Bitcoin and other cryptocurrencies now legal tender in Japan

CASH, CARD... OR SOMETHING COMPLETELY UNTRACEABLE?

New legislation passed in March 2017 now allows digital currencies to be used as legal tender in Japan, meaning that cryptocurrencies such as Bitcoin and Ripple will be government-regulated and, hence, subjected to the same laws as regular money. The decision is the culmination of a lengthy process that started when one of the largest cryptocurrency exchange services lost around $650 million to hackers. A framework is currently being developed to help understand digital currencies in the Japanese accounting sector.