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In Japan, the cryptocurrency has received the status of the payment instrument
Material posted: Publication date: 04-04-2017
Cryptocurrency, including bitcoin, today received in Japan, the status of the payment instrument in accordance with the decision taken earlier by Parliament of the law on currency regulation. In this case, the document States that it performs the function of currency and the official currency is the yen.

However, a number of issues related to taxation and accounting of transactions using virtual currency, remains unresolved. As expected, the Japanese Council on auditing standards will be able to prepare a single set of rules for this account only after six months.


Because at present there is no clear rule for the regulation of transactions in cryptocurrency, and its course is subject to rapid changes, it carries a sufficiently large share of risk. "For example, if a company holds the funds in bitcoins, because it is impossible to give an accurate account of the amount of funds, it may at some point suffer great losses", - quotes the Nikkei newspaper opinion, Chikako Suzuki from auditing and consulting company PricewaterhouseCoopers Aarata.

However, another Japanese expert, Director of the Association for the development of the technology of the blockchain (based on it appeared the virtual currency, approx. TASS), Eichiro Hirano believes that of all the virtual currency bitcoin is completely safe to use, and its market prospects are very high. "By itself, bitcoin is really safe, since the inception of the technology of the blockchain in 2009, he didn't have any serious problems," he said in an interview with Mynavi.

"There is a perception that virtual currency is very easy to use for money laundering, because it is traded on the market freely. In fact, however, such operations are much easier with conventional money. The whole point of transparency of the market of bitcoins, which guarantees its development in the near future", - the expert added.

Bitcoins are "virtual money" - online software-code that is not regulated by any country or banking Supervisory authority. One of the features of bitcoin is that it is able to guarantee a complete anonymity of the person or group of people who with his help purchase.

The policy of banks

In connection with the entry into force of the new law, Japanese banks are planning to come to grips with testing technologies blockchain. Especially the Association of Japanese banks plans by April 2018 to create a new platform for conducting the corresponding tests of both large and regional institutions. This whole process will be held with support of the Bank of Japan (the Central Bank) and the financial services Agency.

The ultimate goal of this project is a study of the use of blockchain technology for the implementation of interbank money transfers, which can reduce the associated costs. Primarily, this is due to the lack of the need to keep large servers to store data about transactions.

According to estimates by Japanese experts, in case of success of this experiment and the introduction of new technologies to large banks, the costs of remittances will be reduced by approximately 5%. This, in turn, will lead to lower Bank fees and increase the demand from customers for banking services.

In the summer of 2016, the Japanese Bank Tokyo - Mitsubishi UFJ (BTMU) has invested about $10.5 million in U.S. operator Coinbase cryptocurrency with the aim of creating a new budget the money transfer system that allows you to convert cryptocurrency into cash in the Bank accounts. While remittances in the framework of this system will be subject to a minimum Commission.

The Japanese market

According to research Institute Fuji Chimera, the amount of use of the cryptocurrency in Japan in 2015 amounted to 185 billion yen ($1.67 billion). However, experts predict that by 2020 this figure will increase almost in 10 times. Is considered the most promising mobile payment market in online stores.

Additionally, the rapidly developing so-called system of points that a customer receives as a bonus when shopping in the global network. So, Japan's largest online retailer Rakuten has a system of issuing credit cards, paying for that purchase, the client will be credited a certain amount of "points" to the virtual account is one "point" equals one yen.

You can use them as virtual currency to purchase goods through the website Rakuten. With the increase in the number of operations the user is charged more virtual points, and to the credit card, you can bind any and all current payments, including, for example, utility.

Blockchain in Russia

In the summer of 2016, the Bank of Russia announced the creation of the consortium for the study of blockchain technology. In addition to the controller, it included the largest Russian banks: Sberbank, Tinkoff Bank, Alfa Bank, Binbank, Bank "Opening" and Qiwi and Accenture. In early February, "Sberbank factoring" and "M. Video" held the transaction based on the blockchain by developing an algorithm of encryption, confirmation of data on the supply.

First in Russia transaction using blockchain occurred in December 2016, It was performed by S7 Airlines and Alfa Bank. The airline settled with one of their counterparties with the use of credit, and a transaction for the payment spent alpha Bank as a transaction on the basis of smart contracts, and these data are recorded in the blockchain.

As for cryptocurrencies, including bitcoin, the Russian authorities have repeatedly spoken about them in a negative way. In 2014, the Central Bank and Prosecutor General's office declared bitcoin a money surrogate, and their production on the territory of Russia is prohibited.


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