TOKYO: Overall Bitcoin’s value has fallen by nearly two-thirds since its record high of £14,837 on December 18. The value of the cryptocurrency has almost halved since posting an all-time high on December 16 last year. Its price has been damaged by South Korea’s plan to ban anonymous cryptocurrencytrading, sending the market into a tailspin. “There are estimates that tax revenue from the cryptocurrency business, including capital gains taxes from individual investors and from corporations, could amount to 1 trillion yen (US$9.2 billion), though that is very speculative at this stage.” The Japanese economy has suffered since the start of the 1990s, dealt with a massive national debt and with the problems of a shrinking population and tax base. The Tokyo Government is hoping the capitalise on the growth in interest for cryptocurrencies as their opportunity to improve the Japanese economy. Ken Kawai, partner at law firm Anderson Mori & Tomotsune and adviser to finance-tech start-ups, added: “Regulators in Japan are usually conservative and not first movers. The Government wants to facilitate fintech through cryptocurrency and blockchain technology.” Cryptocurrencies are particularly popular among young Japanese investors lured by the prospect of strong profits in an economy that has seen ultra-low interest rates for many years and low returns from traditional assets.
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