Japan is now quickly starting to become the worldwide center for cryptocurrency exchanges and blockchain ventures. In spite of the country’s colorful history, local Japan authorities are now seeing great merit in these newer technologies. Many of the local conglomerates are now entering into the sector themselves. Some of them are even operating their own cryptocurrency exchanges.
The History Of Bitcoin With Japan
When investors speak of Bitcoin, the discussion usually turns to the topic of Mt. Gox during some time in the conversation. The now defunct trading platform was very appealing throughout the world just a few short years ago. However, the platform ultimately suffered some alleged oddities and hacks. Even though many people see the downfall of the platform as a black area for Japan’s history books, it also worked to create a more vibrant and diversified ecosystem for the world of cryptocurrency in the country.
Once the exchange was taken down, there was a rise in the demand for more regulations around the exchanges and different cryptocurrencies. Many investors lost substantial amounts of money in that one exchange alone. However, the overall interest in Bitcoin never waned after this. Local Japanese officials began to take a more proactive approach to how the exchanges were regulated instead of just banning them altogether.
Japanese Companies Are Embracing Cryptocurrencies
There are many financial and technology firm giants located throughout Japan. According to newsbtc.com, some of these big companies include GMO Internet, Line, DMM, SBI and Rakuten. All of these companies are currently active within the cryptocurrency world. They accept payments through Bitcoin and some even have their own trading platforms. Much of this confirms that Japan is continuing their quest to becoming the main hub around the world for cryptocurrency.
GMO Internet is probably the most interesting company of them all in the group. Even though the company itself is worth billions already, they are actively invested in the exchange and mining industry of cryptocurrency. To add to their involvement, they are now announcing plans to add a Bitcoin payroll service in the company for their employees. For those employees who work for the company in Japan, they will have the option to receive some of their paychecks in Bitcoin currency. This is a novel approach they are trying out to deal with recurrent payments.
In Japan, they are working towards showing the rest of the world that it pays to take a positive approach to cryptocurrency regulations. It can open a plethora of new opportunities.
Dil Bole Oberoi
