In an effort to make sure that Japan’s bitcoin market doesn’t fall into the clutches of foreign competitors, the country has made it illegal to import and use bitcoins for any purpose.
The government also says it will ban bitcoin mining in the country, a move that will be made mandatory for anyone who wants to buy and sell bitcoin in Japan.
It’s an unusual step by Japan, which is the world’s third-largest economy and is home to the world`s biggest bitcoin mining operation.
In an interview with Bloomberg, Bitcoin Japan’s chief executive officer Masaaki Takeda said the government is taking the decision as part of its effort to reduce the risks posed by foreign firms to Japanese consumers.
Bitcoin has been gaining popularity since its release in 2009.
It was the first digital currency that didn’t rely on central banks to maintain a fixed supply of coins.
The value of a bitcoin has surged more than 700 percent since the cryptocurrency was launched.
The country`s central bank, the Bank of Japan, has issued a series of guidelines to make the country`d much safer from cyber attacks and money laundering.
Bitcoin is not a currency in any legal sense, but its value can fluctuate wildly.
A bitcoin can be worth more than $1,000,000 on the open market.
For many, it represents a way to circumvent banking fees and other restrictions.
It is often bought and sold in the dark and anonymously, and transactions are often done through exchanges.
That has made the virtual currency a target for criminals, drug dealers and terrorist groups.
The bitcoin community, however, has long held the virtual asset to be a tool for freedom of expression and money transfers.
In its statement announcing the new policy, the Japanese central bank said it had made an assessment that bitcoin was a currency and therefore subject to regulation.
The central bank also said the decision will be effective from January 1.
Takedas announcement comes less than a week after the government issued an order to the National Police Agency to crack down on “cyber crimes.”
The NPA said on Thursday that it had arrested the operators of a site that allowed people to buy bitcoins, and seized money they were allegedly transferring from the site.
The Japanese government has been a supporter of bitcoin and the cryptocurrency in general, and has been trying to limit the currency’s growth.
Last month, the government announced that it would allow bitcoin exchanges to continue operating, and that its new rules would require customers to present proof of identity.
In the meantime, the central bank announced that anyone who had been charged with money laundering would be required to register with it.