For the crypto community, Japan is not just the next progressive country which is developing blockchain technology. On October 31, 2008 somebody published the article “Bitcoin: A Peer-to-Peer Electronic Cash System” in the list of mailing about cryptography (The Cryptography Mailing list) of metzdowd.com. It was Satoshi Nakamoto.
In that article, he described Bitcoin — a completely decentralised system of electronic cash which excludes third parties. At the beginning of 2009, he released the first version of Bitcoin purse and started the Bitcoin network. On the website P2P Foundation in his profile, Satoshi stated that he was 37 years old and lived in Japan.
The information that one of the most outstanding programmers of our times (or a group of the most outstanding programmers) is from Japan is neither confirmed nor disproved. So, perhaps, Japan became the country which has given the crypto industry the most significant impetus.
GENERAL
Today Japan is in the centre of the Bitcoin industry and is the first country where Bitcoin has been recognised as a means of payment for goods and services at the state level. It was realised in a time when there was a concern in the durability of Bitcoin and the safety of its use.
While in other countries there were fits of hysteria concerning cryptocurrencies and blockchain, the Japanese Financial Services Agency (FSA) analysed technology and developed accurate and fair legal precepts for the regulation of virtual currency exchanges. It allowed creating the transparent market for the cryptocurrency exchanges that helped to promote cryptocurrencies in masses.
But though Bitcoin always had strong roots in Japan, it was also the centre of the most significant disagreements here.
Some say that bankruptcy and elimination of Mt.Gox nearly four years ago was the worst event which ever happened to Bitcoin. The numbers were stunning. At that time, 650 000 Bitcoins cost about 437 million dollars when the exchange was closed. The company submitted the application for bankruptcy. It affected more than 127 000 clients worldwide. Today those lost Bitcoins cost nearly 9 billion dollars.
Nevertheless, this event forced the Japanese regulators to interfere in order to protect the consumers.
This explosion was the reason for Japan to become the most perspective jurisdiction for Bitcoin and virtual currencies. The understanding of technology helped lay the foundation on which the rest of the world has begun to understand and to accept Bitcoins and other virtual currencies completely.
CINDX IN JAPAN
Japan was an important part of CINDX Asian Roadshow. In Tokyo, the CINDX team took part in the Teamz Blockchain Summit. Denis Eskenazi represented the CINDX team there, and actively embraced new contacts. For more information about CINDX Roadshow results, click here.
About CINDX
CCINDX is an investment platform that allows individuals to combine several crypto exchange accounts into one trading terminal, and gives them the option to connect to the best managers without having to transfer their funds. Moreover, implementation of blockchain-based transactions will allow the trading history to be saved, and a rating system will be used to differentiate the successful managers from the less successful ones.
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