Sentences with phrase «cryptocurrencies as a legal method of payment»
Last year, Japan revised its Payment Services Act to legally define Bitcoin and other cryptocurrencies as a legal method of payment, which makes it legal to use cryptocurrencies for payment purposes.
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Earlier this year, Japan became one of the first countries to officially recognize cryptocurrency as a legal method of payment.
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Because more and more governments are adopting cryptocurrency as a legal payment method, the price of Bitcoin is steadily increasing.
The German authorities justified this decision by stating that all virtual currencies such as Bitcoin will be considered a legal method of payment as long as all parties involved in the transaction accept that that cryptocurrency will be used as a means of payment.
While regulatory approval for bitcoin as a legal payment method in Kenya may still be a long way off, the debate shows people are beginning to see bitcoin and cryptocurrencies as an agent of change and innovation when it comes to financial services.
A good thing to know: Since Japan has legalized Bitcoin as a legal payment method, a lot of Japanese IT giants are experimenting with cryptocurrencies, Blockchain, and even mining.
The Bank of Tokyo - Mitsubishi, the biggest Japan's financial body and the third largest in the world, has joined the Ripple blockchain net, as Japan accepts cryptocurrencies as a legal payment method.