While some countries in the world has already banned the Bitcoin from being used, others are not banning it but instead looking towards regulating and monitoring Bitcoin activity. To avoid any sort of money laundering and drug dealing through Bitcoins, Japan’s Ministry of Economy will begin to find ways to be able to monitor Bitcoin transactions inside Japan to avoid this.
The ministry will be working alongside other financial ministries as well as agencies in the country, to ensure that the task will be solved the best possible way. Furthermore it is being said that the Japanese Prime Minister, Shinzo Abe, will try and get the Bitcoin to be seen the same way as a credit card, a “value added electronic record”.
Talks about taxing Bitcoin purchases are also being done, but it is highly unlikely that they will tax any financial gains that persons would get from having them. It could also boost the Japanese economy further if a blooming Bitcoin industry could begin to blossom.
One thing they need to ensure however, is that there will not be any more Mt.Gox cases, as that would proof that Japan is not a place you want to do Bitcoin business in. Customers lost over $700 million worth of Bitcoins and funds when the former biggest Bitcoin exchange in the world collapsed.