In May 2016, Japan announced that they officially categorized Bitcoin as a currency that can be transacted and spent by its residents. Along with this news, DMM, one of the largest entertainment companies in Japan, stated that they are now accepting payments in the form of Bitcoin for all products and services it sells. Regulations relating to Bitcoin circulation in Japan are being finalized with the possibility that digital assets such as Bitcoin will be regulated by the Financial Services Agency, which also regulates Yen currency transactions and local circulation.
It is undeniable that Bitcoin can make someone send money from his smartphone to friends who are in other parts of the world in seconds and at no cost. The greatness of Bitcoin makes entrepreneurs and the government cannot look one eye. Bitcoin can no longer be ignored, but the technology must be studied and applied to support better work system efficiency.
Besides Japan, Bitcoin is also categorized as a currency by Luxembourg which recently granted legal permission to one of the giant Bitcoin exchanges called Bitstamp to operate in Europe and process Bitcoin trading - Euros conducted by the global community. Late last year, the British Government agreed to inject US $ 14.6 million to build a special research institute that focuses on the development of digital assets and Blockchain technology which is predicted to revolutionize the world like the Internet decades ago.
As if not wanting to be left behind, a city in Switzerland called Zug has now also received payments via Bitcoin for public services provided by the government. Mayor Dolfi Müller stated that this step was taken to demonstrate the openness of Switzerland to new technology and as a form of support in helping FinTech companies to innovate with this technology.
The United States, especially in the New York area, has its own regulations related to Bitcoin known as BitLicense and there are already many companies operating in their countries that accept payments via Bitcoin, such as: Microsoft, Overstock, Rakuten and Time Inc. Like existing regulations in Japan and the United Kingdom, BitLicense appears to help companies implement KYC and anti-money laundering regulations in the cryptocurrency business.
In recent months, Bitcoin has proven to get more support than superficial criticism as it received two years ago. Only a few countries like Russia do not support the circulation of Bitcoin in their country, but they still study technology behind Bitcoin to be applied to the performance of the central bank. Countries in the world, especially countries that are members of the European Union, are increasingly open to Bitcoin and have decided to accept its existence so that it can continue to compete in the outside world. It is possible that Bitcoin, a currency that is spread and used in various parts of the world, can really emerge as a global currency in the future.
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