country and already creating encouraging regulation, the FSA has now begun issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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