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.

Ripple eyes short-term bullish turn as investor demand returns

Ripple exhibits strong recovery prospects, trading above $1.10 on Friday. This rebound aligns with the broader crypto market and can be attributed to easing geopolitical tensions in the Middle East and growing appetite for risk assets.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

Bitcoin Weekly Forecast: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin recovers to $61,800 on Friday after falling to a 21-month low of $57,800. US-listed spot ETFs recorded outflows of $526.64 million through Thursday, pointing to the eighth consecutive week of withdrawals.

Pi Network posts minor gains amid easing risk-off market sentiment

Pi Network (PI) shows minor recovery on Friday, a slow follow-through of the 2% rebound from the previous day. The recovery in PI aligns with the easing broader market risk-off sentiment, fueling speculative interest in the token.

Bitcoin: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.