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Japan to Refrain from Regulation, Implications for Bitcoin Price

Japan to Refrain from Regulation, Implications for Bitcoin Price

The Liberal Democratic Party (LDP), the dominant party in Japanese politics since 1955, has announced that it will not be enacting any legislation aimed at restricting or regulating Bitcoin in any way. This announcement comes in light of considerations by the Japanese government in writing Bitcoin regulation into law following the infamous Mt. Gox crash in late 2013. Mt. Gox was the world’s largest Bitcoin exchange in the time preceding its failure, being responsible for the majority of the world’s Bitcoin transactions. In a shining display of ineptitude, or what some consider deliberate fraud, Mt. Gox allowed 850 thousand bitcoins to go missing. At the time of this disappearance, the bitcoins were worth more than 450 million USD.
Luckily, rather than hastily passing restrictive legislation on Bitcoin exchanges or the currency itself, the Japanese Liberal Democratic Party took their time, deliberating on whether or not to pass such legislation. Obviously, they decided against passing Bitcoin regulation; Takuya Hirai, LDP lawmaker and leader of the LDP’s Internet media division spoke on behalf of the party and told Reuters that “Basically, we concluded that we will, for now, avoid a move towards legal regulation.”
Potential Effects of Legislation on Bitcoin Price


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This entry was posted on June 20, 2014 by and tagged .

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