BITCOIN

Japanese converting disposable income into cryptocurrency

Known as “Miss Bitcoin” on Japanese social media, Mai Fujimoto says she invests all of her savings in the virtual currency that has proved a huge hit in Japan.

“I convert all my Many Japanese converting disposable income into cryptocurrency,” the 32-year-old tells AFP. “I’ve been doing this for nearly a year now. I convert all my savings into cryptocurrency instead of putting them in a bank.”

She is not alone in her enthusiasm.

Bitcoin is recognised as legal tender in the world’s third-biggest economy and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialised website jpbitcoin.com.

This has led to many analysts speculating that the famous Mrs Watanabe—shorthand for Japanese individual foreign exchange investors—is behind the recent volatile frenzy that pushed the price of bitcoin up to nearly $20,000 before dropping back.

Firstly, unlike regional rivals China and South Korea, whose regulators have clamped down hard on

the crypto-currency, Japan has welcomed it with open arms.

In April, Japan passed a law recognising bitcoin and other virtual currencies as legal tender—while also stressing the need for transparency and financial stability.

And there is little doubt that Japan’s global weight grew after China closed down bitcoin trading platforms last year.

Some well-known Japanese businesses have started accepting payment in bitcoin and one firm made waves when it said it would pay part of its employees’ salaries in the currency if they wish.

“The involvement of big companies, the sense of security derived from government approval and media exposure really brought in a whole new group of people to the market,” said Koji Higashi, a well-known commentator on the crypto-business in Japan.

Another factor contributing to a bitcoin boom in Japan: ultra-low interest rates from the deflation-battling central bank that has left investors scratching their heads for places to find returns on their cash.

While Japanese are generally considered risk-averse investors, they are also well-versed in the complexities of market trading, especially in foreign exchange.

A lot of ordinary Japanese people are trading “high levels” of money on the foreign exchange markets, said Yuzo Kano, founder and chief executive of bitFlyer, Japan’s main bitcoin trading platform.

 

BITCOIN

Japanese converting disposable income into cryptocurrency

Known as Miss Bitcoin on Japanese social media, Mai Fujimoto says she invests all of her savings in the virtual currency that has proved a huge hit in Japan. I convert all my Many Japanese converting disposable income into cryptocurrency, the 32-year-old tells AFP. Ive been doing this for nearly a year now. I convert all my savings into cryptocurrency instead of putting them in a bank. She is not alone in her enthusiasm. Bitcoin is recognised as legal tender in the worlds third-biggest economy and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialised website jpbitcoin.com. This has led to many analysts speculating that the famous Mrs Watanabeshorthand for Japanese individual foreign exchange investorsis behind the recent volatile frenzy that pushed the price of bitcoin up to nearly $20,000 before dropping back. Firstly, unlike regional rivals China and South Korea, whose regulators have clamped down hard on the crypto-currency, Japan has welcomed it with open arms. In April, Japan passed a law recognising bitcoin and other virtual currencies as legal tenderwhile also stressing the need for transparency and financial stability. And there is little doubt that Japans global weight grew after China closed down bitcoin trading platforms last year. Some well-known Japanese businesses have started accepting payment in bitcoin and one firm made waves when it said it would pay part of its employees salaries in the currency if they wish. The involvement of big companies, the sense of security derived from government approval and media exposure really brought in a whole new group of people to the market, said Koji Higashi, a well-known commentator on the crypto-business in Japan. Another factor contributing to a bitcoin boom in Japan: ultra-low interest rates from the deflation-battling central bank that has left investors scratching their heads for places to find returns on their cash. While Japanese are generally considered risk-averse investors, they are also well-versed in the complexities of market trading, especially in foreign exchange. A lot of ordinary Japanese people are trading high levels of money on the foreign exchange markets, said Yuzo Kano, founder and chief executive of bitFlyer, Japans main bitcoin trading platform.