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Why does Japan have restrictions on buying and selling Bitcoin

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Why does Japan buy and sell Bitcoin

Why does Japan buy and sell Bitcoin? According to the latest data from Coinmarketcap, between December 1, 2017 and April 20, 2018, the number of BTC/JPY on the Japanese exchange was 90000. Since 2014, with more and more institutional investors entering the Cryptocurrency market, the price of Bitcoin has been rising. Between July and August 2020, the total transaction volume of the global crypto market exceeded $6 billion. Since early November 2019, Bitcoin has skyrocketed from over $4000 to over $8000. Why does Japan buy and sell Bitcoin

There are two reasons: one is the economic recession caused by the COVID-19 epidemic, the other is the inflation caused by the increased demand for the central bank digital currency (CBDC); Thirdly, the Japanese government believes that there are currently no plans to issue any digital assets Are there any restrictions on purchasing Bitcoin in Japan? Bitcoin is considered a payment method and asset in Japan. According to the Law on Virtual Currency Transactions in February 2019 issued by the Financial Services Agency of Japan, individuals may be restricted if they purchase BTC or BCH from home to abroad

However, for those who already hold and are interested in investing in Cryptocurrency, will this bring greater impact? We can consider using other methods for relevant research Firstly, in order to protect investors and prevent criminal activities such as money laundering, it is necessary to provide customers with information about Bitcoin through exchanges (currently not specifically described). In addition, due to the small amount of funds involved in virtual currency transactions, it is difficult to determine whether digital tokens belong to securities or alternative securities. Secondly, it is important to understand that virtual currencies themselves have a certain degree of anonymity, just like other products, so it cannot be ruled out that users have issues with their risk tolerance for certain specific products; Finally, virtual currency as a medium of value exchange may become a scam, as people often choose unregulated products.

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