While a growing number of countries around the world begin to adopt blockchain technology, Japan is proud to have been hard at it for quite some time now. As Japan embraces cryptocurrency with fervor, the 3rd largest economy in the world has continued to bring more attention to the space and other countries are taking notice.
“About half the world’s Bitcoin trading is estimated to be in yen.” That’s according to Yuzo Kano who serves as the CEO for BitFlyer, which happens to be one of Japan’s largest licensed cryptocurrency exchanges.
Kano says there are currently 16 licensed cryptocurrency exchanges in Japan. Among those exchanges, 2 million to 3 million users own Bitcoin - a number that Kano believes could grow to 10 million this year alone. Since 2017, Bitcoin has been recognized as a legal currency in Japan and numerous online and local businesses in the region gladly accept it as payment.
Among other things Kano is helping Japan ready itself for the changing markets worldwide. Many nations are beginning to adopt measures to regulate cryptocurrencies, while a few nations remain obstinate and cautious about banks using them. Japan wants to ensure the nation can minimize their risks and maximize profits, all while maintaining a leadership role as the Bitcoin capital of the world.