Bitcoin not yet proven as credible currency: Japan finmin
[TOKYO] Japanese Finance Minister Taro Aso said on Tuesday that bitcoin has not been proven to be a credible currency and that he would watch its developments in the near-term.
He made the remark to reporters when asked about his French counterpart's comment this week that France would propose a discussion on regulating the virtual currency at a meeting of G20 group of major economies next year.
"There's no fixed definition on whether it's a currency or not. This issue is a difficult one," Mr Aso said after a cabinet meeting.
"It has not yet been proven to be credible enough to become a currency, so I need to watch for a little while more."
He added virtual currencies may be widely used in countries such as China but that they were less common in Japan, where hard currency is still preferred.
Bitcoin's prices have risen more than 1,700 per cent since the start of the year, triggering worries about a bubble.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Abu Dhabi returns to debt market with new US dollar bond
Ping An profit falls as market declines hurt investment returns
BOJ will hike rates if trend inflation accelerates, says Ueda
Binance’s rivals muscle in on Bitcoin trading around the world
Citi picks Amit Dhawan to head Singapore commercial bank operations
China finance ministry echoes Xi’s call for bond trading at PBOC