Bitcoin world CAPITAL –
Japan’s SECRET billion dollar plan for cryptocurrency price BOOM.
JAPAN plans to become the Bitcoin capital of the world as the Asian country continues to welcome cryptocurrency investment despite several high profile hacking attacks, according to investment experts.
Last month Japanese cryptocurrency exchange Coincheck announced it would have to pay back more than £300m to customers after their system was hacked, affecting 260,000 customers.
The attack, described as the biggest digital currency theft in history, was the most high profile case in several hacks to affect Japanese cryptocurrency firms.
Unlike their neighbours China and South Korea who are clamping down on the use of online money, the risks have not deterred Japan from their mission to be the first country to widely use cryptocurrencies as legal tender.
Ken Kawai, partner at law firm Anderson Mori & Tomotsune and adviser to finance-tech start-ups, said: “Regulators in Japan are usually conservative and not first movers.
“The Government wants to facilitate fintech through cryptocurrency and blockchain technology.”
Cryptocurrencies are particularly popular among young Japanese investors lured by the prospect of strong profits in an economy that has seen ultra-low interest rates for many years and low returns from traditional assets.
The hope from Japan is that the crack downs on the use of online money from other countries around the world will attract more investors to Tokyo.