Japanese regulator proposes to equate Bitcoin to the currency

Japanese FSA regulator proposes to accept the digital currency as a "method of payment, equal to conventional currencies," reported the publication Nikkei, citing sources close to the preparation of the decision. As expected, the FSA will introduce amendments to the monetary legislation during the next scheduled meeting.

Bitcoin users are sure that the reason is the strengthening of control over the digital currency lies in, the collapse of the largest at the time bitcoin exchange in the Mt. Gox world happened in 2014, when many Exchange clients lost their money.

"Japan does not believe that bitcoin is the future of money, Japan simply states that it was preparing the legal framework to prevent another Mt. Gox ยป, - writes one of the users of the portal Reddit, commenting on possible changes in the monetary policy of the rising sun.

The proposed amendments, in the opinion of the regulator, will make trading more reliable digital currency from the legislative point of view. If adopted, exchanges and other financial institutions, working with digital currency, will have to undergo compulsory registration in the FSA, which will lead to the strengthening of the control over bids by the monetary authorities.

Bitcoin status is uncertain in many countries. The range of possible definitions is from the "currency" to "goods" and "payment system". For example, in September last year the US Futures Trading Commission (CFTC) decided that bitcoin should be regarded as a commodity. In October, the European Court ruled that the exchange transactions with Bitcoin should not be subject to value added tax, which indirectly equated digital coins to fiat money.