On the development of Crypto Industry of Japan
Discussions around the essence, status and prospects of such a phenomenon as cryptocurrency have been conducted by scientists and practitioners around the world for more than ten years. Some see it as a threat to the security of the national economy, others as new financial opportunities. The legal...
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| Format: | Article |
| Language: | English |
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Russian Academy of Sciences, Institute of China and Contemporary Asia (ICCA RAS)
2022-10-01
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| Series: | Восточная Азия: факты и аналитика |
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| Online Access: | http://eastasiajournal.ru/wp-content/uploads/2022/ea_2022_3_73-83.pdf |
| _version_ | 1811246702333526016 |
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| author | Gorchakova T.E. |
| author_facet | Gorchakova T.E. |
| author_sort | Gorchakova T.E. |
| collection | DOAJ |
| description | Discussions around the essence, status and prospects of such a phenomenon as cryptocurrency have been conducted by scientists and practitioners around the world for more than ten years. Some see it as a threat to the security of the national economy, others as new financial opportunities. The legal regime of the crypto industry varies greatly across countries and is still uncertain in many of them. While some states have allowed transactions with cryptocurrencies, others have banned or restricted them. For example, the Ministry of Finance of the Russian Federation believes that the circulation of virtual currency in the country should be regulated and taxed, and not prohibited. The Bank of Russia has long considered cryptocurrency an unequivocal threat to the domestic financial system and advocated its complete ban. However, in the context of sanctions’ pressure and blocking of Russian foreign currency accounts, the Bank of Russia just recently started to think seriously to use cryptocurrency in international settlements. A number of experts and officials of the Russian Federation propose to use the experience of Japan, one of the most advanced countries in the development of the crypto industry, to regulate the cryptocurrency market in Russia. Along with the practice accumulated by the Land of the Rising Sun in this area, the article discusses the possibility of applying some of its achievements in the Russian Federation. |
| first_indexed | 2024-04-12T14:57:14Z |
| format | Article |
| id | doaj.art-90d0ed7972f342569f8591e5df20d576 |
| institution | Directory Open Access Journal |
| issn | 2686-7702 |
| language | English |
| last_indexed | 2024-04-12T14:57:14Z |
| publishDate | 2022-10-01 |
| publisher | Russian Academy of Sciences, Institute of China and Contemporary Asia (ICCA RAS) |
| record_format | Article |
| series | Восточная Азия: факты и аналитика |
| spelling | doaj.art-90d0ed7972f342569f8591e5df20d5762022-12-22T03:28:12ZengRussian Academy of Sciences, Institute of China and Contemporary Asia (ICCA RAS)Восточная Азия: факты и аналитика2686-77022022-10-013738310.24412/2686-7702-2022-3-73-83On the development of Crypto Industry of JapanGorchakova T.E.0https://orcid.org/0000-0002-1116-1200Institute of China and Contemporary Asia of the Russian Academy of SciencesDiscussions around the essence, status and prospects of such a phenomenon as cryptocurrency have been conducted by scientists and practitioners around the world for more than ten years. Some see it as a threat to the security of the national economy, others as new financial opportunities. The legal regime of the crypto industry varies greatly across countries and is still uncertain in many of them. While some states have allowed transactions with cryptocurrencies, others have banned or restricted them. For example, the Ministry of Finance of the Russian Federation believes that the circulation of virtual currency in the country should be regulated and taxed, and not prohibited. The Bank of Russia has long considered cryptocurrency an unequivocal threat to the domestic financial system and advocated its complete ban. However, in the context of sanctions’ pressure and blocking of Russian foreign currency accounts, the Bank of Russia just recently started to think seriously to use cryptocurrency in international settlements. A number of experts and officials of the Russian Federation propose to use the experience of Japan, one of the most advanced countries in the development of the crypto industry, to regulate the cryptocurrency market in Russia. Along with the practice accumulated by the Land of the Rising Sun in this area, the article discusses the possibility of applying some of its achievements in the Russian Federation.http://eastasiajournal.ru/wp-content/uploads/2022/ea_2022_3_73-83.pdfjapannakamoto satoshicryptocurrencybitcoinminingcryptocurrency exchangesaltcoinsstablecoins |
| spellingShingle | Gorchakova T.E. On the development of Crypto Industry of Japan Восточная Азия: факты и аналитика japan nakamoto satoshi cryptocurrency bitcoin mining cryptocurrency exchanges altcoins stablecoins |
| title | On the development of Crypto Industry of Japan |
| title_full | On the development of Crypto Industry of Japan |
| title_fullStr | On the development of Crypto Industry of Japan |
| title_full_unstemmed | On the development of Crypto Industry of Japan |
| title_short | On the development of Crypto Industry of Japan |
| title_sort | on the development of crypto industry of japan |
| topic | japan nakamoto satoshi cryptocurrency bitcoin mining cryptocurrency exchanges altcoins stablecoins |
| url | http://eastasiajournal.ru/wp-content/uploads/2022/ea_2022_3_73-83.pdf |
| work_keys_str_mv | AT gorchakovate onthedevelopmentofcryptoindustryofjapan |