Recognition of Bitcoin and Digital Currencies as Money

Recognition of Bitcoin and Digital Currencies as Money

Question: Which of the following countries has recently recognized the Bitcoin and Digital Currencies as Money?
(a) Tibet
(b) Japan
(c) Myanmar
(d) China
Answer: (b)
Related facts:

  • Recently Japan has officially recognized Bitcoin and digital currencies as legal tender (money) with effect from 1st April, 2017.
  • Recognition is the result of approval of a set of bills by Japan cabinet that will help the integration of digital currency into the legacy banking system through regulation.
  • Japan is the one of the first countries to treat the Bitcoin as flat money.
  • Under the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny and will comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements.
  • It is mentionable that Bitcoin is a form of digital currency or crypto currency, created and held electronically.

Reference:
https://cointelegraph.com/news/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money
http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/