Japan Considers Treating Bitcoin As Conventional Currency (thestack.com)

Posted by timothy on Wednesday February 24, 2016 @06:22AM from the it's-real-money-already dept.

An anonymous reader writes: Regulators in Japan are considering officially recognizing bitcoins and other digital currencies as valid methods of payment. The Japan Financial Services Agency (FSA) is in the process of deciding whether to make legislative revisions to regulation that currently regards virtual currencies as objects rather than traditional forms of payment. Under the new proposal, consumers will be able to purchase goods and services using bitcoin and other digital currencies, and also use them as an alternative to legal tender through purchases or trades. The new definition will be submitted during the current session of the Diet, Japan's legislature, which concludes on 1st June this year.

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Re:Wasn't the whole point of digital currencies... by bluefoxlucid · 2016-02-24 06:34 · Score: 2, Interesting

Intention doesn't indicate reality. Bitcoin isn't even a currency; it's a commodity and, like gold, makes a terrible currency.

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Re:Wasn't the whole point of digital currencies... by SpankiMonki · 2016-02-24 07:36 · Score: 3, Interesting

Does Bitcoin even have pennies?
They're called "Satoshis". 1 Satoshi = .00000001 bitcoin = $0.0000042475.