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Japanese Finance Minister - Bitcoin is still not a credible currency


Almost a year has passed since bitcoin was defined as a legal form of payment in Japan, and senior financial officials in the country finally showed their views on the cryptocurrency.

Taro Aso, Japan's finance minister, said bitcoin has not proved credible in today's society . He promised that in the future will continue to pay attention to the progress of bitcoin.

Aso was former Japanese prime minister, who interviewed during a cabinet meeting:


There is no definitive definition of whether or not it is a currency. This problem is hard to solve ... At present, bitcoin has not proved its credibility, so it can not become a currency, I need to continue to observe it for some time.
This comment is very noteworthy because Japan is one of the first countries in the world to recognize and recognize Bitcoin as a legal payment method and they implemented this policy in April this year. Subsequently, several retail stores in Japan began a payment test, domestic airlines have begun to accept bitcoin payments. The government in a certain city in the country also started accepting bitcoin donations to preserve historical sites.

Although Japanese society is known for its technology first, the country lags far behind China and South Korea in terms of the popularity of digital payments. In China and South Korea, non-cash payment penetration is over 50%, while in Japan, bank card payment terminals are more expensive and rely on traditional cash for a digital pay-through rate of just 19%. Therefore, the Japanese government has formulated a strategy for the development of financial technology and hopes to greatly increase the penetration rate of digital payments over the next 10 years.
In addition, ordinary Japanese investors are seen as an important factor driving the bitcoin price increase this year. Deutsche Bank analysts recently pointed out :


We think Japanese retail investors are moving from leveraged foreign exchange transactions to leverage-encrypted currency transactions.