The biggest cryptocurrency Bitcoin, with its market value, has left a significant resistance level behind, while the Japanese Bitcoin accounts that have been inactive for a long time are returning.
The co-founder of Coincheck, one of the Japan’s largest crypto exchanges, Yusuke Otsuka, told that existing users who have not taken any action for a while have become active again this week.
Otsuka also stressed that there was a notable increase in the amount of money entering the Japanese cryptocurrency accounts and said, “The initial rate is high since some of our users already have accounts.” said about Japanese returning to Bitcoin market. Pointing out that the past and the present are different, Otsuka said, “If the user wanted to invest in crypto money, he should have waited for a while to get his account verified, but the big difference now is that the user already has an account.” spoke in the form.
According to Reuters, Coincheck announced that its business volume has risen by two to three times in comparison to the previous one. Otsuka attributes it to the printing of money after coronavirus.
Oki Matsumoto, CEO of Coincheck’s parent company Monex Group, said that those who missed the rise in gold prices are possibly interested in Bitcoin right now. As it is known, the price of gold had reached almost 2000 dollars by exceeding the all-time high these days. Bitcoin also broke the downtrend that reached the peak of $ 20,000 in 2017 earlier this week.
Japan is behind the curve on the establishment of a central bank digital currency and should throw its weight behind the U.S. establishing a digital dollar, says Takaya Nakamura, an executive from Japanese crypto exchange Fisco.
The Japanese government has been planningto include consideration of a central bank digital currency (CBDC) in its official economic plan but the country is behind China’s efforts with the digital yuan.
In this worldwide competition for supremacy in digital currencies, Japan’s part should be to urge the United States to take a CBDC more seriously, Nakamura told Cointegraph. “Japan no longer has the national power to do something independently,” he said.
“Therefore, it is understandable if they want to collaborate with other advanced countries and have an influence on the development of digital currencies”
The Bank of Japan has started working with the central banks of Britain, the eurozone, Canada, Sweden and Switzerland on researching digital currencies.
Japan depends on the United States both economically and militarily. Additionaly, Japan holds most of its foreign currency reserves in US dollars. Therefore, it would be “hard for Japan to let US dollars go” Nakamura pointed out.
“European countries may be thinking differently but for Japan, they are not even prepared for CBDC and that is not good. I think Japan would be hopeful for the United States to move forward and block the rise of digital yuan by the digitization of US dollars”