Bitcoin Isn’t A Credible Currency Yet, Japan’s Finance Minister Taro Aso Says

December 19, 2017 5:35 pm Published by

Japan’s Finance Minister Taro Aso revealed his stance on bitcoin Tuesday, calling the cryptocurrency a yet-to-be-proven credible currency in society but admitting he would watch its progress in the future, Reuters reported.

“There’s no fixed definition on whether it’s a currency or not. This issue is a difficult one…” – Taro Aso, Japanese finance minister

Continuing, Aso said “It has not yet been proven to be credible enough to become a currency, so I need to watch [bitcoin] for a little while more.”

Bitcoin, the report said, has been ruled a legal method of payment in the country.

While Aso’s comments are newsworthy, Japan is among the earliest countries in the world to recognize and acknowledge bitcoin as a legal method of payment, following legislation that kicked in earlier this year, the report said.

Aso’s endorsement was enough for multiple trials in retail locations, including an airline, to accept bitcoin in Japan. Following bitcoin’s legal recognition, one local city government in Japan began accepting bitcoin donations to preserve a historic natural park, the report said., Jack Durschlag

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