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/