Japan Government Decides against Regulating Bitcoin

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Japan Government Decides against Regulating Bitcoin

ForexMinute.com – In an unexpected event, Japan’s ruling government Liberal Democratic Party decided to rethink of their plans to regulate Bitcoin. The news came at a time when most of the countries are in a mood to adapt it in the current economic scenario.

But the government indeed had its own reasons for going against this revolutionized cryptocurrency. What exactly prompted them to make a decision against Bitcoin does not require a wild guess. It was indeed the negative sentiment created by the million dollar theft at demised Bitcoin exchange Mt. Gox that ultimately led to doubts over Bitcoin’s future in Japan.

The Japan court has already granted bankruptcy protection to Mt. Gox and the law agencies there are thoroughly investigating the entire matter, with no advancements till now. This might be one of the reasons why government is feeling frustrated enough to spend money and time on a currency that was, at first place, not even regulated by them.

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But indeed not bringing Bitcoin into regular investment laws had directly affected thousands of people whose money have been snatched away from them. The Japan government sincerely recognizes that and thus, might be hoping to wash Bitcoin away from its hands once for all.

The unregulated tag however won’t impact Bitcoin very much as its community itself want it to stay away from any kind of regulation. The words from Japanese government however are not yet final as they have simply delayed their stand on Bitcoin, rather than rejecting the coin completely. Even the LDP lawmaker Takuyu Hirai proposed the same, saying that they will, for now, avoid a move towards legal regulation.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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