Bitcoin exchanges officially recognized by Japan

This is the latest decision in Japan to show support for digital currency. In April, it passed a law recognizing Bitcoin as legal tender, with several retailers backing the law; this week it was reported that Japanese banks are considering setting up their own digital currency called the J-Coin.

Japan’s stance is in stark contrast to China, where regulators have cracked down on the market. At the beginning of September, regulators banned initial coin offerings (ICOs), where companies raise funds by selling a new digital currency. Several Bitcoin exchanges then announced they would end trading by the end of the month.

The news from China initially caused Bitcoin prices to fall sharply, from a record high above $5,000 per Bitcoin at the beginning of September to a low of $2,951 by mid-September. The price has since recovered to around $4,208.63, according to…

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