Asia is a beautiful continent with countries that have rich cultural histories and traditions. Some Asian countries are known for their technological innovations ranging from stereos to cars, and these innovations are used worldwide. For a continent that is technologically inclined, it is amazing that many Asian countries resisted the adoption of crypto. Japan is one player showing no signs of standing down. As a matter of fact, they could help crypto reach new horizons.
Japan And Crypto
Some years ago, it was a big deal to own and use cryptocurrency in an Asian country like Japan. There were strict laws that discouraged people from trading crypto or having crypto investments; dark times for Japanese crypto enthusiasts.
However, it looks like the country has begun to see reasons to begin adopting cryptocurrency. Japan is similar to other countries that resisted crypto at first and then eventually balked.
Many of these countries resisted in order to weigh the pros and cons. From a compliance standpoint, this can be justified to an extent. These countries needed to develop ways to regulate the use of cryptocurrency in order to protect users and investors.
Different countries have begun to embrace the fact that digital currency is the future of payments; early adoption is important.
Bank Of Crypto And Digital Currency
In a recent development, the governor of Bank of Japan, Haruhiko Kuroda spoke about the central bank’s position on cryptocurrency. He maintained that there was the need for the central bank to position itself strategically for digital currency.
According to Haruhiko, the central bank needs to align with the crypto trend in preparation for a possible digital yen. He believes that there could be a future change that will require the use of digital currency. He told Reuters that the Bank of Japan is beginning digital currency experiments in 2021, most likely during spring.
South Korea and China are already working on creating and launching digital currencies soon. This goes to show that a lot has changed about the Asian countries’ views on digital assets. Ever since early 2020, Japan has been seeking a national digital currency in response to China’s plan to deploy the digital Juan.
There is a sudden shift that started at the retail level and has made its way to the institutional level. Different countries and organizations are flocking to crypto like never before.
Abstract
A lot of former critics have rescinded on their anti-crypto stance and joined different crypto communities. This means that crypto’s journey to mainstream adoption is getting faster with each passing day. Interestingly, new use cases for crypto and blockchain continue to surface.
With the increased interest in decentralized finance (DeFi), more crypto investors are joining the crypto community. Let us not forget the creation of decentralized applications (DApps) as well as other crypto utilities.
It is nice to know that banks are beginning to see that crypto resistance is futile. They are beginning to see that aligning with the digital currency trend could be the future of finance.
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