Japan’s government is embracing Bitcoin
We recently saw Bitcoin plummet in value due to China banning Bitcoin and ICO’s. Although Bitcoin has almost completely recovered, it is not a great idea for nations to completely ban Bitcoin. While some nations are banning Bitcoin, others are completely embracing it.
Instead of banning the revolutionary technology that is the Blockchain, Japan decided to regulate Bitcoin. By taking an approach of simple surveillance they are tracking transactions and plan to enact proper regulation.
Is banning Bitcoin really needed?
A ban of Bitcoin is simply unnecessary. It is a violation of the people’s rights and it will not work in the long run. Bitcoin has no middle man during transactions so banning it is near impossible. It needs no state or government to run it.
Japan is requiring the leading Bitcoin and Cryptocurrency exchanged to file daily reports of all the transactions made. Japan will be using this information to investigate the transactions. Once the investigation is completed, Japan will be launching a program to avoid laundering and enforce proper taxation.
Although Bitcoin is hard to regulate simply due to the nature of the technology, it is still possible. Nations just need to create a program to properly track the transactions and then make it clear to their citizens what is expected of them. Government’s can try to ban Bitcoin, but it simply won’t work. The people will keep buying Bitcoin if they want it.
Japan creating a program to properly regulate Bitcoin shows how much potential this technology has, and that it can and will continue to grow, even within nations that want to control it.