Japan increasingly leading the cryptocurrency market

Japan increasingly leader in the cryptocurrency market: more than half of the transactions are in yen.

Japan increasingly leader in the cryptocurrency market - cryptocurrencies332

According to a report by the Japan Times, based on data from Coinhills.com, Japan is by far the leader in the cryptocurrency marketso much so that the Japanese currency, the yen, represents 56,2% of transactions in Bitcoin (BTC), ahead of the US dollar with 28,4%, and other currencies, which however are able to represent a total of 15,4 , XNUMX%.

Moreover, it yen it quickly surpassed the Chinese yuan thanks to the restrictions imposed by China on cryptocurrency exchanges: restrictions which, as a consequence, significantly reduced the status of the former leader among the virtual currencies.

Midori Kanemitsu, CFO of the largest Japanese cryptocurrency exchange operator, bitFlyer, commented that:

in fact, Japan is the first and only country to have an adequate legal system that regulates cryptocurrency trading. Before the law regulating cryptocurrencies, people worried about what would happen to their money if an exchange had exploded.

The solid Japanese legal system has supported the blockchain in determining credibility among individual investors and thus pushed the country to first position, said Kanemitsu. In addition, Japanese citizens are familiar with the signals of securities, and in particular with exchange rates, with an element that has also helped push the growth of cryptocurrency in the area.

The Japanese are also the major foreign currency investors. I imagine the Japanese know how to conduct speculative investments

said Kanemitsu.

In light of this, it is clear how cryptocurrencies actually found their way into the traditional Japanese economy. A study conducted by the financial services group Nomura has stated that a major change in bitcoin prices could have a profound impact on national economic growth.