Japanese finance regulator the Financial Services Agency no longer wishes to describe Bitcoin as a virtual currency

During a plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of the Public Policy Graduate School of Kyoto University, petitioned members to adapt their view of Bitcoin.

The largest cryptocurrency, he argued, has become something beyond a means of transacting, due to its borderless qualities, which have led it to appear throughout the world in its ten-year history.

“I don’t think it would be worthwhile to call Bitcoin a virtual currency,” he summarized.

The comments come as Japan continues to formalize its domestic cryptocurrency industry. Set on creating encouraging regulation, the FSA has now begun issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.

The licensing scheme, which has a long waiting list, was in part a reaction to the events of the past two years, notably local exchange Coincheck’s half-billion-dollar hack in January 2018.

Also read: Established Blockchain ecosystem has launched a DApp funding program worth $1.5 million

Source: https://cointelegraph.com/news/japanese-regulator-fsa-hears-arguments-for-not-calling-bitcoin-a-virtual-currency