We all know that Japan is one of the largest bitcoin friendly countries and we also know that Japanese were looking forward to embrace bitcoin as an official currency for quite some time. But there were no concrete endorsements until now. Lately, Japan Times reported that the Cabinet in Japan has given its approval to the legitimate use of cryptocurrencies in the country and it is likely to pass the bills for the regulation of bitcoin soon. Over the past few months, Japanese government was working on a regulatory framework for cryptocurrencies. But it took some time to make important decisions. Finally, Japanese government has given approval to many standards that were proposed in a cabinet meeting that happened earlier this month. The Japanese government is striving to bring the cryptocurrencies especially bitcoin under the impression of FSA, an agency that manages all the transactions being carried out in Japan’s native currency i.e. Yen. This is a clear indication of how ardent Japan is to make the virtual currencies legitimate.
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