February 25, 2016

Japan Mulls Over Bitcoin as a Legal Currency

If Bitcoin should be made into a legal currency, the ramifications over the change will be huge for banks, businesses, and users.

Japan is debating changes to make the virtual currency Bitcoin legal tender, a move which could change the future of the cryptocurrency in the country. The country's current governors, the Liberal Democratic party, is planning to propose changes to the legal system which would define virtual currency such as Bitcoin, Dogecoin and Litecoin as official tender.

This means that cryptocurrency will no longer be placed under the banner of a commodity. Instead, a new definition would consider virtual currencies as "a medium of exchange,... 

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