Few days before the China Bitcoin Exchange closure, the market decided who’s the most friendly asian country regarding cryptocurrencies. It was so clear that it didn’t need a voting process. The prize for friendliest and most supportive cryptocurrency country is given to Japan.
#1 Japan Recognized Bitcoin As A Legal Payment
Japan’s acceptance of Bitcoin in April 2017 was one of the reason why Bitcoin reached this price. This news actually made Bitcoin price went from $1080 to a $1133 in less than 2 days, creating a new support line in that range and increasing the market cap with $2 billion. This lead to Russia’s Minister Alexey Moiseev to declare that they plan to legalize Bitcoin in Russia by mid 2018.
#2 Over 16 Bitcoin ATMs And Growing
Since April, Japan has installed 16 ATMs in the entire country. 9 of them are placed in Tokyo while 7 others are divided across the country. Besides this, Oki Electric Industry Co. Ltd announced The Recycler G8. As they declared, they don’t plan to launch it in Japan yet.
#3 They Love Using Bitcoin
A lot of people were surprised by how much Japan is loving Bitcoin. Since Bic Camera stores announced that they will be accepting bitcoin, more and more people started learning about it and even started using it. On April 5, they were more than 4,500 stores that were accepting Bitcoin in Japan. An updated list wasn’t published yet – but the expected was 260,000 merchants by the end of the summer.
#4 They Are The King Of Bitcoin Trading Volume
With 53.17% of the bitcoin trading volume, Japan has now more than two times the trading volume that USD countries have. It actually have more volume than all the others combined. This happened recently, as China declared that ICOs are illegal and all bitcoin exchanges will be closed until 30th October. Moreover, they want to create their own cryptocurrency to eliminate cash until 2020 Olympic Games – fact that could lead to a worldwide adoption of cryptocurrencies.
#5 Japan Endorses It’s Cryptocurrency Exchanges
With it’s neighbors tightening their grip on cryptocurrencies , Japan is supporting them & therefore creating the friendliest bitcoin environment in Asia and probably the whole world. Recently, Japan approved 11 companies as operators of cryptocurrency exchanges.
Japan’s on his path to become the most “bitcoinized” country in the world, while the usage of cryptocurrency is spreading day by day there.