The National Diet in Japan (the legislature consisting of the Lower House and the Upper House) is currently deliberating over bills to regulate bitcoin and other virtual currencies and a keenly contested bitcoin industry in Japan is watching closely.
Following the debacle of the now-defunct bitcoin exchange Mt. Gox which collapsed in 2014, bitcoin as a currency had a PR problem, particularly in Japan. The government stepped in and sought to establish certain guidelines to regulate the cryptocurrency. Before regulation comes recognition and bitcoin is set to be seen as a currency, similar to fiat, centralized money.
Such plans came to fruition early in 2016, when the Japanese Financial Services Agency (FSA) considered legislative revisions that would recognize digital currencies as equivalents to conventional currencies. And so it came to be. Early March saw Japan’s cabinet passing a set of bills to deem virtual currencies as having similar functions to real money. These bills sought to revise laws such as the Banking Act and Payment Service Act, which