Bitcoin in JapanReading time: 1 min
How will Bitcoin change the future of Japan?
Bitcoin has been exploding in the news recently: We see all sorts of coverage but occasionally we receive incredible news and this is one such example. I saw a great piece of news on my twitter feed posted by Balaji S. Srinivasan (@balajis) that Japan is leaning towards no regulation of bitcoin sale, purchase or exchange. The press coverage can be found at:
What does this mean for Tokyo? What happens from here on in Tokyo will be precedent for other governments as well. More than just being a major financial center, Tokyo will set a standard for open-innovation in creating future bitcoin technologies. In a way, the decision is an example of culture-change that founders create and enable in a startup. Not regulating bitcoin will definitely attract more attention and interests from developers and users alike. This enables for the creation of a platform to carry out discourse around bitcoin technologies and just the concepts that surround the bitcoin full-stack. We hope to see new startups out of Japan developing on bitcoin and the related crypto environment.
Another incredible phenomenon we hope to emerge would be that of a domino-effect. This will be the outcome of more developers and enthusiasts to become interested in creating bitcoin applications. We will definitely see an increasing in Bitcoin Native Apps (BNAs) which are applications that couldn’t have existed before Bitcoin. The application of BNAs to other areas such as academia (academic publishing) and smart contracts will cause an explosion similar to software eating the world. Bitcoin native-ness will become widely compatible with a multitude of applications and more important with the emerging Internet-of-Things (IoT).
I predict that another interesting application to health data as it becomes available to more devices will be the on-demand smart contracts. Following Japan’s example, I hope the regulations around Bitcoin here and especially the FUD starts to vanish.