As reported by Nikkei, the new Japanese law that went into effect on April 1, 2017 (Saturday) recognizes bitcoin and other cryptocurrencies as method of payment.
However, Nikkei Asian Review also said that the digital currency still remains without guidance in Japan and its exchange rate is susceptible to change. Thus, the Accounting Standards Board of Japan decided to start consideration, expected to take six months, of a framework for treatment of the cryptocurrency.
“There is a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly,” explained Chikako Suzuki, a partner at Pricewaterhousecoopers Aarata.
In Japan, the turnover of bitcoin together with Ripple, Litecoin and other digital currencies accounted 185 billion yens (1,67 billion dollars), Nikkei reported. By 2020, economists expect the turnover to grow to one trillion.
On 2 March 2017 bitcoin was worth $1,238, that is $1 more than per troy ounce of gold. This exchange rate has also become a new record high.
Bitcoin is a cryptocurrency created on the basis of the blockchain technology. Currently, Ministry of Finance of the Russian Federation is lobbying a bill banning the exchange of cryptocurrency for rubles.
