Bitcoin isn't a currency, says Japan

Published: Friday, March 7 2014 12:28 p.m. MST

In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. Caldwell mints physical versions of bitcoins, cranking out homemade tokens with codes protected by tamper-proof holographic seals, a retro-futuristic kind of prepaid cash. With up to 70,000 transactions each day over the past month, bitcoins have been propelled from the world of Internet oddities to the cusp of mainstream use, a remarkable breakthrough for a currency which made its online debut only four years ago. The Japanese government recently spoke out against the virtual currency, saying it wasn't actually a currency at all.

Rick Bowmer, Associated Press

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Add Japan to the list of those downplaying bitcoin.

CNET recently reported that Japan doesn’t consider bitcoin a currency, mostly because it isn’t being regulated “by any official body.” But there may be a chance the Japanese government will consider bitcoin a currency in the near future, CNET said.

“The government didn't rule out the idea of creating regulatory framework for virtual currencies, but did say if this were to be done, it'd have to be in conjunction with other countries,” CNET reported.

Read the full article at news.cnet.com.

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