0
📚 WikiCoin
87 views

WikiCoin CryptoHavens: Cryptocurrencies in Japan

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
ByBit
  • Rajarshi Mitra
    📚 WikiCoin

    With its friendly jurisdiction, Japan is one of the world leaders in cryptocurrency support and competitive cryptocurrency exchanges.

WikiCoin CryptoHavens: Cryptocurrencies in Japan
Cover image via u.today

Japan’s stagnating economy contributed to fierce competition on Japanese cryptocurrency exchanges, creating a strong crypto market that is encouraged by supportive legislation. In addition, widespread Bitcoin acceptance and development of alternative currencies like Cardano make Japan one of the world leaders in Blockchain technology adoption.

Friendly jurisdiction

Japan has emerged as one of the biggest crypto supporters in the world. In April 2017, the Japanese government enacted the Virtual Currency Act which provided the following:

  • Bitcoin will be considered a legal payment method. (Not a legal currency as most mistakenly think.)
  • Virtual currency exchanges will be regulated.
  • A tax reform was also issued separately which removed a consumption tax. This was stopping foreign investors from buying Bitcoins in Japan’s market.

Even before the act was issued, the crypto market in Japan has been extremely impressive. More and more young investors have been seduced by the possibilities that crypto presents. This is, in large part, because of the stagnation of the Japanese economy.

Competitive exchanges

When Prime Minister Shinzo Abe got elected, he promised a myriad of economic reforms which were popularly called “Abenomics.” However, reception to these reforms has been disappointing, to say the least. Many foreign investors have outright dumped Japanese stocks. Their GDP growth is floundering at 0.6 percent.

This has led to the disillusionment of many Japanese investors, who have started looking at crypto as an alternative. In fact, competition between Japanese exchanges is so fierce that most of them are not charging any fees at all. Some have even implemented negative fees just to get a higher trading volume.

Bitcoin adoption

Since Bitcoin became a legal method of payment, more and more retailers have partnered up with Japanese exchanges to accept Bitcoin. Bitcoin is now accepted in over 260,000 stores in Japan. Some of the big players that have started accepting Bitcoin as a method of payment are:

  • Bic Camera, the consumer electronics giant
  • Recruit Lifestyle, which has partnered up with Coincheck

Cardano

Apart from all this, Cardano (ADA) is pretty much synonymous with Japan. Many people are calling it “Japan’s Ethereum.” Japanese company Emurgo is, after all, responsible for the funding behind ADA.

Join our Telegram channel to get news even faster!

About the author

Rajarshi is a blockchain researcher and writes for Blockgeeks and Springrole. His goal is to become a leading voice in cryptocurrencies by educating the masses about blockchain technology.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
792 views

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
ByBit
  • Yuri Molchan
    📰 News

    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

👉MUST READ

Justin Sun Announces 2 Mln USDT-Tron Giveaway on OKEx Exchange

Justin Sun Announces 2 Mln USDT-Tron Giveaway on OKEx Exchange

XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted