bitcoin prices to fall sharply, from a record high above 5,000 per bitcoin at the beginning of September to a low of 2,951 by mid-September. Japan considers making bitcoin a legal currency. In addition, those exchanges will also be required to conduct employee training programs and submit to annual audits. There is a long way to go, he said. In April, it passed a law recognizing bitcoin as legal tender, with several retailers backing the law; this week it was reported that Japanese banks are considering setting up their own digital currency called the J-Coin. Reports indicate that other groups in Japan are moving to plug some of those gaps as well. The changes would mean bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan. Japans governing Liberal Democratic party is planning to propose legal changes that would define bitcoin and other cryptocurrencies as currencies.
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For example, Nomura Research Institutes Yasutake Okano indicated in a May 2016 report that other Japanese laws may need to change to account for the tech, including the Banking Act and Financial Instruments and Exchange Act. These regulations are intended to protect investors from fraud and other abuse, while supporting financial technology innovation. Its a debate that began in the wake of the collapse. Mt Gox, the now-defunct bitcoin exchange that shuttered after months of growing complications and, in the end, revelations of insolvency and alleged fraud. Gox, once largest exchange service for the cryptocurrency, collapsed in 2014 when 850,000 coins (480 million at the time) went off its digital vaults. Part of the reason for the sharp fall is China used to be the main driver of the bitcoin market.
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