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Indonesian Journalist: Follow Japan’s Example and Support Bitcoin

Last Updated March 4, 2021 4:48 PM
Lester Coleman
Last Updated March 4, 2021 4:48 PM

Indonesia should follow Japan and support bitcoin, according to an article in okezone.com , an online portal of news and entertainment that focuses on Indonesian readers both in the country and living abroad.

The article, by journalist Kurniasih Miftakhul Jannah, calls for the country to take action to make bitcoin more acceptable in his country, in light of the progress other countries are making.

The article noted that bitcoin has been approved as a legal currency in Japan. Japan’s Financial Services Agency, which manages the circulation of the yen currency, will regulate bitcoin, the article stated.

Japan Considers Bills

The National Diet in Japan (the legislature consisting of the Lower House and the Upper House) is currently deliberating over bills to regulate bitcoin and other virtual currencies and a keenly contested bitcoin industry in Japan is watching closely, CCN.com reported recently.

Japan’s Cabinet in March approved bills to revise laws including the Banking Act and Payment Service Act to stipulate that virtual currencies have “asset-like values” that can be used in making payments and can be transferred digitally, according to Japan Times .

The okezone article also cited progress made by Luxembourg and the United Kingdom. Luxembourg has legalized the Bitstamp bitcoin exchange while the United Kingdom has invested $14.6 million USD to establish a research institute focused on bitcoin.

Digital Expert Supports Bitcoin

Anthony Leong, a content marketing expert for Menara Digital Enterprise, a digital marketing business in Indonesia, said Indonesia should legalize bitcoin since it will make transactions transparent and will provide an efficient currency.

Leong said the technology can be part of a derivative of the global financial system since peer-to-peer technology makes it organized and efficient in a decentralized manner. The more bitcoin becomes approved, the more it will be accepted.

Developed nations are demonstrating more use of bitcoin, and it is becoming recognized as a future global currency, Leong said.

He noted that DMM, a Japanese company, has embraced bitcoin. In addition, Zug, a town in Switzerland, has conducted bitcoin transactions.

Also read: Digital Currency industry in Japan awaits regulation

Various Regulators Take Action

Leong also pointed to the New York State BitLicense regulatory initiative. He said the regulations in New York State, Japan and the U.K. are helping bitcoin.

Major companies such as Microsoft, Overstock, Rakuten and Time Inc. has accepted bitcoin payments, Leong also noted.

The Digital Indonesian Employers should advise employers and the government not to hesitate to use bitcoin, the article stated.

Featured image from Shutterstock.