Japanese Finance Minister Questions Bitcoin’s Reliability.
Japan’s Finance Minister, Taro Aso, said that Bitcoin has not yet proven that it is really a credible and reliable digital currency, these statements are given after the cryptocurrency in that country works as a legal method of payment. In a meeting with his cabinet the minister said:
“There’s no fixed definition on whether it’s a currency or not. This issue is a difficult one…It has not yet been proven to be credible enough to become a currency, so I need to watch bitcoin for a little while more.”
While the comments are notable, Japan is among the earliest countries in the world to recognize and acknowledge bitcoin as a legal method of payment, following legislation that kicked in earlier this year. The validation was enough for multiple trials in retail locations, including an airline, to accept bitcoin in Japan. Following bitcoin’s legal recognition, one local city government in Japan began accepting bitcoin donations to preserve a historic natural park.
Japan is a country where technology is advancing by leaps and bounds, however, it has been remaining, notably, in the adoption of digital payments to China and Korea. An expensive onboarding process for card payment terminals in a traditional cash-heavy infrastructure means Japan is at a relatively measly adoption rate of 19% of its society using digital payments, compared to China and Korea that see over 50% of their societies embracing cashless payment methods. As a result, the Japanese government has embarked on a FinTech growth strategy that aims to double the adoption rate of digital payments over the next decade.
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