Takuya Hirai, LDP lawmaker in Japan against the Regulation of Bitcoin

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Takuya Hirai, LDP lawmaker in Japan against the Regulation of Bitcoin
Takuya Hirai, LDP lawmaker in Japan against the Regulation of Bitcoin

Takuya Hirai, LDP lawmaker in Japan against the Regulation of Bitcoin

Coming from Japan’s leading Liberal Democratic Party leader Takuya Hirai that his party is against any sort of regulation of Bitcoin and other digital currencies for time being, the opinion matters a lot for the average Bitcoin user in the country. Also, it looks like the digital currency is not going to face any trouble in the next couple of months.

Takuya Hirai does not seem to have been influenced by the collapse of Tokyo-based Bitcoin exchange Mt. Gox which caused huge losses to investors. The collapse even prompted various governments to consider more scrutiny of the virtual currency; however, the LDP legislator seems unfazed about it and decided against regulating Bitcoin for the time being.

The decision from the legislator has left many surprised as they had expected that after Mt. Gox which once was the world’s biggest Bitcoin exchange, failed miserably, there would be some sort of regulation to rule out similar events. A lot of hue and cry was made when in February this year Mt. Gox said that hackers stole 750,000 Bitcoins belonging to its customers.

A lot of complains were raised not just by the customers but also the staff members who alleged that the CEO of Mt. Gox had embezzled the funds. Such instances, definitely ask for regulation so that the powerful people in Bitcoin companies are not abusing their position and running away with investors’ money unscathed.

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Takuya Hirai, however, believes that basically, his party concluded that it will, for now, avoid a move towards legal regulation. His opinion is quite important for he is leading the party’s internet media division. Though he did say there won’t be any regulation for time being, he did not rule it out and said that any action could be taken after hearing more opinions on it.

Bank of Japan Head Had Doubted Bitcoin’s Future

Whereas Takuya does not seem to have been influenced by the debacle of Mt. Gox, and doubt the role of Bitcoin, governor of the Bank of Japan Haruhiko Kuroda did cast doubts on Bitcoin’s future as a currency. He had then said that without safety or stability in its value, there would be no demand. In that sense, it cannot be a currency.

Kuroda had come heavily against the collapse of Mt. Gox and admitted that Bitcoin was not a currency, and he did not think it was a general means of settlement.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com