Japan Finance Minister: bitcoin is not a credible currency

Japanese Finance Minister Taro ASO said that bitcoin has established itself as a «reliable currency,» adding that the digital currency as a whole is relatively little used in Japan.

Thus he answered the proposal of the Minister of Finance of France Bruno Le Mayor to discuss the popularity and regulation of the cryptocurrency at the G20 summit on the global economy in 2018.

ASO said that the question of whether bitcoin is a currency, yet to decide:

«This is a tough question, as there is no fixed determination as to whether bitcoin is currency or not. While it’s not proven that he is durable enough to be currency.»

According to ASO, despite a common belief that in Japan, widely used cryptocurrency, Japanese consumers still prefer the Fiat.

His point is controversial, as cryptocurrency exchanges moving to Japan from China, where strict regulations do not fit them. According to the report, more than 50% of bitcoin transactions worldwide are carried out in Japanese yen (JPY).

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