Japanese Yen Surpasses US Dollar in BTC-to-Fiat Transactions

As of recently, Japanese Yen as manage to out beat the US dollar for the most traded national currency for Bitcoin-to-fiat market. Coinhills released complied data showing the yen currently has a 48.34% market share compared to the US dollars 43.77%.

In third and fourth place for most traded national currencies in bitcoin-to-fiat markets is South Korea’s won and Euro at 6.08% and 1.07% respectively.

Rising Sun

Previously, China held dominance as the largest Bitcoin-to-fiat market, but due to banning Bitcoin exchanges during September 2017, the daily trading volumes plummeted by 50% from roughly 15% to less than 7%. Japan gained major grounds during the time but then proceed to lose market share after several large exchange hacks, including the $530 million that was stolen from Coincheck.

During this month, Japans Financial Services Agency (FSA) issued new guidelines that introduced a registration system and maintain an internal control system, in a bid to improve infrastructure and security for crypto exchanges.

Coincheck will also be issued a license and approval by FSA to operate an exchange.

This decision was made in hopes of triggering more approvals, more trading and more activity for cryptocurrency and adoptions among the general public.

CEO of CoolBitX, Michael Ou had this to say about Japans ongoing uprising:

It seems that Japan lives months or years ahead of the rest of the world.”

“While news of government intervention makes headlines, private companies in Japan are also working hard to improve the crypto market: here are more than a dozen Japanese cryptocurrency exchanges. With a growing number of Japanese businesses accepting cryptocurrencies as payment, and with many startups in Japan’s thriving tech scene, it’s fair to guess that continued investment will inspire continued innovation.”

Our Thoughts

It shouldn’t come as too much of a surprise that Japan has become the leading power for cryptocurrency. It was one of the countries to adopt Bitcoins at its early stages and continued support for digital assets shows that their planning to stick with it for a very long time.

Do you think Japan will maintain its statues as number one?

Let us know your thoughts.

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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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